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Wasasa 
Micro-Finance Institution

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(a)  General Information

Year of Establishment  20 September 2000

Legal Status

Wasasa Micro Finance S.Co. was legally registered by the National Bank of Ethiopia, according to Proclamation No.40/1996.

Current Operational Area (s)  Oromiyaa Regional State

Future Expansion Plan

Wasasa has a plan to serve more clients in the current operational area (Oromiyaa Regional State) in the next three to five years.

Total Number of Woredas Covered so far   Six Woredas in Oromiyaa

Total Number of Branches Opened so far  Five

Total Number of Clients served so far

3,958 clients out of which 21% are semi-urban and 79% are rural clients.

Gender Sensitivity

Male clients = 49%, Female Clients = 51%

(b)  Loan Services/Products

• Agricultural loan (crop production, animal rearing, cattle fattening);

• Trade (Petty trade, grain storage and selling, cattle selling, running small shops, etc);

• Semi-urban micro enterprise loan;

• Employee loan.

Annual Lending Rate   24% for all types of loans.

Loan Size and Loan term Per Loan Cycle and Loan Type

Loan Term

Loan Eligibility Criteria

• mental and physical fitness to undertake income generating activities;

• previous knowledge in income generating activities;

• must be free from any debt and without any affiliation to other lending institutions;

• willingness to be organized into a group, share risks of default within the group and attend regular meetings;

• must have permanent residence in the target community;

• clients in one group must reside in close proximity to each other;

• priority is given to women clients.

Type of Collateral Needed

Group Guarantee is the only collateral needed for all loan types.

Some of the economic activities financed so far

• Agriculture;

• Service;

• Trade and

• Handicraft.

Grace Period

No grace period for all types of loans

Time needed to process and get loan

• for initial (first cycle) loans, 30 to 60 days;

• for all subsequent loans, one week for urban and two weeks for rural clients.

Business Plan Presentation

In Wasasa Micro Finance Institution S.Co. no business plan is required to access a loan.  

Loan Application Format

Wasasa Micro Finance Institution S.Co. uses a loan application format with the following contents:

• Name and address of the clients, age, marital status, occupation, number of household members and dependants, educational background, monthly income, group identification, date of registration, loan cycle, size of loan requested, purpose of the loan, loan term and credit history.

Target Clients for Loans

• rural and urban individual borrowers

Willingness to lend to new business start-ups such as high school dropouts, college graduates and similar groups

Wasasa Micro Finance Institution S.Co. does not finance new business start-ups.

(a)      Savings Products

(b)  Other Services

 Pre-loan orientation to Clients

Service Out-let

• In rural areas, the services of Wasasa Micro Finance can be accessed at the doorsteps of the clients;

• In urban areas services can be accessed through branch/sub-branch offices of the Institution.

New products to be introduced during the coming 3-5 years

Frequency of Revising Institutional Policies

Amendments to existing policies shall be considered based on the needs of the clients.

More about Wassa

Wasasa is the first micro finance institution in Ethiopia to borrow from a private bank, (Awash International Bank) at commercial rate to finance part of its loan portfolio.

Address 

P.O.Box:  1192, Addis Ababa, Ethiopia

Telephone:  +251-1-669978/79/668518

E-mail: wasasamf@telecom.net.et

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