Mozambique has its first micro-credit bank

9 March 2007

Maputo, Mozambique, 9 March – An institution describing itself as “the first national micro-bank” in Mozambique was launched Wednesday in the Moamba district of Maputo province, Mozambican news agency AIM reported.

The new bank, called Microbanco Malanga, is controlled by Mozambican businessmen and financed by the government Program for Rural Finance, which aims to provide rural workers with a bank in which to deposit their savings and obtain credit.

Cited Thursday by Mozambican newspaper Notícias, the president of the Rural Finance Program, Martinho Fernandes, said that the institution that he heads had financed Microbanco Malanga with US$625,000.

Fernandes also said that Microbanco Malanga had been using the funds under the terms agreed with financiers, which included the Mozambican government, the African Development Bank and the International Fund for Agricultural Development. (macauhub)