Help Expand Financial Services in Mozambique

 
$1,095
$405
Raised
Remaining
Dec 27, 2013

Thank You for Supporting Entrepreneurs in Africa!

Ranking 185 out of 187 countries on the Human Development Index, Mozambique is one of the world’s poorest economies. More than half of Mozambicans live on less than $1 per day. Within this context, Opportunity International is reaching out to serve the most impoverished working people in Mozambique. Opportunity Mozambique’s operations began in 2005 when two existing microfinance institutions joined together in partnership with Opportunity International. With a focus on rural expansion, Opportunity Mozambique serves clients via hub, satellite and container branches, plus ATM and mobile bank vans.

  • Agricultural Finance: By supporting Mozambican farmers with comprehensive financial tools and managing partnerships throughout the value chain, Opportunity International is providing a successful example of how to improve farm productivity and alleviate rural poverty, enabling them to increase their yields at harvest time so they can send their children to school and put more food on the family table.
  • Holistic Transformation/Training: In 2012, Opportunity Mozambique developed and launched training materials for a financial literacy e-learning platform that uses a train-the-trainers methodology. In addition to group training, the bank also expanded awareness training to clients in Nampula, Quelimane, Chokwe, Chimoio, Beira and Manica on the importance of savingsinsurance, business plans and cash flow management. One financial literacy training program is geared exclusively to farmers.
  • Credit Life Insurance: Opportunity Mozambique offers clients the protection of a credit life insurance policy that includes funeral coverage. This policy, developed with the help of Opportunity International’s microinsurance subsidiary MicroEnsure, helps families maintain the progress they have achieved even when faced with life’s tragedies.
  • Cell phone banking: Clients will have access to cell phone banking in 2014. The bank and clients chose to join phone service carrier M-PESA because it allows clients the convenience of receiving loan disbursements through their phones.

You have made all this possible. But the problem is larger than Mozambique. Most of the world's poorest countries are in Africa. Opportunity International has decided to roll this project into a larger one focused on impacting 9 additional countries with services similar to the ones listed above. Please refer to the project Banking on Africa, 7660) for all future support. Thank you so much. Feel free to email us at getinfo@opportunity.org with any questions about this.

Oct 7, 2013

Project Update: What We Have Accomplished!

Opportunity Mozambique’s operations began in 2005 when two existing microfinance institutions joined together in partnership with Opportunity International. With a focus on rural expansion, Opportunity Mozambique serves clients via 7 hub, 6 satellite and one container branch plus one ATM and 6 mobile bank vans with 26 stops. BOM is also poised to join the Education Finance Initiative in 2013.

What else we are working on:

Rural Expansion –In 2013, BOM plans to launch a container branch in Nhamatanda, increase its mobile bank fleet from six to seven, and install three new ATMs. Additionally, plans are underway to introduce cell phone banking by 2014.

Agriculture Finance Initiative Opportunity Mozambique more than tripled its outreach of loans and specialized training to 13,391 farmers in 2012, up from 4,365 the prior year.

Holistic Transformation/Training – In 2012, BOM developed and launched training materials for a financial literacy e-learning platform that will use a train-the-trainers methodology. In addition to group training, the bank also piloted expanded awareness training in September 2012 to 1,120 clients in Nampula, Quelimane, Chokwe, Chimoio, Beira and Manica on importance of savings, insurance, business plans and cash flow management.

Jul 23, 2013

Transformation - Brick by Brick

Mrs. Regina Zango in her store
Mrs. Regina Zango in her store

Standing in the shadow of the frame of her home, Mrs. Regina Zango is a vision of transformation, hope and determination. An extremely faithful woman with an enchanting smile, Regina, 58, is a vendor in the Madruga market in Matola (25 km from Maputo, the capital of Mozambique) and a client of Banco Oportunidade de Mozambique (BOM). 

Abandoned by her husband over 20 years ago, Regina dedicated herself to her business of selling vegetables in the market to provide for her family, educate her six children and two grandchildren and, quite literally, build a better future for them.

In the beginning she lived with her brothers; her children still sleep at night at their house. Now she is living in a temporary one room shack with bamboo walls, a tin roof and a scrap wood door. It is meager, but she is happy there because it allows her to keep an eye on the permanent five rooms cement block house she is building block by block, room by room, with the profit from her business. Construction began five years ago and Regina said she believes it will be completed next year. She now has running water on the plot and one room in the new house has been covered, allowing her to store the building materials for the rest of the house.

