Frequently Asked Questions
Saving Account & Time Deposit
You will typically need a valid ID, proof of address, and the desired deposit amount.
Interest is typically calculated based on the deposit amount, interest rate, and the duration of the deposit. You can choose to receive the interest at maturity (when the deposit term ends) or periodically (monthly, quarterly) depending on the your options
Valid Id, Photograph, Minimum Deposit
EV Battery Replacement Savings Plan is designed to help electric vehicle (EV) owners prepare financially for the future cost of replacing their vehicle’s battery.
Understanding EV Battery Replacement Savings
Electric vehicle batteries are a significant component of the overall cost of an EV, and over time, they may require replacement due to degradation. Anticipating this expense, some financial institutions offer specialized savings plans to help customers set aside funds gradually.
Features of an EV Battery Replacement Savings Plan
Dedicated Savings Account: A separate account specifically earmarked for your EV battery replacement, ensuring that the funds are reserved for this purpose.
Competitive Interest Rates: These accounts often offer attractive interest rates to encourage consistent saving and to help your money grow over time
yes, LANA
INTEREST FREE MICROFINANCE
Interest Free Microfinance service wing of the institution has secured the license of operation from National Bank of Ethiopia in December, 2024 and started operation in February , 2025. The newly introduced Interest Free Microfinance service was named ‘Lana’ which provides the following products to esteemed customers as per the Sharia law.
Deposit roducts
Wadia Saving
Mudaraba Saving
Mudaraba Investment
Women Saving
Children Saving
Financing Products
Murabaha
Ijarah
Musharakah
Qard Al Hassen
Salam
Istisna
Loans/Credits
At Yegn Microfinance, applicants are generally expected to be between the ages of 18 and above. You’ll need to provide valid identification, such as a government-issued ID or passport, National Id along with proof of residence. Demonstrating a stable source of income or involvement in an income-generating activity is important, as it shows your ability to repay the loan. This could be through employment, small business ownership, farming, or craftsmanship.
For the 20/80 loan, you should be required to contribute 20% of the loan amount upfront, indicating your commitment and reducing the lender’s risk. This means if you’re seeking a certain loan amount, you provide 20% as your contribution, and Yegn Microfinance provides the remaining 80%. A simple business plan or explanation of how you intend to use the funds and repay the loan is often part of the application process.
While collateral might not be necessary, Yegna Microfinance may utilize group lending models where borrowers support each other, enhancing community bonds and repayment accountability. They might also offer or require attendance at financial literacy training sessions to help you manage the loan effectively.
Yes
- Yegna MFI has an objective to meet its social objectives by empowering women entrepreneurs and made special privilege by providing less interest rate and relatively long-term loan tuner for those on startup phase and also for business expansion.
- These products are applicable only for women entrepreneurs and enterprise lead by women with a minimum interest rate comparing to conventional rate.
- The maximum loan term of Finance for women loan is 12 to 36 months. And the repayment shall be made monthly or quarterly basis.
YMFI’s Development Finance Initiative plays a vital role in promoting financial inclusion for underserved communities. By enhancing these areas, YMFI can ensure sustainable growth and effectively support Ethiopia’s marginalized groups in achieving economic empowerment. Some of the developmnet finance products are outlined as follows:
- Urban Agriculture and Innovative Product Loan: Aims to boost green initiatives and urban farming.
- Etege (Finance for Women): Targets female entrepreneurs with favorable terms, promoting gender equality.
- Eshete (Youth Loan): Empowers young entrepreneurs to establish and expand businesses.
- Disability Loan: Financial inclusion for entrepreneurs with disabilities.
- Green energy Loan: Supports sustainable energy adoption for a greener economy.
- Innovation and Startup Loan: Funds innovative and new business ventures.
- Public Association Loan;- Targeted at public associations and community-based organizations, this loan provides funding for social development projects, infrastructure, and other initiatives that benefit the community.
- Water and Sanitation Loan;- Supporting projects aimed at improving access to clean water and sanitation facilities, this loan is ideal for financing infrastructure development, including water supply systems, toilets, and wastewater treatment plants.
- Idea Financing;- This loan targets entrepreneurs and innovators who need financial backing to turn their ideas into viable businesses, supporting startups and innovative projects that encourage creativity and economic growth.
Career
The logo has a unique meaning related to the institution’s mission and values reflecting the following ideas: –
- Green Color /Sustainable Growth/: It symbolizes growth with sustainability. The services provided to its customers, especially the lower class of society.
- Hand Symbols Above and Below: The green hands depicted above and below in the logo signify the institution’s support for the lower-income segment of the community and its ability to provide financial assistance.
- Round shape /Financial Inclusiveness/: The logo represents inclusivity and accessibility, highlighting the institution’s efforts to integrate the lower-income community into the conventional financial system.
- ‘Y’ Symbol in the Middle: The white “Y” symbol in the center of the logo is derived from the English word “Yegna,” which signifies belonging.
- White ‘Y’ Color / Aspiration: It represents hope for becoming a significant institution. By providing microfinance services, the institution aims to empower women, youth, and small and medium enterprises.
