Aggar Microfinance Share Company

Aggar Micro Finance Share Company (AMFSC) is the first commercial private microfinance licensed in line with NBE regulation on March 18/2004 and started operation in April 2004. It was initiated by few enlightened individuals to address the “missing middle” as often called the MSE’s. The founders envisioned to address both social and profitability objectives. Aggar was established by 443 shareholders with paid up capital of Birr 4,243,600.00. Currently its shareholders grew to more than 830 and its paid up capital is more than 370.4 million.

Core Values

• A- Accessible
• G- Growing together
• G- Genuineness
• A- Advancement
• R- Reliability

Objectives:

The main objective of the company is to provide financial services for the customers and generate sustainable income for the shareholders.

Aggar’s Specific objectives are to:

• Provide sustainable quality financial services to active poor both in rural & urban areas;
• Encourage self-employment and income generating activities;
• Promote rural and urban micro and small business enterprises;
• Promote and enhance the culture of savings by the target population and wider public;
• Assure financial & operational self-sufficiency of the company.

Governance and Ownership

Ownership

Aggar microfinance S.C is owned by more than 830 shareholders who paid more than Birr 370.4million as a paid up capital.

General Assembly

The General Assembly of the shareholders meets annually to hear the Board of Directors and external auditors report and decide on it and make strategic decisions.

Board of Directors

Seven Boards of Directors elected by the General Assembly frequently meets to review and discuss on the activities of the Company. They approved policy and procedure manuals needed to guide the operation of the Company. They also supervise management in the execution of approved strategic plan and evaluate the performance of management in the context of the goals and time frame outlined in the plan.