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Vision

“To be the leading micro-finance institution


in Africa using the state-of the-art
technology.”
1

Mission

“To provide effective and efficient financial and


related service to the unbanked micro and small
2
enterprises, farmers with focus on women and
youth in urban and rural settings using state of
the art technology and qualified and motivated
staff in socially responsible ways.”

E- Empowerment CORE
L- Long Term Sustainability
S- Social Responsibility
A- Accountability
B- Business Ethics
3
I - Innovation
BOARD
CHAIRMAN’S
MESSAGE
D
istinguished Shareholders, Stakeholders,
Honorable Guests, Ladies and Gentlemen!!

It is my honor and great pleasure to welcome


you all, on behalf of the Board of Directors and
on my own behalf, to the 2nd Elsabi Microfinance
Institution Shareholders’ Annual General Eng. Tokkicha Alemayehu Ketema
Meeting (AGM) of the FY 2022/23. I would also Board Chairman
like to extend my heartfelt appreciation to our
valued Customers, dedicated Management Elsabi has successfully registered its logo with
Members and all hard working Employees of the the Ethiopian Intellectual Property Authority,
Elsabi for their continued trust, and commitments ensuring its exclusive ownership and protection
delivered to our Microfinance all the years that for a period of 7 years. Additionally, Elsabi is
enabled Elsabi to register a shinning result in all .
officially registered with the Accounting &
spheres of its operational activities during the FY Auditing Board of Ethiopia (AABE), signifying
2022/23. compliance with financial regulations and
When we started our journey, there were standards. To solidify our commitment to
primarily three goals that were driving us; To transparency and accountability, we have issued
reach out to the unserved and underserved share certificates to our valued shareholders,
sections ofour population; To be known as a providing them with tangible proof of their
responsible lender; To be the leading MFI in ownership and investment in Elsabi.
Ethiopia. Furthermore, we are proud to be a distinguished
member of the Association of Ethiopian
Elsabi Microfinance is committed to maintaining Microfinance Institutions (AEMFI).
& upholding good corporate governance in order
to protect the interests of shareholders, In conclusion, on behalf of the Board of
customers and the employees. Elsabi is Directors,I want to once again express my
governed by Nine Board of Directors elected by sincere gratitude to all Shareholders, Customers,
the General Assembly and the Management Business Partners and other Stakeholders for
team comprising of the Chief Executive Officer their unwavering and indispensable support of
(CEO), Finance and Admin Manger and the MFI’s efforts.
Operation Manager. With these compositions, I also wish to thank Elsabi customers for
Elsabi now Serves above 856 active customer, working with us and the confidence they
mobilized a saving of 8.9 Million Birr and 43.9 have on our MFI. Moreover, I look forward
million birr disbursed for loan, as of June 30, to their continuous commitment to work with
2023 the loan Outstanding Balance of Elsabi is the MFI in the future to come.
reach to 29.4 Million Birr.
Finally, I want to assure you that in the years to
In the fiscal year 2022/23, the significant financial come, our MFI will strongly scrutinize the laid
and non-financial highlights for the year are as down Vision and Strategy to bring about further
follows: Total assets amounted to $38.7 excellence by exploiting opportunities and
million,while total liabilities stood at $9.8 vigilantly with standing the challenging
million. The company achieved a total revenue environment
of $6.6 million, resulting in a net income of $2.2
million May God Bless Ethiopia

Annual report 2022/23


1|
CHIEF
EXECUTIVE
OFFICER’S
STATEMENT
alued Shareholders, distinguished
ladies and gentlemen

