24 February 2013

Ethiopia: Oromia Credit and Saving Disburses 415.3 Million Br

Oromia Credit & Saving S.C (OCSSC) disbursed 415.3 million Br loan during the first six months of the current fiscal year. It also collected 474.3 million Br in deposits, which showed a 52.4pc increment compared with the same period the previous year.

Out of the total amount of loans disbursed, this benefited 100,437 individuals, close to 73,000 farmers and 3,128 micro & small enterprises in Oromia Regional State received 123.5 million Br. In order to ensure the sustainability of its operation, OCSSC has been working to diversify its services to meet the demand of the people, according to the press release issued by the company.

Accordingly, the OCSSC opened up to 10 additional branches during the period, which increased its total number of branches in Oromia Regional State to 257. It is currently one of the leading micro finance institutions in Ethiopia, with 17 zonal offices and 516,382 total active clients.

Established in 1997, OCSSC started operation with only four branches and 1,529 clients. Loans disbursed at that time were less than one million Birr; whereas, the amount of mobilised savings was close to 1,000 Br.

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