The Bank of Mozambique plans to make micro-finance institutions have organised bookkeeping and make them a part of the country’s financial system, said the director of the Bank Supervision department of the central bank.
Umaia Mahomed also told Mozambican daily newspaper Notícias that the Bank of Mozambique would set up the necessary conditions for micro-finance operators to become part of the national payment system and to introduce innovative products by using electronic payment methods.
“In terms of bookkeeping, we want to establish conditions for the public to make proper, objective and impartial judgements about the performance of the institutions and thus be able to make decisions about where to entrust their savings or to ask for loans from those institutions,” he said.
Mahomed was speaking in Maputo at the launch of the second phase of Access to Finance Challenge Fund (AFCF), which is being implemented by the Bank of Mozambique in partnership with German development bank Kreditanstalt für Wiederaufbau (KfW) and which focuses on micro-finance companies and others that are involved in micro-finance, in order to integrate this sector into the national financial system.
The second phase of the AFCF (2012-2013) has funding of 960,000 euros and each approved proposal may be co-financed up to a maximum of 50 percent. (macauhub)