AGGAR MICROFINANCE S.C SAVING Products
Aggar is one of a private MFIs in Ethiopia established in 2004 for delivering financial services for missing middle targeted customer. Aggar focus on savings led microfinance loan service to its customers and potential customers that employ both group and individual lending methodologies to provide its five savings and ten loan products. One of savings product which agar provide for existing and potential customers is Compulsory savings.
Voluntary savings
One of savings product which agar provide for existing and potential customers is voluntary saving. It is one of savings product in which encloses all types of saving customers without restriction. In addition voluntary savings clients can save and withdraw any time at office working hours. The opening balance for voluntary services is birr 20 and the interest rate is 8% per annum & capitalized by 6 months.
Compulsory savings
Compulsory savings is one of savings products that loan clients are required to save before they take loan. The amount is 6% of the loan amount for loans up to Birr 5,000 and 10% for loan amount greater than Birr 5,000. In addition the clients save regularly with monthly bases birr 10, 300 and 40 for loan amounts mentioned above respectively. This saving is not withdraw-able until the clients fully pay their loan. The interest rate for this savings is 7% per annum.
Special savings.
One of savings product which agar provide for existing and potential customers is Special savings. Special savings: is also one of savings products that clients can use to deposit their money to get better interest rate i.e.9.5% per annum & monthly capitalized. The opening balance is Birr 10,000. This savings product is designed to attract loan-able funds for the company by paying better interest rate than banks do.
Fixed Term Deposits
One of savings product which agar provide for existing and potential customers is Fixed Term Deposits.
Fixed Term Deposits is recently introduced with opening balance of Birr 300,000 and minimum period of one year. The interest of fixed term deposit is decided by negotiation based on the amount of savings the depositor customers do have.