Wadia is a Shariah compliant product. It opened to all Ethiopian citizen and permanent residents. This deposit product is operated by passbook, ATM cards and other alternative Electronic Payment systems.

The product is structured under the concept of Wadia. Under the Wadia contract, the Micro finanace agrees to keep funds for its depositors, and customers are allowed to withdraw deposits without any restriction on demand.

Ø  Eligibility

General Eligibility

·         It can be opened with zero balances with a commitment to bring its balance to Birr 25 Within a month.

·         It can be opened to Individuals and other legal persons recognized by law, as well as minors through parents and tutor, and interdicted persons through legal guardians.

·         For children below eighteen (18) years old (minors), the account must be opened and operated in the name of the parent or legalguardian upon providing the Birth Certificate/and or court ruling.


·         Renewed valid ID card

·         Two recently taken Pass-port-size photographs

Legal persons:

·         Renewed trade license & Principal Registration

·         Registered & attested Article & Memorandum of Association

·         Written application mentioning the names of signatories

·         Renewed valid ID card, and two recently taken passport-sized photograph of signatories

·         Tax Identification Number

Ø  Features

·         With explicit permission obtained from the customer, the Micro finance reserves the right to utilize funds to finance permissible business.

·         Customers are provided with passbooks, ATM cards, and other alternative Electronic Payment channels

·         It can be opened in Birr or acceptable Foreign Currency

·         Other Wadia deposit products available:

–      Wadia (Savings Account-i) Women

–      Wadia (Savings Account-i) Youth

–      Wadia (Savings Account-i) Teen Youth

–      Wadia (Savings Account-i) Account for Minors

–      Wadia (Savings Account-i) Education Accounts

–      Wadia (Savings Account-i) Joint Accounts

–      Wadia (Savings Account-i) Earmarked Accounts, and 

–      Wadia (Savings Account-i) FCY Accounts

Ø  Key Terms and Conditions

·         A minimum balance of Birr 25 must be maintained in the accounts.

·         The Microfinance reserves the right to reject any deposits derived from Sharia non-compliant activities

·         Savings Account will be deemed to be closed when a customer withdraws the whole of his/her balance over the counter, leaving a nil balance in the account

·         ATM Card will be issued to a joint account where the signing condition is either one to sign.

·         No ATM Card will be issued to a business entity except for sole proprietorship and must be signed by the owner of the sole proprietorship.

·         The ATM card PIN is strictly confidential and should not be disclosed any person, damage due to failing to do so will be borne by the customer.

·         The customer is required to examine all entries in the pass book and report at once to the Bank any errors, irregularities or unauthorized withdrawals & missing entries.

·         As a condition of withdrawal over the counter, the customer/representative/agent shall present personally, and provide ID together with passbook.

·         The Bank shall issue a deposit slip to the customer when depositing cheques or moneys.

–      The customer must ensure that receipts bear computer validation, are stamped & endorsed by authorized officer  before leaving the Micro finance premises

–      Receipts are valid as an acknowledgement of deposit if they bear such endorsement.