The popularity of ekub shows that formal financial institutions need to shape up
his early 20s, Mengistu Maregne began selling soft drinks from a stall in Merkato, Ethiopia’s largest market. To finance the fledgling business he joined an ekub, a rotating savings-and-credit association
Ekubs help fill the gap. One recent study found them to be the most common source of external funding for manufacturing firms in Addis Ababa, Ethiopia’s capital. Another found that more than two-thirds of small and medium-sized enterprises used them between 2002 and 2010. “You cannot imagine the Ethiopian economy without ekubs,” says Gebreyesus Yimer of Mekelle University.
As ekubs have grown they have moved away from their origin as self-help groups. An ekub chief may draw a salary and manage a fund made up of several schemes as if it were an investment vehicle. “It’s the best way to start a business,” says Maru Sore, who launched one three years ago. Some allocate payouts by auction instead of lottery, which effectively means demanding interest. Others charge fees.
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