Akufada Microfinance S.C. to launch operations in Debre Birhan

Akufada Microfinance Share Institution Company is set to launch its operations on Saturday, October 22 in Debre Birhan city, where the headquarters located.

Officials of the institution held a presser in Addis Abeba at Ras Amba Hotel.

“We’ll start operations in Debre Birhan and we’ve a plan to expand our branches to 50 until the end of this Ethiopian fiscal year,” said Gintamo Nuramo, CEO of Akufada Microfinance Institution Share Company in a presser on Tuesday.

Akufada Microfinance institution has established with a paid up capital of 21 million Birr and a subscribed capital of 33 million Birr, according to Robel Mussie, Board Chairman of Akufada Microfinance.

The microfinance institution has 1886 shareholders, of which more than 400 of them are located in Addis Abeba. “There are also shareholders located in Afar region, Bahir Dar and Dilla cities,” said Robel.

Robel added: “What makes us unique is that we target to make women and the youth population beneficiaries.”

Though Ethiopia has endowed with tourist attraction areas it’s not benefited much form the section, he says. “We’ll work to unlock the potential of the sector”.

Akufada also plans to finance ideas.

“Akufada Microfinance will provide a loan for ideas such as film scripts,” Robel said.

Kassahun Degefu, Vice Board Chairman of Akufada Microfinance said on his part that the loan interest rates will be from 8 to 9%.