Praia, Cape Verde, 31 March – Cape Verdean bank Novo Banco is preparing to enter the microcredit business in Cape Verde, the bank’s chairwoman, Marli Cruz told Rádiotelevisão Caboverdiana.

Novo Banco, which was opened in October 2010, has share capital of 300 million Cape Verdean escudos (around US$2.78 million), and its shareholders are the State with 5 percent, Cape Verde’s postal service Correios de Cabo Verde (25 percent), Imobiliária, Fundiária e Habitat (25 percent), The National Institute for Social Welfare (20 percent), Caixa Económica de Cabo Verde (20 percent) and Portuguese bank Banco Português de Gestão with 5 percent.

Cruz said that the bank currently had a portfolio of 500 customers, and that requests for funding were most often for small businesses, ranging between 150,000 escudos and 4 million escudos.

In the long term the bank intends to have a presence on all of Cape Verde’s islands and is due to open a branch on Sao Vicente within the next two months.

Meanwhile, the bank has just one branch at Achada S. António, in Praia, the country’s capital. (macauhub)