this year’s
Annual General Meeting. It is a great honor to
present to your Micro finance Performance
report and developments in the sector for
the year under review. Indeed, the
celebration of our inauguration last year was
reminder of the first journey we embarked
upon at inception. We are especially
proud of the significant progress that we
have achieved in our business and the
impact that we continue to make in the lives
of people in the communities in which we
operate.
In the course of our operation on this years,
Elsabi MFI has strived to Provide innovative and
Customer-centric financial solutions that Cater As an Institution, our employees are our first
to the diverse needs of its customers. We customers; hence, we place a premium on their
continue to maintain a high level of integrity, growth and professional development. In the
Professionalism, and transparency in all our course of 2022/23, we stepped up efforts to
dealings. As a result, we have earned the trust strengthen performance management, talent
and loyalty of our customers. Indeed, this has development, career enrichment, managerial
been the foundation of our success. effectiveness, and staff well-being. This was
We have also developed new products and done through partnership with the Association of
services to ensure our core objective of making it Ethiopian Microfinance Institution (AEMFI).
easier for the people we serve to access
financial support, much faster and convenient. I
must highlight that our impact does go beyond
business. We recognize the role that we play in
the wider society as we remain committed to
making a positive impact on people live.
We have been keeping and moving forward
following our Vision, Mission and remaining fully
operate as usual quarters. Further to this,
although, it’s not fully achieve our plan in the
case of Capital limitation but at least, we
achieve our loan disbursement as well as
Outstanding Loan May God Bless Ethiopia

Annual report 2022/23


|2
Annual report 2022/23
3|
ELSABI MICROFINANCE
INSTITUTION S.CO

2022/23 ANNUAL
PERFORMANCE REPORT
This is an annual report prepared with a view to describing the detail activities that Elsabi Micro Financing
Share Company has undertaken in the fiscal year 2022/23. The report in compasses the multiple tasks it
performed in the area of program expansion, savings mobilization, volume of disbursement and collection.

The report also attempts to make few statements on activities such as training, human resource, and staff
development etc. Finally, problems and challenges faced during the year are stated.

PROGRAM PERFORMANCE (OPERATIONAL)

In the fiscal year 2022/23 Elsabi MFI made its operation in 2 Sub city with 2 branch’s, Yerer Leka and
Kotebe Atklt tera Branch, however the Company clients are from all elven Sub city, as a region currently
Elsabi is served only in Addis Ababa

CLIENT RECRUITMENT

Client Recruitment is one of the major task that Elsabi carries out aggressively. In the fiscal year recruited
a total number of 856 clients, which are 585 male and 271 female.

Client No. Share

Male 585 68.3%


Female 271 31.7%
Total 856 100%

Client
271, 32%

585, 68%

Male Female

VOLUME OF DISBURSEMENT AND OUTSTANDING LOAN BALANCE

During the year a total of Birr 43,925,711.00 has been disbursed at Company level. Currently, the institution
has an outstanding loan balance (OLB) of Birr 29,443,088.00 in the hands of clients.

Annual report 2022/23


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Sector Loan Disbursement OLB Share
Trade 18,864,582 17,114,869.3 58.1%
Manufacture 50,000 46,020.0 0.2%
Service 20,905,881 11,863,614.2 40.3%
Other 4,105,248 418,584.8 1.4%
Total 43,925,711 29,443,088.2 100%

4,105,248
Loan Disbursment

18,864,582

20,905,881

50,000
Trade Maunfacture Service Other

OLB 418,584.8

11,863,614.2

17,114,869.3

46,020.0

Trade Maunfacture Service Other

SAVINGS MOBILIZATION

In the fiscal year 2022/23, the Institution is able to mobilize as much as Birr 50,981,475.00 savings mainly
from customers, and made a withdrawal of 42,006,867.08 whose current balance is Birr 8,974,608.92, its
ratio as percentage of the total Portfolio accounts 30%.

Annual report 2022/23


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Saving Balance Share
Compulsory 3,357,260.0 37.4%
Voluntary 5,618,741.0 62.6%
Total 8,976,001.0 100%

Saving Balance

3,357,260.0, 37%

5,618,741.0, 63%

Compulsary Voluntary

PROGRAM PERFORMANCE (FINANCIAL)


TOTAL ASSETS

As at June 30,2023, total asset of the EMFI reached Birr 38.7 million, within this total asset, net loans took
the lion’s share of Birr 29.4 million (76 percent) and Birr 5.2 Million ( 13%) is cash . The significant growth
in the asset size of the MFI was largely contributed is increasing in loans to customers which would ensure
a sustainable growth of the MFI in the long run.

