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Ethiopia: Ministry Hopes ADR Mechanism to Strengthen Country's Justice System
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The Daily Monitor (Addis Ababa)
30 December 2007
Posted to the web 2 January 2008
Addis Ababa
The Amhara Credit and Savings Institution (ACSI) in the Amhara and Dedebit Credit and Savings Institution in the Tigray regional states have been rated among the top 50 microfinance institutions in the world by Forbes magazine.
Forbes ranked Amhara Credit and Savings Institution sixth in the world and 2nd in Africa next to a Moroccan institution by the name Bandhan and Dedebit Credit and Savings Institution 31st.
The Institutions were chosen from a field of 641 micro-credit providers. To qualify, the institutions must have made available their audited financials and must have passed review by a Forbes panel of advisers.
The rank was made based on the size of the institution's gross loan portfolio, efficiency- which considers operating expense and the cost per borrower as a percent of the gross national income per capita of their country of operation risk- which looks at the quality of their loan portfolios measured as the percent of the portfolio at risk greater than 30 days- and return- which is measured as a combination of return on equity and return on assets.
"With 537,000 borrowers and another 225,000 savers, as of December 2006, Amhara Credit & Savings Institution was one of Africa's largest micro financiers," Forbes said in its December, 2007 issue.
"On overhead, it(ACSI) consumes only 5 cents of every net dollar lent, after interest costs are subtracted," the magazine added.
It said the share of Amhara's loans in default or more than 30 days late on interest and principal payments, as of year-end 2006, was 1.5%.
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It keeps staff costs low and is frugal on such expenses as electricity.
Forbes top ranking lending organizations have low default rates.
A Bangladesh microfinance institution by the name of ASA ranks first in the world followed by institutions from India, Brazil, Colombia and Morocco respectively.
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