Maputo, Mozambique, January 31, 2018 – Global nonprofit and financial inclusion pioneer Accion announced an investment in Socremo Microfinance Bank, Mozambique’s leading microfinance bank focused on providing financial services to micro, small, and medium enterprises (MSMEs). Through this partnership, Accion will work with Socremo to develop and integrate a new digital strategy that will help the business grow, launch new products, lower costs, and optimize services throughout the country.
“More than three out of every four adults in Mozambique have no access to formal financial services, and many businesses lack the capital they need to sustain themselves and grow,” said Michael Schlein, CEO and President of Accion. “Socremo has a strong track record of expanding access to high-quality financial services, and we’re eager to work with them to leverage digital technologies and extend their reach to help even more underserved individuals and small businesses in Mozambique thrive.”
Launched in 1998, Socremo is the leading microfinance bank in Mozambique, serving more than 43,000 customers with a broad range of individual lending products, deposits, and insurance.
“We are pleased to welcome Accion as our newest partner. Their global expertise in advancing financial inclusion will help further our mission to provide sustainable financial services to small businesses throughout Mozambique,” said Wellington Chinanzvavana, CEO of Socremo.
“Socremo exemplifies what we look for in a partner when assessing scalability, performance, and potential,” said John Fischer, Chief Investment Officer at Accion. “With its strong platform, resilience amid challenging macroeconomic conditions, digital adaptability, and brand recognition, the company is a valuable addition to our portfolio.”
Accion purchased its stake from AfriCap Microfinance Investment Company, one of the first African private equity funds dedicated to the microfinance industry. AfriCap played a key role, with the other Socremo investors, in Socremo becoming the leading microfinance bank in Mozambique with a country-wide footprint.
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. More athttp://www.accion.org.