AGGAR MICROFINANCE S.C SAVING TYPES
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.
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.
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