Asset Share

Cash 5,183,737.0 13.4%


Loan 29,443,088.0 76.1%
Fixed Asset 1,913,402.0 4.9%
In Rec 1,614,416.0 4.2%
Other Asset 550,313.3 1.4%
Total 38,704,956.3 100%

Annual report 2022/23


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Asset
1,614,416.0, 4% 550,313.3, 2%
5,183,737.0, 13%
1,913,402.0, 5%
Cash
Loan
Fixed Asset
In Rec
Other Asset

29,443,088.0, 76%

TOTAL LIABILITY

As at June 30,2023, Total Liability of the EMFI reached Birr 9.8 million, within this total Liability, Saving
took the lion’s share of Birr 8.97 million (91 percent) and Birr 0.84 Million ( 9%) is Others . This shows
that the company is in Healthy financial Position.

Liabilities Share
Compulsory 3,357,260.0 34%
Voluntary 5,618,741.0 57%
Other Short Term Liab 841,251.00 9%
Total 9,817,252. 100%

Liabilities
841,251.0, 9%
3,357,260.0, 34%

5,618,741.0, 57%

Compulsary Voluntary Other Short Term Liab

REVENUE

Elsabi MFI generated a total Revenue of Birr 6.6 million during financial year 2022/23, In terms of
composition, interest income took the lion’s share of total Revenue (63 percent), followed by Loan
Processing fee and commission income (26 percent) and other operating income (11 percent).

Annual report 2022/23


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Revenue Share
Interest Income 4,148,787.7 62.8%
L.P or Commission 1,745,260.8 26.4%
Other Financial Revenue 710,512.3 10.8%
Total 6,604,559.8 100%

Revenue
710,512.0, 11%

1,745,260.0, 26%
4,148,787.7, 63%

Interest Income L.P & Commiss Other Financial Revenue

NET PROFIT
Elsabi MFI registered a profit of Birr 2.21 million during a financial year 2022/23, one the major
measurement of company sustainability is operational self-suffice (OSS), in the sector 143 % is the highest
but we are register 152% which was a record in the history of private MFIs operating in Ethiopia make a
profit in the first year of the Operation. Not only that the business proposal submitted to the national bank
of Ethiopia said that the institution would make a profit in the 3rd year, but our institution made a profit in
9 months after we started operation.

HUMAN RESOURCE PERFORMANCE

STAFF TRAINING

As staff development is one key task to be performed on sustained manner, Elsabi MFI has devoted every
resource it has to enhance the skill, capability of its staff.

To this effect, it has conducted 3 in house training on selected key areas such as Customer Handling,
Supervision techniques, and Saving Mobilization particularly to front line staff. In this training program
Savings and Credit Officers and Branch Managers have already taken part.

Besides significant number of our staff have been rendered training program by our stakeholders
particularly by AEMFI – Association for Ethiopian Micro Finance Institutions (21 Training).

Annual report 2022/23


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The other training program components extended to clients by Elsabi staff are BDS (Business Development
Services) and Basic Business Skill Training (BBST). These are designed to clients with a bit to develop
customers’ entrepreneurial skill, broaden their insights on business and profitability. During the fiscal year
a close to 62 number of clients have been accessed to the training programs.

STAFF DEVELOPMENT

In the fiscal year a fair number of staff as many as 20 are recruited. A promotion to a better position have
also occurred, 4 number of staff have terminated its employment contract with the institution for several
reasons and the current total staff number is 16, 50% (8 Staff are Female).

MEETINGS, DECISION & REPORT PRODUCTION

The 1st General Assembly of Elsabi Microfinancing Institution Share Company has been held on the year
2022/23 where major issues about external auditor selection and reports have been thoroughly discussed
and resolutions have been passed.

