Micro-Credit and Savings Program rendering service in more areas nationwide: Report

The Micro-Credit and Savings Program has made it possible to render commendable service in more areas across the country. Asmara, 15 October 2012 – The Micro-Credit and Savings Program has made it possible to render commendable service in more areas across the country.

Pointing out that the program prioritizes customers such as low-income families, immigrants under rehabilitation and bread winning women in rural areas as they have no instant access to banks, Mr. Tedros Girmai, projects head, disclosed that the program has branch offices in 55 sub-zones, and that future undertakings would focus on quick outreach to the sub-zones of Sel’a, Adobha and Dahlak. He further explained that the beneficiaries predominantly invest in agriculture, while the rest engage in small-scale business activities.

The Micro-Credit and Savings Program has around 56,000 beneficiaries, 65% of whom are said to be working on the basis of village banks, and that out of the program’s 250 million budget, 225 million has already been credited, according to reports.

The Micro-Credit and Savings Program was established in 1996 with a view to fostering small-scale business activities, and thereby improve the livelihood of beneficiaries.