After joining hands with Y.H.A Industrial and Trade Plc, Yegojo Equb expects to take its membership count to 100,000, making it the largest money and saving association across the entire Ethiopian territory.

The agreement concluded between the two parties dictates Y.H.A will buy the properties while Yegojo collects the money from members.

Members are expected to contribute 350 Birr a month for seven and a half years via selected branches. Every month there will be 1,500 members which will win the lottery to take delivery of their desire which they applied for while registering.

Members are at the digression to buy vehicles, houses and construction machineries.

Nadew Getahun, Chairman of Yegojo, commented, “Lucky winners won’t need a mortgage to buy a property but if they fail to pay Yegojo will confiscate the property”.

He added such a large modern rotating saving will benefit middle and low income earners. “We are breaking the traditional roatting saving system that existed for years in Ethiopia, because we provide a property to members that is more than they contribute to, they pay the remained after they already have the property,” he furthered.

According to Capital the first round prize will be held on September at Sheraton Addis.

The monthly collected contribution and the revenue to be generated from the prize winners each month, Yegojo plans to award its members a prize as per the members’ preference.

The banks that are selected to collect the monthly due are Abyssinia, NIB, Awash, Bunna, and Commercial Bank of Ethiopia.

With regard to supplying the cars and construction machines MOENCO, RISE Engineering, Nyala Motors and Amce are selected.

Source: Capital