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YeGojo Ekub announced that it has temporarily stopped registration because they needed a guarantee to collect monthly membership fees.
Two weeks ago YeGojo announced that  interested individuals can deposit the fees at Abyssinia, NIB, Awash, Bunna, and Commercial Bank of Ethiopia.
A press release that Gojo sent to Capital stated that Gojo opened an account in the five banks but has not made any arrangement with them.
They say the registration has been suspended for undetermined time.
Commercial Bank of Ethiopia (CBE) announced that without the consent of the bank. YeGojo have been using its name to advertise its service.
The bank stressed that there is no working agreement with YeGojo and it will file a lawsuit against Ye Gojo for advertising that CBE had some sort of arrangement to conduct business together.
By teaming up with Y.H.A.  Industrial &Trade PLC, YeGojo Ekub or rotating saving was hoping to increase its membership to 100,000, making it the largest Money and Saving Association in Ethiopia.
The plan was for members to contribute 350 birr a month for seven and half years through selected banks and every month 40 to 1,500 members will be selected via lottery to purchase things that they had indicated they wanted when they signed up for the arrangement.