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 55 Branches which are operating in 58 Woredas of Oromia Regional State with a
plan to expand every year. These Woredas are found in Finfinnee surrounding, Shager City, East Shewa, Arsi, West Shewa, South-West
Shewa, Horo Guduru Wellega, East Wellega, West Wollega, Buno Bedele and Iluababora Zones and Finfine city.
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Description of Products: |
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Currently, the products of Wasasa are loans, savings and credit
life insurance services.
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A. Loan |
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Wasasa since established has given more than Birr 6.6 Billion loans
with a current outstanding balances of about Birr 1.2 million at the hands of about 49,375 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.
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B. Saving |
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Wasasa
has different savings products for its clients; such as:
time deposit with interest rate of 7 to 8% per annum, Time Deposit and
planned time deposit with interest rate of 7%-12% per annum
and regular savings with interest rate of 8% per annum.
The interest rate Wasasa is paying on savings is higher
than what commercial banks are paying. The savings
clients as on 30th of June 2023 were
223,144 with the total savings balance of about Birr 490
million.
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C. Credit Life Insurance |
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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.
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Operational Areas |
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Currently, Wasasa
has 4 regional offices, 55 Branches, which
are operating in 58 Woredas of Oromia National Regional State and Finfine
with active clients of above 223,144 households (about 43.3%
women and 76% rural).
Wasasa currently has about 525 employees that are working in
its 60 offices.
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Funding Sources |
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Sources of
funding include:
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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, UNCDF, European Women's Association, ICCO,
SOS Faim, IDE,ILO, ADA, and EDF was cumulated to about Birr
65 million.
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Loans:
loans are from the DBE, Awash
Bank S.C., Cooperative bank of Oromia S.C. The outstanding loan balances
from these lenders was about Birr 753.7 million as on
June 30, 2023.
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Savings from borrowers and
non-borrowers,
the balance was about
Birr 490 million as on the aforementioned date, and;
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Operating
income or profit
is cumulated to about Birr 130.9 million.
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The Total capital of Wasasa was above 130 million while its
total asset was above 1.5 Billion.
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A way Forward |
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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:
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Contact Address: |
Amsalu Alemayehu
General
Manager
P.O. Box 1192, Addis Ababa, Ethiopia
Tel.
+251 113 384133
Email:
amsalu.alemayehu@wasasamfi.com;
amsalualemayehu46@gmail.com
Website:
www.wasasamfi.com
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Updated on June 3, 2023 |