cbe

USD
124.0086
126.4888
,
GBP
152.3866
155.4343
,
EUR
128.3365
130.9032
,
CHF
134.1436
136.8265
,
SEK
11.0023
11.2223
,
NOK
10.7134
10.9276
,
DKK
16.8993
17.2373
,
DJF
,
JPY
0.7759
0.7914
,
CAD
84.628
86.3206
,
SAR
33.0073
33.6675
,
AED
33.7659
34.4412
,
INR
,
KES
,
AUD
75.3049
76.811
,
ZAR
,
CNY
16.6728
17.0063
,
KWD
394.889
402.7867

awash

USD
124.9998
127.4998
,
GBP
153.3074
156.3735
,
EUR
135.5371
138.2478
,
JPY
0.7393
0.7541
,
SAR
30.0824
30.684
,
AED
30.7258
31.3403
,
CAD
81.5563
83.1874
,
CHF
135.5787
138.2903
,
NOK
10.1355
10.3382
,
DKK
16.4011
16.7291
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

USD
124.9695
127.4689
,
GBP
155.2371
158.3418
,
EUR
134.6304
137.323
,
AED
34.0275
34.7081
,
CHF
137.9507
140.7097
,
SEK
11.465
11.6943
,
NOK
11.1531
11.3762
,
CAD
87.2631
89.0084
,
SAR
33.3208
33.9872
,
CNY
17.1515
17.4945

abay

USD
125.2046
127.7087
,
GBP
155.9298
159.0484
,
EUR
129.9373
132.5361
,
AED
34.085
34.7667
,
ZAR
6.788
6.9238
,
SAR
33.3817
34.0493
,
JPY
0.8156
0.8319
,
CHF
137.4213
140.1698
,
AUD
78.6034
80.1755
,
CNY
17.13
17.4726

zemen

CAD
87.5705
89.3219
,
EUR
135.439
138.1478
,
GBP
156.3973
159.5252
,
SEK
11.5817
11.8133
,
USD
125.208
127.7122

buna

USD
125.0186
127.519
,
EUR
135.1011
137.8031
,
GBP
153.5302
156.6008
,
AED
33.3801
34.0477
,
SAR
32.6651
33.3184
,
CAD
85.5051
87.2152
,
AUD
64.239
65.5238
,
JPY
0.6597
0.6729

nib

USD
124.6005
127.0925
,
GBP
153.6191
156.6915
,
EUR
129.4954
132.0853
,
CHF
137.0215
139.7619
,
CAD
86.5973
88.3292
,
AED
33.9234
34.6018
,
SAR
33.2113
33.8755

berhan

USD
125.0167
127.517
,
EUR
135.4641
138.1734
,
GBP
157.2925
160.4384
,
CAD
87.1682
88.9116
,
AED
34.0348
34.7155
,
CNY
17.1075
17.4497

wegagen

dgb

USD
124.9495
127.4485
,
EUR
134.7765
137.4721
,
GBP
153.4114
156.4796
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
36.7329
37.4675
,
CAD
79.1617
80.7449

enat

USD
125.3568
127.8639
,
EUR
135.9508
138.6698
,
GBP
155.5562
158.6673

ahadu

USD
125.0001
127.5001
,
GBP
154.3672
157.4545
,
EUR
135.5371
138.2478
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
135.3703
138.0777
,
GBP
155.388
158.4958
,
USD
125.055
127.5561
,
CHF
137.7713
140.5267
,
JPY
0.7998
0.8158

dashen

USD
125.0915
127.5933
,
EUR
135.6368
138.3496
,
GBP
153.784
156.8597
,
CAD
81.8096
83.4457
,
AED
30.8208
31.4372
,
SAR
30.1758
30.7794
,
CNY
15.6809
15.9945

oromia

USD
125.0562
127.5573
,
GBP
155.745
158.8599
,
EUR
129.8208
132.4173
,
CHF
137.0779
139.8195
,
SAR
33.3465
34.0134
,
AED
34.0456
34.7265

lion

USD
125.0988
127.6008
,
GBP
155.2902
158.396
,
EUR
133.6835
136.3572

developmentbank

USD
124.983
127.4827
,
GBP
154.504
157.5941
,
EUR
128.97
131.5494
,
CHF
136.9977
139.7377
,
SEK
11.446
11.6749
,
NOK
11.1308
11.3534
,
DKK
17.2929
17.6388
,
DJF
0.7
0.714
,
JPY
0.8212
0.8376
,
CAD
87.1447
88.8876
,
SAR
33.327
33.9936
,
AED
34.0256
34.7062
,
INR
1.4392
1.468
,
KES
0.9659
0.9852
,
AUD
78.3893
79.9571
,
SDR
162.8528
166.1099
,
ZAR
6.765
6.9003
,
CNY
17.1029
17.445
,
KWD
404.495
412.5849

