Private Organizations Social Security Agency (POSSA) disclosed it made a 26.9 million Birr profit during the past six months of Ethiopia’s fiscal year. The Agency’s plan was to earn 24.4 million Birr which means its performance it has met its target by 110 percent.
Somali Micro Finance, which is known for its mobile finance service called Hello Cash, transforms into a bank named Shabelle. The bank is formed with a capital of more than Birr 500 million.
Somali Micro Finance was established in 2011. It is the third micro finance institution in Ethiopia to evolve into a bank following Oromia Credit and Saving Institution and Amhara Credit and Saving Institution. Shabelle Bank conducts all its operations under the principles of Islamic Banking.
Source: Fana BC
Additional source: Shebelle Bank
The Somali Regional State’s Pastoral Development Bureau announced a major increase in camel milk production, rising from 1.4 billion to 2.2 billion liters annually. The boost comes as a result of the region’s efforts to modernize camel farming and improve animal productivity.
One of Ethiopia’s nine states, Somalia State, got its second micro finance institution (MFI) which is dubbed Rays MFI. The institution is going extend loan with an interest rate ranging from 10 percent to 20 percent.
Somali Regional President Mustefie Mohamed presided over the inauguration of a new car assembly factory in Jigjiga city. The factory, constructed at a cost of Birr 250 million, represents a significant development initiative for the region.
