Futuro Microbank
The microfinance institution Futuro Mcb, SA currently provides financial services (loans, savings, insurance) to micro, small and medium enterprises (MSMEs) mainly in and around Nampula city. Switzerland will continue to support Futuro with a grant for technical assistance that will help the bank to expand its impact by providing financial services to more low-income entrepreneurs in more regions in Northern Mozambique, thus allowing them to enhance their income and create more jobs.
Paese/Regione | Tema | Periodo | Budget |
---|---|---|---|
Mozambico |
Impiego & sviluppo economico Agricoltura e sicurezza alimentare nothemedefined
Sviluppo delle piccole e medie imprese (PMI)
Servizi finanziari agricoli |
15.05.2024
- 31.12.2027 |
CHF 1’980’000
|
- 4 new branches of Futuro Mcb are created in Niassa, Cabo Delgado, Zambézia and rural areas outside Nampula city
- Increased capacity of Futuro operational staff
- Effective digital solutions that meet clients’ needs and enhance operational efficiency are developed
- Development of new financial products relevant for the needs of the agricultural sector
- Low income women and men enterpreneurs benefited of access to affordable commercial financial services (loans, savings, insurance) permiting them to enhance their business and livelihood from 2017-2023. 20’350 MSMEs accessed loans (67% poor women)
- Financial literacy (and business skills) training provided to over 25,000 future clients
- High leverage of public funds (CHF 14.5 million in loans, i.e. 14.5x Switzerland’s initial capital investment)
- High loan repayments and lower level of writeoffs than the banking sector average, even during Covid
- Futuro is profitable since 2021
- Futuro is now an established market player and has gained international recognition by securing a Swiss franc (CHF) 1.8 million loan from International Fund for Agricultural Development (IFAD)
- Settore privato straniero Nord
- Settore privato straniero Sud/Est
- Futuro Microbank ; Specialised firms in placement, communication and legal advice (to be identified)
-
Settore in base alle categorie del Comitato di Aiuto allo sviluppo (DAC) dell'OCSE INDUSTRIA
AGRICOLTURA
Sotto-Settore in base alle categorie del Comitato di Aiuto allo sviluppo (DAC) dell'OCSE Sviluppo delle piccole e medie imprese (PMI)
Agricultural financial services
Tipo di aiuto Mandato senza fondo fiduciario
Contributo al progetto e al programma
Numero del progetto 7F06373
Contesto |
Access to finance is a major obstacle to the development of all economic activities. Despite some improvements thanks to mobile banking, financial inclusion in Mozambique remains a challenge, as low-income groups are still excluded from formal financial services because they do not meet the requirements of formal banks (e.g. identity cards, collateral), they lack information about the financial services offered, or because commercial banks consider them too risky and the interest rates are too high. There are large and persistent rural and gender gaps in access to finance and the provinces of Nampula, Cabo Delgado and Niassa have the lowest level of financial inclusion in the country. In these regions, micro, small and medium enterprises don’t have access to or insufficient access to financial services which limits their potential to grow and to create jobs. Switzerland founded Futuro in 2017 with an initial capital injection of CHF 1 million, and is the main shareholder to date. The Swiss Agency for Development and Cooperation co-financing technical assistance remains crucial to enable Futuro to expand and effectively implement its 2023-2027 business plan. |
Obiettivi | Rural and urban poor in Northern Mozambique have access to financial services to increase their income and create more jobs through a solid, reliable, innovative and client-oriented financial institution. |
Gruppi target | Micro, small and medium entrepreneurs from the urban and rural areas of the Northern Provinces of Mozambique and Zambézia. |
Effetti a medio termine | Outcome 1: Futuro’s Business Plan 2023–2027 will be effectively implemented through technical assistance. |
Risultati |
Risultati principali attesi: Risultati fasi precedenti: |
Direzione/Ufficio responsabile |
DSC |
Partner del progetto |
Partner contrattuale Economia privata |
Coordinamento con altri progetti e attori |
Bank of Mozambique; IFAD SDC Projects: Skills for Youth in Mozambique (SIM!-skills development), PREMIER-Oholo (PRO - entrepreneurship), Promoting of Sustainable Agricultural Market Systems (PROMAS) |
Budget | Fase in corso Budget Svizzera CHF 1’980’000 Budget svizzero attualmente già speso CHF 501’950 Progetto totale dalla prima fase Budget Svizzera CHF 14’670’000 Budget inclusi partner del progetto CHF 16’387’000 |
Fasi del progetto | Fase 5 15.05.2024 - 31.12.2027 (Fase in corso) Fase 4 08.03.2021 - 31.03.2024 (Active) Fase 3 01.04.2018 - 31.12.2020 (Active) Fase 2 01.07.2012 - 31.12.2017 (Active) Fase 1 01.08.2008 - 31.07.2012 (Active) |