Cooperative Commission recognizes AMIGOS SACCO for supporting socio-economic development

Addis Ababa, December 29, 2024 (FMC) – The Ethiopian Cooperative Commission has acknowledged the vital role cooperatives play in fostering socio-economic development and the well-being of citizens, according to Commissioner Ambassador Shiferaw Shigutie.

AMIGOS Saving and Credit Cooperative recently celebrated its 12th anniversary and convened its 11th Annual General Assembly in Addis Ababa.

In his address, Commissioner Shigutie highlighted the significance of Savings and Credit Cooperatives (SACCOs) in promoting saving habits within the community and commended AMIGOS for its substantial contributions.

Chairperson of the AMIGOS SACCO Board, Dawit Woldeamanuel, noted that the cooperative boasts over 10,000 members and has amassed total assets nearing 2.5 billion birr.

During the 2023/2024 Ethiopian fiscal year, AMIGOS reported a net profit exceeding 101 million birr and has distributed more than 5 billion birr to its members since inception, as stated by CEO Fitsum Abraha. He also mentioned that AMIGOS is a member of both the African Confederation of Cooperative Saving and Credit Associations (ACCOSCA) and the International Cooperative Alliance (ICA), enabling the cooperative to enhance its effectiveness by adopting best practices from around the world.