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 37
Branches and 24
Rural Banks which
are operating in 58 Woredas of Oromia Regional State with a plan
to expand every year. These Woredas are found in Finfinnee sourroundingd, Oromia Special zone, East Shewa,
Arsi, West Shewa, South-West Shewa, Horo Guduru Wellega,
East Wellega, West Wollega, Buno Bedele and Iluababora Zones.
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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 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.
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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,
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.
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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, 37 Branches and 24 rural banks which
are operating in 58 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 66 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, EU and
European Women's Association was cumulated to about Birr 27
million.
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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.
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Savings from borrowers and
non-borrowers,
the balance was about
Birr 140 million as on the aforementioned date, and;
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Operating
income or profit
is cumulated to about Birr 100 million.
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The Total capital of Wasasa was above 130 million while its
total asset was above 540 million.
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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 October 3, 2016 |