Aggar is the first commercial private microfinance licensed in the country on March 18/2004 and started operation in April 2004. It was initiated by Ethiopian Shareholders to address the “missing middle” as often called i.e. 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 750,it’ spaid up capital to more than 250.0 million and its total assets to more than 410 million.
Aggar’s vision is “to be the most preferred and pioneer private microfinance that services the missing middle in Ethiopia”.
Aggar’s mission is “to provide fast, affordable and demand driven financial services on sustainable basis to the missing middle to improve their wellbeing and to generate profit for its shareholders by deploying qualified and motivated staff and high tech services”.
Objectives: Aggar’s 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.