Question 1

What is Yegna Microfinance?

Accepted Answer

Yegna Microfinance is a licensed microfinance institution operating in Ethiopia that provides accessible financial services to empower individuals and businesses across the country. The institution specializes in serving micro, small, and medium enterprises (MSMEs), with a particular focus on women, youth, and low-income entrepreneurs who are traditionally underserved by conventional banking institutions.

Licensed by the National Bank of Ethiopia, Yegna Microfinance operates under the regulatory framework established by Proclamation No. 626/2009, which governs the licensing and supervision of microfinance business in Ethiopia.

Question 2

When was Yegna Microfinance founded?

Accepted Answer

Yegna Microfinance Institution S.C. was established in 2022 with an initial paid-up capital of 40 million Ethiopian Birr. The institution was founded by committed and experienced shareholders with the vision to drive Ethiopia's economic development by offering tailored financial solutions to empower businesses and individuals.

The institution began operations shortly after receiving its license from the National Bank of Ethiopia, with a mission to address financial gaps for low-income entrepreneurs while ensuring profitability and sustainability.

Question 3

Where is Yegna Microfinance headquartered?

Accepted Answer

Yegna Microfinance is headquartered in Addis Ababa, Ethiopia. The institution's main office is located in the capital city, which serves as the administrative and operational hub for its nationwide activities.

Contact information includes telephone numbers 0911-318756, 0960-506002, and 0118-21-08-35, as well as email at yegnamfi@gmail.com.

Question 4

Where does Yegna Microfinance operate?

Accepted Answer

Yegna Microfinance operates throughout Ethiopia, providing financial services to both rural and urban communities across the country. The institution is licensed to operate nationwide, serving clients in various regions and communities.

The institution focuses on areas where financial inclusion is most needed, working closely with governmental and financial organizations to expand accessibility to underserved populations throughout Ethiopia.

Question 5

What services does Yegna Microfinance offer?

Accepted Answer

Yegna Microfinance offers a comprehensive range of financial products and services designed to promote economic independence and financial inclusion:

Loan Services: The institution provides flexible business loans, personal loans, and emergency loans tailored to meet the specific needs of micro, small, and medium enterprises. Loans are designed to support entrepreneurs in scaling their businesses and improving their economic circumstances.

Savings and Time Deposit Accounts: Yegna offers high-interest savings accounts and safe deposit services that allow clients to secure their financial futures and build assets over time.

LANA Interest-Free Financing: The institution provides ethical, interest-free financing products that comply with religious and ethical considerations, making financial services accessible to a broader segment of the population.

Green Financing Services: Specialized financial products support environmentally sustainable projects, climate resilience initiatives, and clean energy investments.

Training and Consultancy: The institution provides training programs for micro-businesses, helping clients develop financial management skills and business acumen.

Financial Literacy Programs: Community education initiatives teach financial management strategies and promote economic empowerment.

Money Transfer Services: Local money transfer services facilitate domestic transactions for clients across Ethiopia.

Question 6

What makes Yegna Microfinance unique?

Accepted Answer

Yegna Microfinance distinguishes itself through several innovative approaches and commitments:

Community-Centric Focus: The institution prioritizes women, youth, and underserved communities, with dedicated programs designed to promote financial inclusion for these groups. Customer transformation stories, such as that of entrepreneur Mareshet Kebede Tola who expanded her handmade crafts business with a 25,000 ETB loan, demonstrate the institution's tangible impact.

Sustainable Development Commitment: The institution actively promotes green financing and sustainable investments, funding renewable energy projects and environmentally responsible initiatives. This aligns with global sustainability goals while addressing local development needs.

Scalable Financial Services: Yegna's products are designed to grow alongside clients' businesses and personal financial goals, offering flexible solutions that adapt to changing needs.

Customer-Centric Approach: The institution emphasizes quick processing times, personalized financial services, and dedicated support, distinguishing it from larger financial institutions that may offer less individualized attention.

Strong Values Foundation: The institution operates based on core values including commitment to growth, accessibility, service excellence, responsibility and accountability, transparency, sustainability, and integrity. These values are symbolized in the institution's logo, where green represents sustainable growth, hand symbols represent financial support, and the round shape signifies inclusivity.

Question 7

What type of financial institution is Yegna Microfinance?

Accepted Answer

Yegna Microfinance is a Microfinance Institution (MFI) registered as a share company under Ethiopian law. In Ethiopia, microfinance institutions are specialized financial intermediaries regulated by the National Bank of Ethiopia under Proclamation No. 626/2009.

Unlike commercial banks, microfinance institutions in Ethiopia focus specifically on providing financial services to lower-income populations, micro and small enterprises, and traditionally underbanked segments of society. MFIs are authorized to collect deposits, extend credit, provide money transfer services, and offer other financial services tailored to the needs of their target clientele.

Yegna operates as a formal, licensed financial intermediary with the authority to mobilize savings from the public, making it a crucial player in Ethiopia's financial inclusion ecosystem. The institution follows group-based lending methodologies and promotes both compulsory and voluntary savings, using joint liability and social pressure as alternatives to conventional forms of collateral.

Yegna Microfinance

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About Yegna Microfinance in Ethiopia

Yegna Microf­inance