Horizon SACCO Opens Third Branch in Addis Ababa, Expands Digital and EV Credit Services
Written By Admin
Horizon Credit and Saving Cooperative has officially opened its third branch in Addis Ababa, marking a new phase in its expansion across Ethiopia’s savings and credit sector. The launch was accompanied by a car and housing prize initiative, underscoring the institution’s effort to combine savings mobilization with incentive-based programs.
The cooperative now reports reaching 500 members from diverse segments of society. It provides a broad range of financial products, including regular savings, women-focused savings aimed at strengthening economic participation, investment accounts, business start-up and expansion savings, vehicle and housing savings, medical and children’s savings, agricultural savings, and other tailored services.
Board Chairwoman of Horizon SACCO and CEO of Abri Business Group, Abrehet Ayele, said the institution has partnered with Abri Motors to offer electric vehicle credit packages. Under the collaboration, customers can purchase EV cars through flexible financing arrangements structured as 30/70, 40/60, and 50/50 payment models. Members who save specifically under the car savings program can receive their vehicles within one to three months, depending on the selected plan and fulfillment process.
Officials described the EV financing structure as distinct from similar institutions, noting that the structured savings-to-ownership timeline is designed to shorten waiting periods and improve predictability for customers.
An official of the cooperative stated that eligible government employee clients can access loans of up to 500,000 birr, while other qualified customers may obtain loans of up to 10 million birr under structured arrangement.
The institution’s IT partner said customers are not required to visit the office in person to open accounts, deposit funds, or apply for loans. Services are available through a mobile application and internet-based platform. Members can also transfer funds to and from other regular banks, reflecting the cooperative’s integration of modern financial technology.
Technology expert Haben Kiros noted that Horizon operates with a modern, in-house developed core banking system, positioning the cooperative among technologically advanced institutions in Ethiopia’s savings and credit industry. Leadership emphasized that the broader goal is to mobilize community savings efficiently and channel them into productive lending that delivers measurable economic and social impact.
Editor’s Disclaimer:
The views and opinions expressed in articles published by Horn News Hub are those of the authors and do not necessarily reflect the official position or editorial stance of Horn News Hub. Publication does not imply endorsement.
