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Wasasa Microfinance S.C. was established by Oromo Self-Reliance Association (OSRA), a local NGO and got a Microfinancing Business License No. MFI/017/2000 from National Bank of Ethiopia on September 20, 2000. Since then the Company has been working with poor communities (mainly the rural poor) by providing savings and credit services; it currently has 34 Branches and 20 Rural Outlets which are operating in 44 Woredas of Oromia Regional State with a plan to expand every year. These Woredas are found in East Shewa, East Arsi, West Shewa, South-West Shewa, Horo Guduru Wellega, East Wellega and Iluababora Zones.

  

Description of Products:

 

Currently, the products of Wasasa are loans, savings and credit life insurance services.  

 

A. Loan

 

Wasasa since established has given more than Birr 2 Billion loans with a current outstanding balances of about Birr 410 million at the hands of about 74,000 active borrower clients. Wasasa has an efficient and effective loan collection practice that is depicted by the quality of its portfolio; portfolio at risk (PAR) from day 30 was less than 4 % while loan repayment rate is above 99%. Wasasa has more than 20 loan types. 

B. Saving

 

Wasasa has different savings products for its clients; such as: time deposit with interest rate of 7 to 8% per annum, planned time deposit with interest rate of 7% per annum and regular savings with interest rate of 6% per annum. The interest rate Wasasa is paying on savings is higher than what commercial banks are paying. The savings clients as on 23rd of September 2016 were 121,343 with the total savings balance of about Birr 140 million. 

 

C. Credit Life Insurance

 

There is a credit life insurance for covering the risks of death of a borrower with a payment of 1% of the loan as a premium. It is compulsory for group loans. 

 

Operational Areas

 

Currently, Wasasa has 4 regional offices, 34 Branches and 20 rural outlets which are operating in 44 Woredas of Oromia National Regional State with active clients of above 121,000 households (about 43.3% women and 76% rural). Wasasa currently has about 500 employees that are working in its 59 offices. 

 

Funding Sources

 

Sources of funding include:  

      Grants obtained from partners like: WSM Belgian NGO, Terrafina the Netherlands, Ethio-Italian Development Cooperation, RUFIP, CIDR French NGO, the Cordaid Netherlands NGO, BRS Belgian NGO, EU and European Women's Association was cumulated to about Birr 27 million.

         Loans:  loans are from the RUFIP, Awash International Bank S.C., Commercial Bank of Ethiopia, Oromia International Bank S.C., Zemen Bank and the Cordaid. Except the RUFIP and Cordaid loans the rest were guaranteed by foreign banks; like: KBC of Belgium, ING of Netherlands and KFW of Germany. The outstanding loan balances from these lenders was about Birr 270 million as on September 23, 2016.  

         Savings from borrowers and non-borrowers, the balance was  about Birr 140 million as on the aforementioned date, and;

          Operating income or profit is cumulated to about Birr 100 million.

         The Total capital of Wasasa was above 130 million while its total asset was above 540 million.

 
A way Forward
 

Currently Wasasa soliciting an appropriate front office solution to integrate it to the core-banking software that allowed it to have a real-time data from all branches that are networked with the data center located at the Head Office so that it would  efficiently and effectively manage its growths by giving due attention to savings mobilization. The huge unmet demand for financial services inspires Wasasa and its key stakeholders to look for any possible support from whoever is interested and willing to share its vision and mission.

If you are interested to know more about Wasasa please don't hesitate to contact us through the following addresses:

 
Contact  Address:
             Amsalu Alemayehu
             General Manager
             P.O. Box 1192, Addis Ababa, Ethiopia
             Tel. +251 113 384133
             Email: wasasamf@ethionet.et;
                       amsalualemayehu46@gmail.com

         Website: www.wasasamfi.com
 
Updated on October 3, 2016
     

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