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Products & Services

 

Overview

 

Wasasa's mission is to emerge as a full scale financial services provider for the Ethiopian subprime sector. The sector includes the rural and urban poor and all those who have difficulty in accessing the services of the mainstream Banking.

Those in the subprime sector have to make do with informal credit (from money lenders, pawn brokers etc.), paying interest rates as high as 10% per day. They have poor savings instruments and minimal coverage of other financial products like insurance and integrated services.

Wasasa has built a suite of financial products encompassing Savings, Credit and Micro Insurance for the needs of our customers.

 
1. Deposits / Savings Products:
1.1 Loan Linked Savings
   
1.1.1. Compulsory Savings
   
1.1.2. Voluntary Savings
  1.2 Non Loan Linked Savings
1.2.1. Passbook Savings Account (PSA):
    1.2.2. Planned Time Deposits (PTD)
    1.2.3. Flexible Planned Time Deposits (FPTD)
    1.2.4. Time Deposits (TD)
2. Loans / Credit products
  2.1 Agriculture Loan
  2.2 Energy Loans:
  2.3 Value chain Loans
  2.4 Service and Business  Loans:
  2.5 Employee Loans:

 

1. Deposits / Savings Products

 
No Savings' Product Type Full Descriptions
1. LOAN LNKED SAVINGS All depositors are borrowers
 

a.  Compulsory Savings

  • Collected before loan disbursement from all borrowers.
  • 10% for 1st cycle but 15% for 2nd and above cycle except for individual loan.
  • Impossible to withdraw until all the group members close their loan fully.
  • Its interest rate is 6% per annum and compounded monthly.
 

b.  Voluntary Savings

  • Collected from all borrowers
  • Minimum amount is 20 br. and has no maximum limitation.
  • Its interest rate is 6% per annum and compounded monthly.
  • Possible to withdraw or adjust to loan repayment/closing.
2. NON LOAN LINKED SAVINGS Everybody can have it (borrowers and non borrowers)
  a.  Passbook Saving Account (PSA)
  • Minimum amount to open an account is 20 Birr.
  • Possible to deposit and withdraw at any time (at official working time).
  • Its interest rate is 6% per annum and compounded monthly.
  b.  Planned Time Deposit (PTD)
  • Minimum amount to open an account is 20 Birr.
  • Its amount deposited periodically is the same amount for the agreed term.
  • It is deposited periodically; daily, weekly, biweekly or monthly.
  • Deposited for minimum of six months and maximum of 5 years; in multiple of six months.
  • Its interest rate is 7% per annum and compounded monthly.
  c.  Flexible Planned Time Deposit (FPTD)
  • Minimum amount to open an account is 20 Birr.
  • Its amount deposited periodically is at least the agreed amount. I.e. possible to deposit greater than the agreed amount.
  • It is deposited periodically; daily, weekly, biweekly or monthly.
  • Deposited for minimum of six months and maximum of 5 years; in multiple of six months.
  • Its interest rate is 7% per annum and compounded monthly.
  d.  Time Deposit (TD)
  • Minimum amount to open an account is 1,000 Birr.
  • It is one time deposit.
  • Deposited for minimum of six months and maximum of 3 years; in multiple of six months.
  • Its interest rate is 7% per annum and compounded monthly for six months. But, 8% for more than 6 months.

 

2. Loan / Credit Products

2.1. Agriculture Loans

Agricultural Loan include the following products

  1. Large Group Rural Loan
  2. Big installment Loan
  3. Term Loan
  4. Micro irrigation loan
  5. ILFAT /individual loan for agricultural transformation/ loan
No Description Agricultural Loans
1 Target Rural and semi rural people involved in agriculture activity
Individual farmers those who have second level land certificate (SLLC) and
development of agricultural sector in rural areas.
2 Loan Purpose For agriculture and agriculture related activities to increase productivity (Crop
production, animal husbandry, purchase of seed and fertilizer, agricultural labor,
agricultural equipment, bee keeping, cultivating irrigation crop, livestock and
agricultural processing equipment).
3 Lending Methodology Individual and Group
 

2.2. Energy Loans

Energy Loan include the following products
  1. Biogas Loan
  2. Solar Energy Loan
  3. Cook Stove Loan
No Description Energy Loans
1 Targets

Off grid populations, Rural households and Micro and Small enterprises

2 Loan Purpose To finance solar energy solutions (for lighting, mobile phone charging, running
radio and Tv),
Biogas (cooking and lighting) and Cook stove (for production and purchase).
3 Lending Methodology Individual and Group
 

2.3.  Value Chain Loans

Value chain Loan include the following products
  1. Coffee value chain loan
  2. Malt Barley value chain loan
  3. Honey value chain loan
No Description Value chain loan
1 Target Rural and semi rural people involved in agriculture and agricultural related activities.
2 Loan Purpose To  increase productivity of (Coffee, Honey and Malt Barley)
3 Lending Methodology Group
 

2.4.  Service and Business  Loans

Service and Business Loan include the following products
  1. Individual loan
  2. Enterprise loan
  3. WEDP (Women Entrepreneurs Development Program) loan
  4. Association loan
  5. Cooperative loan
  6. Large Group Urban Loan
No Description Service and business Loans
1 Target for urban and semi-urban clients(Groups, Individuals, associations,
organizations involved in small and medium business activities)
2 Loan Purpose For creating new business and expanding the existing business activities,
mainly in the urban areas
3 Lending Methodology Individual and Group
 
 

2.5Employee  Loans

 
 
No Description Employee Loans
1 Target Permanent employees both in public and private organizations
2 Loan Purpose For consumption, asset creation, and productive purposes
3 Lending Methodology Individual and Group
 

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Phone : +251 11 338 4133
Email :
info@wasasamfi.com
2012 Wasasa Microfinance S.C. All rights reserved.