coop

USD
124.8894
127.3872
,
GBP
138.0252
140.7857
,
EUR
135.1129
137.8152
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

gadaa

USD
125.9402
128.459
,
GBP
157.65
160.803
,
EUR
137.1637
139.907
,
AED
30.607
31.2191
,
SAR
29.9522
30.5512
,
CHF
127.1777
129.7213

hijra

USD
126.5
129
,
EUR
133.8
136.5
,
GBP
153.9
157
,
SAR
33.8
34.5
,
AED
34.5
35.2

amhara

USD
124.9
127.398
,
GBP
155.4755
158.585
,
EUR
128.8468
131.4238
,
CAD
86.893
88.6309
,
AED
34.0077
34.6878
,
SAR
33.2756
33.9411

tsehay

USD
125.9729
128.4923
,
GBP
154.0817
157.1634
,
EUR
130.0158
132.6161
,
CAD
86.9537
88.6927
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
125.3753
127.8828
,
EUR
129.3748
131.9623
,
GBP
154.989
158.0888
,
AED
34.1325
34.8151
,
CHF
137.4277
140.1763
,
SEK
11.4819
11.7115
,
NOK
11.1657
11.389
,
DKK
17.3472
17.6942
,
DJF
0.7022
0.7162
,
INR
1.4438
1.4726
,
JPY
0.8238
0.8402
,
CAD
87.4183
89.1667
,
SAR
33.4316
34.1003
,
ZAR
6.7862
6.9219
,
CNY
17.1566
17.4997
,
KWD
405.7647
413.88
,
KES
0.9689
0.9883

siinqee

USD
124.9905
127.4903
,
EUR
137.9979
140.7579
,
GBP
159.6549
162.848
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
124.91
127.4082
,
EUR
136.1399
138.8627
,
GBP
153.0143
156.0746
,
CHF
136.9177
139.656

gohbetoch

USD
125.4705
127.9799
,
EUR
129.5533
132.1444
,
GBP
151.1518
154.1748
,
AED
31.0391
31.6599

nbe

JPY
0.8181
0.8263
,
KWD
406.656
410.7225
,
CNY
17.183
17.3549
,
ZAR
6.809
6.8771
,
XDR
163.5968
165.2328
,
EUR
130.3399
131.6433
,
AED
34.1906
34.5326
,
SAR
33.4851
33.8199
,
AUD
78.847
79.6354
,
CAD
87.8638
88.7424
,
USD
125.5925
126.6171
,
KES
0.9698
0.9989
,
INR
1.445
1.4595
,
DJF
0.7034
0.7245
,
DKK
17.4754
17.6502
,
NOK
11.1555
11.2671
,
SEK
11.5525
11.668
,
CHF
137.8471
139.2256
,
GBP
156.4129
157.977

binance

USDT
146.45
145.8

Best Micro Financial Institutions (MFIs) in Ethiopia (2023)

micro financial institutionsmicro financial institutions

The not so low hanging fruit that’s worth its reach

The determined and motivated among us have all wondered “if I just get this amount of money, I could start this small business”, and “….this would be a great time to finance that child care business I always wanted”

That is where the micro financial institutions come in, with their accessible business model, a boon to poorer nations, and the motivated individuals that make some of them up.

 

 

What are MFIs (Micro Financial Institutions)? What do they do?

Microfinance is the ‘activity or business of providing financial services, such as small loans, to poor people or new businesses that cannot use traditional banking services, usually in developing countries, according to the Cambridge Business English Cambridge English dictionary micro financial institutions (MFIs), financial institutes apart from banks and insurance companies, generally aim to provide loans or micro-credits to low-income individuals, small businesses, entrepreneurs, and firms, as well as savings and insurance, to those who aren’t eligible for getting loans from banks. They serve a major purpose in poverty reduction, as such is essential to develop nations.

Since MFIs are considered high-risk operations, the interest rates are usually high, that’s the compromise of getting loans with little to no collateral. Easily accessible loans always come with certain caveats, as repayment conditions could be unforgiving. 

Microfinance does to the less financially secure individuals and households, what banks do to the financially well off. Which is elevates one’s economic status and improve the living conditions when assisting entrepreneurs to get their preferred business to take off.

