(4minutes read)
· Buusaa Gonofaa, a microfinance institution (MFI) in Ethiopia’s Oromia region has become a finalist for the coveted European Microfinance Award.
· The prestigious annual cash award gives the winner €100,000 and €10,000 for the runners-up
· Other contenders for the award are Muktinath Bikas Bank Ltd from Nepal, and RENACA-Bénin from Benin
Buusaa Gonofaa, a microfinance institution (MFI) in Ethiopia’s Oromia region has become a finalist for the coveted European Microfinance Award. The prestigious annual cash award gives the winner €100,000 and €10,000 for the runners-up.
The other contenders for the award, which invites nominations from world-wide, are Muktinath Bikas Bank Ltd from Nepal, and RENACA-Bénin from Benin. The three microfinance entities have been selected out of 70 organizations from 37 countries.
Buusaa Gonofaa (BG) was founded in 1999 to help women, landless youth and smallholder farmers. It provides credit, savings and agriculture value chain financing to improve farmers’ livelihood. The MFI is licensed and supervised by the National Bank of Ethiopia.
BG was selected for its innovative saving initiative called ‘Dejaf Iqub’ . MFI offers a safe, easy and appealing way of saving through regular doorstep collection of goal-based small deposits. Dejaf Iqub approaches informal micro entrepreneurs with active cash flows who operate their businesses in densely populated market centers.
The final screening of the contest will be held from November 16 through November 20, 2020. Subsequently, the winner will be announced. The award is instituted by a Luxembourg-based 150-member network. The award money is granted by the Luxembourg Ministry of Foreign and European Affairs.
