Awach Saving and Credit Cooperative was established in March 2007 with initial saving of birr 10 or 10% of monthly income per month by individuals by the initiation taken by Ato Zerihun Sheleme. It was registered as a savings and credit cooperative by the Addis Ababa City Government Trade Industrial Bureau cooperative Promotion and Regulatory Department on 147/91 as evidence under registration No.
147/98. Achievement made in savings mobilization shows that savings level of the Institution has been steadily increasing from year to year at an average growth rate of 45% throughout the years. Savings level which was observed to be Birr 15, 236 at the end of the first year has increased to reach Birr 173, 230 at the end of the third year, Birr 8,737,154 during the fourth year and Birr 27, 069, 474 during the eightieth year. Members of the cooperatives which were 41 in the first year have reached 2247 as at end of June 2015. Loan size which was Birr 10,000 for a single member has increased gradually to Birr 200,000.00 for one borrower with a repayment period of five years. Most of the loans are utilized for business expansion, purchase of assets, and working capital for existing businesses and small proportion for consumption purpose. Awach is established on the basis of the cooperative principles in which it is owned by its members who control its activities and benefit from its business operations. However, it is worth mentioning that awach is formed by its members working in different private, government, non-governmental and other offices to achieve their common economic and social benefits. Such an establishment is a new approach unlike the conventional way of establishing saving and credit cooperatives on the basis of the same work place. In this case, Awach is advancing to make a new breakthrough in the saving and credit cooperative sector of the country and to be recognized as a model cooperative to introduce a new development approach for saving and credit cooperatives in the country which could be replicated by others. As of November 2015, Awach is accepted as a full member of the International Cooperative Alliance indicating the world wide acceptable progress of Awach which has enabled it to join the world family of cooperative and to benefit from the services provided by the alliance.