Three major quarterly reports have been produced and complied whose copies have been lodged to National
Bank of Ethiopia for their consideration. The report comprises of four parts General Information, Staffing,
Financial & Operational, and Product and Service.

During the year, the Institution’s Board of Directors have convened considerable number of meetings as
many as 8 Regular meetings. These meetings have been reminding of times in which important decisions
of institutional matters have been passed.

In a similar development, the Management Committee, branch managers and Department Heads took
numerous meetings in the same fiscal year. Management committee members have conducted innumerable
meetings in which important decisions were passed. During the same year, General staff meeting was also
convened and pertinent issues like

Institutional financial and Operational status position


Human resource

In the Budget Year the Institution works several works

Registration of Elsabi Logo


Renew the License from NBE
Registration of the company in AABE
Branch License take
Share Certificate Distribution
All staff has are used more than half annual leave
Contribute for Dine for Generation

Annual report 2022/23


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PROBLEMS AND CHALLENGES FACED

Lack of Loanable fund


High inflation Rate & Living cost
Issues related with staff on benefits

PLAN VERSUS ACHIEVEMENT


When the 2022/23 plan was prepared, the main source of finance was the shareholders' capital raising, but
only 8 percent of the capital that was supposed to be collected in the fiscal year was collected, which is one
million birr from the GTF and one million birr from Taxiye.

Parameters Plan 2022/23 Actual June 2023 Achievement


Share Collection 25,000,000.00 2,000,000.00 8%
Disbursement 60,210,000.00 43,919,000.00 73%
Outstanding Loan Balance 40,973,750.00 29,443,088.00 72%
Saving Mobilized 9,136,700.00 8,976,001.00 98%
Active Borrowers Client 282 408 145%
OSS 147% 152% 103%
Total Revenue 9,332,550.00 6,604,559.00 71%
Net Profit 3,004,333.00 2,205,200.00 73%

Annual report 2022/23


11 |
ELSABI MICROFINANCE
ELSABI MICROFINANCE INSTITUTION S.CO
INSTITUTION
2023/24 S.CO
ANNUAL PLAN AND BUDGET

2023/24
ANNUAL PLAN & BUDGET
BASIC PLAN ASSUMPTIONS

BASIC PLAN ASSUMPTIONS

The new 5 years Strategic Business Plan of Elsabi will be developed in 2024. As usual, Elsabi will
receive all the required strategic guidance & direction from the BoD’s in implementing the2023/24
Business operation plan. Elsabe's product & services will be absorbed by both existing & potential
clients’/customers in the planning year. There will be a huge demand & market for microfinance
services in Ethiopia & this market & demand will continue to exist under 2023/24 operation year as
well.
The increased availability of financial resources for loan-able fund in last plan years (from public
saving) will continue to come. The existing staffs will be encouraged by the current competitive
salary & benefit packages coupled with the various Capacity Building opportunities offered by the
Institution. The Institution will also attract capable & qualified staffs for its operation under the
planning year. The availability of financial resources for loan-able fund, 50% shareholder capital will
collect in planed year.

SWOT ANALYS

STRENGTH

A high level of a team spirit, Committed and experienced staff.


Close attachments with All Partners
A well-equipped system with workable policies and procedures
Transparent recruitment and promotion manual
Cost minimization

WEAKNESS

Shortage of credit funds

OPPORTUNITIES

Strong interest of government in the industry


Positive trend in economic growth
High demand for credit

THREATS

Higher inflation rate


High cost of living
Shortage of commercial Funding
Low level of financial literacy

Annual report 2022/23


13 |
MAJOR TARGETS/OBJECTIVES WITH BUDGET… 2023/24

Targets/Objectives Budget Amount


in (ETB)
Total amount of financial resources ( cash) that will be mobilized from
internal & external sources is estimated to reach, 141,827,061.96