What governs MFIs (Micro Financial Institutions) in Ethiopia?

The National Bank of Ethiopia (NBE) is the regulating authority for all types of financial institutions. As such the National Bank of Ethiopia “licenses, supervises and regulates the operations of banks, insurance companies and other financial institutions”. 

Accordingly, in relation to MFIs:

  • Ensures the safety and soundness of MFIs
  • Ensures their efficiency and compliance of MFIs with rules and regulations
  • Ensure protection of depositors.

As a licensing authority for financial institutions, thus, NBE sets the requirement needed from customers (MFIs) to get the service or approval of establishment, the primary one being that of licensing.

The National Bank of Ethiopia requires detailed requirements to launch micro financial institutions, which include:

  • Shareholders have to be Ethiopian nationals;
  • The minimum paid-up capital required is Birr 200,000;
  • Has to be established in the form of a share company;
  • 1/4th of the subscribed capital has to be paid and deposited in a blocked account; and
  • Copy of taxpayer registration number.

Association of Ethiopian Micro Financial Institutions (AEMFIs)

 

The Association of Ethiopian Microfinance Institutions (AEMFI), as indicated in their website was formed as a not-for-profit, non-governmental association of the Ethiopian microfinance institutions as defined by Proclamation No. 40/1996 under which microfinance institutions in Ethiopia are regulated by the National Bank of Ethiopia.

AEMFI was “…registered and licensed as such on 28th June 1999 by the Ministry of Justice of the Federal Government of Ethiopia.  The original goals were for it to serve as a platform for knowledge and information sharing, and lobby for political support for the development of an enabling environment for the business of microfinance.

The AEMFI states its mission “To effectively promote information exchange, facilitate enabling environment and build the capacity of Ethiopian microfinance system sustainably”

Since its formation, AEMFI’s goals and activities have broadened to include training, research, performance monitoring and benchmarking and provision of technical assistance.”

As noted on their website, in 2016 there were about 35 Micro Finance Institutes approved by NBE as well as being members of the Association of Ethiopian microfinance institutions (AEMFI).

They were distributed throughout the country, in all corners and administrative regions. Some MFIs based on their potential client focus and as their names indicates are regional in scope, while a number of them are based in Addis Ababa, for example

  • Amhara Credit and Savings Institution (ACSI) (Bahir Dar); 
  • Sidama Micro Finance Institution S.C. (Hawassa); 
  • Benishangul-Gumuz Micro Financing S.C. (Assosa);
  • Kalub Microfinance Institution S.C.(Jigjiga)
  • Nisir Microfinance S.C. (Addis Ababa);
  • Meklit Microfinance S.C. (Addis Ababa);
  • Oromia Credit and Saving Institution S.C. (Addis Ababa);
  • Poverty Eradication and Community Empowerment Microfinance Institutions S.C –PEACE (Addis Ababa);
  • Africa Village Financial services S.C –AVFS (Addis Ababa).

Benefits of Micro Financial Institutions (MFIs)

Some of the acknowledged benefits of microfinance institutions include:

  • providing economical values to the rural mass;
  • Linking capital to communities who lack access;
  • Serving as financial enablers to developmental goals;
  • Encouraging planning and saving;
  • Creating job opportunities; and
  • Offering loans of varied types collaborating with.Commercial Bank of Ethiopia (CBE)

From the little fried food stand and hole in a wall coffee house started via Microfinance loans, women in low-income classes have been benefitting by increasing incomes to their household.

Lately, in Addis Ababa, individuals take out loans of varying sizes from micro financial institutions, for automobiles to then work in the booming industry of Call up taxis or Ride hailing services some moonlighting and others as full time, to pay off their loans in due time and own the vehicle/asset.

Although the success rate of ambitious loans taken out by individuals could potentially leave them worse than they started, to default and for some indebted to insurmountable interests.  

At the very least, if not increase ones income and spending power, microfinance institutions could provide stability, which in one aspect is an antidote to the effects of poverty.

That, in the simple essence is the beneficial nature of Microfinance Institutions for individuals and households who strive for a better living.

Awash Bank

Awash Bank

8.2 Rating

15% Loan Interest

Banking and Services for micro finance institutions

School Tution Fee Collection Services

Lucy Women's Saving

Business Banking

Plenty of business banking choices

Commercial Bank of Ethiopia (CBE)

Commercial Bank of Ethiopia (CBE)

8 Rating

15.5% Loan Interest

Widely used Internet banking

Most bank with several branches and ATMs

Prize Linked Saving

CBE Birr CBE NOOR

For business