Eritrea: Micro Credit and Saving Opportunities Improving Lives

25 September 2019

Keren — Saving and Micro-credit opportunity is significantly contributing in improving livelihoods of nationals, beneficiaries in Hagasz, Mensura and Kerkebet expressed.

Indicating that they are satisfied with the saving and micro-credit opportunity created for them in their area, the beneficiaries called for the reduction of the 16% interest.

Mr. Amine Araya, head of Saving and Micro-credit program in Hagaz sub zone on his part indicating that the objective of the program is providing micro-credit and saving opportunity for nationals residing in places where financial institutions are not available, said that the program provides micro credit opportunity from 6 up to 20 thousand Nakfa to those that venture in group businesses and to individuals up to 150 thousand Nakfa.

Stating that Mensura and Kerkebet sub zones are organized under the office of Saving and Micro-credit opportunity in Hagaz sub zone, Mr. Amine said that there are 2056 clients and 19 village banks in Hagaz sub zone, 587 beneficiaries and 14 village banks in Mensura and 889 beneficiaries and 11 village banks in Kerkebet totaling 3,532 beneficiaries and 44 village banks.

Pointing out that around 2 million and 180 thousand Nakfa has been distributed to 210 beneficiaries in the last six months alone, Mr. Amine indicated that over 3 million Nakfa loans were returned and over 10 million 500 thousand Nakfa still remain at the hands of beneficiaries.

The Micro-credit and Saving program has started service in Hagaz sub zone in 1996, in Mensura in 2003 and in Kerkebet in 2013, according to report.

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