Elsabi supposed to increase its active Clients (savers plus borrowers) no. 2,150

The total loan disbursement will be expected to reach, 109,954,267.50

Total loan repayment is expected to be collected in the amt of 65,839,238.98

Gross Loan Portfolio is expected to reach, 72,611,929.59

Targets/Objectives Budget Amount


in (ETB)
Elsabi’s total deposit is expected to attain 15,526,383.55

The Total Assets is expected to grow, 87,129,202.85

The Total capital is expected to raise by, 61,030,416.02

Elsabi will recognize a net profit , 8,830,415.64

GROWTH ON MAJOR PORTFOLIO TARGETS – 2023/24

Growth Targets

Targets/Objectives Growth (%)

Client Outreach:- Elsabi’s Active # of Clients’ will grow by 151%

Branches:- Elsabi will grow its Branch by 150%

Loan Disbursement:- The loan sales/ disbursement of the Institution will grow 168%

Gross Loan Portfolio :- The gross Loan portfolio is expected to grow by 155%

PAR90:- Elsabi’s Portfolio at Risk will be 1.5%

Total Deposit:- Total saving will reach & grow by 143%

Total Asset:- The total Asset of the Institution will rise by 140%

Annual report 2022/23


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Targets/Objectives Growth (%)

Total Capital:- The total capital will also grow by, 109%

Net Profit:- Elsabi will achieve a net profit growth of, 301%

ROA:- Elsabi’s return on Asset will grow by , 14%

ROE:- The same return on the total Equity of the Institution will attain, 20%

Operational Sustainability:- Elsabi’s Operational Self- Sufficiency ratio will reach 155%

Staffs:-By the end of the projection period (June2024), Elsabi MFI total staff will 56
grow by

2023/24 OPERATIONAL TARGETS VS BASE YEAR (JUNE’2023)

Client Outreach
Particulars June'23 Target June'24
(Base) No. Growth (%)

Active Clients (savers plus 856 2,150 151%


borrowers)

Active number of Borrowers 408 1,082 165%

Deposit Outreach
Target June'24
Particulars June'23
No Growth (%)

Total Number of Savers 856 2150 151%

Voluntary Saving 366 1068 191%

Compulsory Saving 490 1082 121%

Total Deposit (Outstanding) mobilized to date 6,388,451.89 15,526,383.55 143%

Annual report 2022/23


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June'24
Participants June'23
No Growth(%)

No of Branches 2 5 150%

TOTAL 2 5 150%

2023/24 FINANCIAL TARGETS VS BASE YEAR (JUNE’2023)

Asset Position

Asset June'23 June'24


Amt (ETB) Amt (ETB) G. Rate (%)

Assets performance

Total Liabilities 7,160,702.00 26,098,786 264%

Total Capital 29,200,000.38 61,030,416 109%

TOTAL Assets 36,360,702.36 87,129,202 140%

Profit/Loss Position

Particular June‘23 June'24


Amt (ETB) Amt (ETB) Growth (%)

Total Financial/Operating/Income 6,523,100 24,848,280 281%

Financial and Operating Expenses 4,323,099 16,017,865 271%

Net Operating Income (N/P) 2,200,000 8,830,415 301%

Annual report 2022/23


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2023/24 MANPOWER TARGET VS BASE YEAR (JUNE’2023)

June‘23 June'24

# of Staffs # of Staffs Bal. end of Bal. # of # of Bal. end G. Rate


Hired Left the FY Beginning of Staffs Staffs of the (%)
the FY Hired Left FY

20 4 16 16 46 6 56 250%

2023/24 ESTIMATED BUDGET REQUIREMENT & SOURCE… APPROVAL


REQUEST TO EXECUTE THE ABOVE TARGETS/PLAN

Expected Amount Expenditure Total Budget


Sources/Income Required

Repayment 65,839,238 Loan disbursement 109,954,267.50

Deposit - Customers 16,139,542 Operational Expense 13,133,036.87

Interest & Service Charge Repayment 4 Loan


24,848,280 CBE/DBE 2,420,000.00

Share payment 25,000,000 Fixed Asset Aqustion 8,000,000.00

Loan –CBE/DBE 10,000,000

Total 141,827,061 133,507,304.37

STRATEGIC IMPLEMENTATION PLAN FOR 2023/24 OBJECTIVES

Loan Disbursement Strategies for Outreach Programs

• Establish three new branch offices to expand our reach.