Besides the house, Regina uses her savings to educate her children. Three are now in school in the 7th, 8th and 9th grade, and one is working. “I have worked with Regina since 2001, and she has always been a fighter – an inexhaustible woman who fights to guarantee the best for her children,” says Olga Bernadino, now a BOM Credit Officer, who has accompanied Regina through her challenges and successes over the years.  

At BOM, Regina belongs to the Solidarity Group Humelela (“When water appears’’), and in December 2005 each member received a loan of $200.  Regina came back to the group lending model after being an individual client because of the support and the more manageable size of loans. There is great camaraderie amongst the members of Humelela Group.

For Regina Zango, her children and grandchildren, the steps are small from grass shack to cement house, but the future is bright and certain. “I have been working for a long time, little by little, to build this house for the future,” Regina said with her arm around the shoulders of her granddaughter, “because even though I won’t be here one day, I’ll be happy, because my family will have a better place to sleep.”

Apr 24, 2013

Looking to 2013 goals

Opportunity International's Mozambique’s operations began in 2005 when two existing microfinance institutions joined together in partnership with Opportunity International. With a focus on rural expansion, Opportunity Mozambique serves clients via 7 hub, 6 satellite and one container branch plus one ATM and 6 mobile bank vans with 26 stops.  

In 2012, Opportunity Mozambique achieved considerable footprint expansion, with highlights including the following 

  • Installation of Opportunity Mozambique's first ATM in Maputo
  • Opening of the Gurue branch in July
  • Providing transformative financial literacy training
  • Increasing agriculture loan clients by over 65%
  • 12,553 loan clients served in 2012 with an average loan size of $164 USD. 

In 2013, Opportunity Mozambique plans to launch a container branch in Nhamatanda, increase its mobile bank fleet from six to seven, and install three new ATMs. Additionally, plans are underway to introduce cell phone banking (mobile money) by 2014. 

Thank you for being a part of our continued expansion and success in Mozambique so that Opportunity International can reach more clients and provide more financial services to those in need. Your support allows our clients to create a better future for themselves, their families and their communities. 

Oct 18, 2012

Cultivating Hope Among Mozambique's Smallholder Farmers

Opportunity International is helping smallholder farmers achieve optimum output to put more food on the family table and increase food security in their communities.

We’re committed to helping farmers in sub-Saharan Africa transition from subsistence to economically- and commercially-active farming. Through an innovative and sustainable approach to agricultural finance, Opportunity provides products and services designed to achieve financial sustainability. These efforts ensure an ongoing contribution to poverty eradication and economic development in underserved rural communities.

Opportunity Mozambique launched its financial literacy training program geared to farmers. The chief transformation officer, Linda Godinho, led 175 farmers through the course presented in the local language, which covered budgeting, basic record-keeping and the importance of saving and business-planning. Farmers responded with unanimous appreciation and Linda received recognition by the Mozambican government officials who were there to observe the training. Now having conducted a successful pilot, Linda plans to roll out the training to farmers across Opportunity Mozambique’s rural bank branches this year.

By supporting farmers in Mozambique with comprehensive financial tools and managing partnerships throughout the value chain, Opportunity is providing a successful example of how to improve farm productivity and alleviate rural poverty, enabling them to increase their yields at harvest time so they can send their children to school and put more food on the family table. These efforts are helping to increase food security and transform the continent’s hunger and poverty landscape.

Thanks for your support that helps make this possible! 

Links:

About Project Reports

Project Reports on GlobalGiving are posted directly to globalgiving.org by Project Leaders as they are completed, generally every 3-4 months. To protect the integrity of these documents, GlobalGiving does not alter them; therefore you may find some language or formatting issues.

If you donate to this project or have donated to this project, you will get an e-mail when this project posts a report. You can also subscribe for reports via e-mail without donating or by subscribing to this project's RSS feed.

Funded

Combined with other sources of funding, this project raised enough money to fund the outlined activities and is no longer accepting donations.

Still want to help?
Support another project run by Opportunity International that needs your help, such as:

Organization

Project Leader

Ian Haisley

Director of Online Strategy
Oak Brook, Illinois United States

Where is this project located?