- Offers 13 Billion Birr Loan
ADAMA – Oromia Cooperative Bank (Coopbank) has pledged its commitment to building competent and influential cooperatives and unions by providing capacity building and financial support.
The bank celebrated the 6th Cooperatives Day yesterday under the theme: “Cooperatives Build a Better Future for All.” The event was attended by Aba Gadaas, Ambassador Shiferaw Shigutie, Commissioner for the Ethiopian Cooperative Commission, regional cooperative heads, members, and other dignitaries.
Speaking at the occasion, Coopbank President Deribie Asfaw stated that the bank has implemented a wide range of business and customer-focused strategic frameworks to create a resilient banking sector.
Deribie emphasized the bank’s close collaboration with cooperatives to address potential financial challenges and significantly improve their livelihoods and businesses.
In addition to capacity building trainings and facilitating international experience sharing, Coopbank is implementing various initiatives and digital platforms to support the future growth of cooperatives.
To expand financial services, the bank has disbursed over 13 billion Birr through its Michu loan service, which requires no collateral, to approximately 700,000 small farming communities since its inception. This initiative has created an estimated 800,000 jobs, with youth constituting about 65% of the loan recipients.
Furthermore, the bank has dedicated one percent of its annual profit to empower cooperatives and unions.
During the event, Coopbank recognized the outstanding achievements of cooperatives and unions with various medals and certificates.
Sharing the Netherlands’ success in the cooperative sector, the Ethiopian Cooperative Commission, Deputy Commissioner Abdi Mumed, emphasized the need for specialization and mergers among cooperatives as a crucial pathway for sector development.
According to Abdi, propelling digitization of the value chain, achieving financial self-reliance, and strengthening the visibility of value chain actors and member value through competitive pricing are critical for the successful functioning of the cooperative sector.
The Ethiopian Cooperative Commission envisions becoming a leader in financial inclusion, sustainability, and community empowerment by 2030.
BY ASHENAFI ANIMUT
THE ETHIOPIAN HERALD SATURDAY 28 DECEMBER 2024