• Optimize existing branch operations by allocating sufficient manpower and
improving logistics to enhance outreach.
• Implement relevant policies and best practices to ensure effective operations
and achievement of goals.

Annual report 2022/23


17 |
Strategies for mobilized saving balance during the plan period

Creating awareness and promoting saving at all levels of the institution.


Design incentive mechanism for saving
Undertake campaigns on saving mobilization by staff
Encouraging staffs and Board to save their money with the institution.
Encouraging Eidir, cooperatives/ associations to save with the institution.
Assigning one Marketing & Resource Mobilization Officer at Head office.
Develop efficient and effective saving and withdrawal services process at each branch levels.

Plan implementation strategies, Finance Department

Strategies for enhancing Revenue:

Expanding credit services through increasing volume of disbursements.


Developing new products or services.
Expanding saving services to MSE borrowers, government and none government
employees,different social institutions, cooperatives etc.

Strategies for minimizing costs


Setting reasonable budget for each layer and sections of the institution.
Developing cost controlling mechanisms and requiring justification and approval for any over
budget consumption or expenses.
Making every employee cost conscious
Using the advantage of economies of scale in purchasing and other areas wherever scale
advantage can be exploited.

PLAN IMPLEMENTATION STRATEGIES, HUMAN RESOURCE DEPARTMENT


Strategies for enhancing the quality and execution capability of Elsabi MFI’s human
resource:

Conduct a training needs assessment


Develop training program and conduct training for both head office and branch staff

Annual report 2022/23


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S/N Corse Type Number participants
1 Change Management, and Time Management 10

2 Saving Mobilization 15

3 Operation manual training 15

4 Risk based internal Control 12

5 Credit and delinquency Management 15

6 Computerized Financial Accounting 13

7 Impact Assessment & Sustainable Resource Management 11

PROBLEMS DURING IMPLEMENTATION & SUGGESTED SOLUTION


Problems which might be encountered during implementation

Shortage of loanable Fund.


Low saving mobilization performance.
Lack of logistics, vehicles and other facilities.
Staff turnover

Suggested Solution

Strengthen Public Relation works to publicize the financial services of the company with
special emphasis on saving mobilization.
Elsabi shall pay competitive salary and benefits to staff.
Conduct appropriate staff training.
Creating Smooth Relationship with Stakeholders
Aggressively work on institutional capacity building activities to enhance the implementation
capacities.
Finding funding for further expansion
Assess possible source of credits from Commercial Banks
Encourage transparency and attempt to develop trustworthy atmosphere and mutual support
and understanding among key partners

Annual report 2022/23


19 |
ELSABI MICROFINANCE
INSTITUTION S.Co
ELSABI MICROFINANCE INSTITUTION S.CO
2022/23 AUDIT REPORT
2022/23 AUDITOR'S
REPORT
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE PERIOD ENDED 30 JUNE 2023

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
REPORT OF THE DIRECTORS
FOR THE PERIOD ENDED 30 JUNE 2023

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
IFRS FINANCIAL STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2023
STATEMENT OF DIRECTORS’ RESPONSIBILITIES

Annual report 2022/23


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Annual report 2022/23
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Annual report 2022/23
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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
IFRS FINANCIAL STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
IFRS FINANCIAL STATEMENT
AS AT 30 JUNE 2023
STATEMENT OF FINANCIAL POSITION

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
IFRS FINANCIAL STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
STATEMENT OF CHANGE IN EQUITY

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
IFRS FINANCIAL STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
STATEMENT OF CASH FLOW

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

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ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


47 |
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


| 48
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


49 |
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


| 50
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


51 |
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


| 52
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


53 |
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


| 54
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


55 |
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


| 56
ELSABI MICROFINANCE INSTITUTION SHARE COMPANY
CORPORATE INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS

Annual report 2022/23


57 |

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