Grameen Foundation : Where we work : Sub-Saharan Africa : Ethiopia : Yibeltal's story
Yibeltal Tadele, client of ACSI Ethiopia
Yibeltal Tadele has just walked for two and a half hours to get to the Meshenti sub-branch office of Grameen Foundation partner ACSI, in the Amhara region of Ethiopia. He is here to start his second loan, building on the success he has had with the first.
To make a living, Yibeltal farms the hectare of land around his home; this is a difficult job due to weather and soil conditions in Ethiopia. More than a year ago, Yibeltal’s only ox died, leaving him unable to plow his field. He needed a way to support his wife and three young children, so he borrowed 800 birr ($90) from ACSI. Yibeltal combined this with some money he had saved to purchase a new ox for 1,400 birr ($160).
Today, Yibeltal and his family are better off than they were a year ago. Using his ox, Yibeltal has grown maize for his family to eat, and black pepper to sell for profit. In addition, he is growing teff, the main ingredient in the Ethiopian traditional bread, injira. Yibeltal has fed his family with some of the teff and sold the rest.
Despite setbacks such as Yibeltal’s crops being washed away by a hail storm, Yibeltal’s produce sales have yielded enough profit for him to pay off the loan, increase his family’s living standard, purchase fertilizer, and save some money for health emergencies and the education of his oldest daughter, who will soon turn seven and start school.
Yibeltal has plans for his second loan from ACSI; he is going to purchase a second ox and expand his farming operation beyond his current hectare, using land rented from others. He is thankful for the service ACSI provides to him and over half a million other poor Ethiopians. Without it, Yibeltal says, “we would have to go to [traditional moneylenders] and pay high interest, or rent out our land” for minimal income. “It is great to have this opportunity.”
Grameen Foundation : Where we work : Sub-Saharan Africa : Ethiopia : Yibeltal's story
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
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