YeGojo Ekub disclosed it has temporarily stopped registering members for it needed a guarantee to collect the monthly membership fees.

It was only two weeks ago YeGojo made an announcement individuals can deposit the fees at Abyssinia, Nib, Awash, Bunna and Commercial Bank of Ethiopia.

However, according to a press release by YeGojo, the institution has failed to make an arrangement with the five banks it opened accounts at. YeGojo after joining hands with Y.H.A Industrial and Trade Plc, it aimed at increasing its members to 100,000, which gives it the title of being “the largest money and saving association in Ethiopia”.

Its plan was to collect 350 Birr each month from every member for seven and half years via selected banks. Then every month 40 to 1,500 members will win a lottery to purchase things that they had indicated they wanted when they signed up for the arrangements.

Source: Capital