Mozambique’s Novo Banco changes name to ProCredit Moçambique

27 February 2007

Maputo, Mozambique, 27 Feb – Mozambican bank Novo Banco, a micro-credit bank that provides loans to low- and middle-income businesspeople, has changed its name to ProCredit Mozambique, the bank said.

The new name was announced Monday in Maputo by the bank’s director general Yann Groeger, who said the new name was a way of aligning all 20 banks in the same network all over Africa, Latin America and Europe, which belong to ProCredit Holding headquartered in Germany.

ProCredit Moçambique, which has been operating in the country for seven years, has capital of US$17.306 million, with 75 percent of its shares owned by ProCredit Holding, 21 percent by Dutch group Doen and the remaining 4 percent by the Mozambican state.

According to Groeger, throughout 2007, the board plans to open a branch in Xai-Xai, capital of Gaza province, and four others in the country, introduce Visa cards and join the “swift” international transfer service.

ProCredit Moçambique has over 66,000 customers and 360 staff in nine branches in Maputo, Matola, Manica and Beira, in the country’s central region, and in Nampula. (macauhub)