On September 2020, Amhara Credit & saving Institute (ACSI) has announced transformation of its System into a bank with a principal capital amounting close to 8.5 billion Birr. Following this Oromia Credit & Saving Institute S.C (OCSSCO) with a paid-up capital of 7 billion birr has relicensed to provide banking service as Sinqe bank in 2021.
The National Bank of Ethiopia fourth quarter 2021 bulletin reports key indicators of microfinance institutions in Ethiopia as progressive.
- Total number Micro-finance institutions (MFIs) are 39.
- The top five largest MFIs namely, Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions accounted for 84.8 percent of the total capital, 88.8% of total deposit, 82.7% of total credit and 84.3% of total assets of MFIs.
- Saving deposit mobilized close to Birr 52.4 billion in, 17.2% annual growth.
- Outstanding credit went up by 6.7% to Birr 69.3 billion.
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