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News from Africa: New Mobile Banks and Bank Branches for Microfinance Clients in Mozambique

By Diane Ferguson

Great news from Mozambique! Banco Oportunidade de Moçambique is proud to announce the August opening of the Chokwé branch and Chimoio mobile bank. 

Additionally, http://www.opportunity.org/our-work/where-we-work/microfinance-in-africa/microfinance-in-mozambique/Opportunity Mozambique[/intlink] expanded in 2010 with two new hub branch offices, and received approval from both the municipal and Central Bank authorities to open its first container branch office in the Matendene Market. It was launched in July 2010. The bank is also preparing to open satellite branch offices in Dondo, Sofala Province, Mocuba, Nacala, Zambezia Province, and Nampula Province. Opportunity Mozambique expects to deploy three additional mobile banks in 2010 and 2011 to serve rural agriculture small-scale farmers and small rural villages. 

Visitors and community members gather at the August grand opening of the Chokwé bank branch in Mozambique.

Mozambique’s Central Bank approved the opening of the Chokwé branch in August 2010. The branch is operational and beginning to serve families in rural villages in and around Chokwé. Funded in part byhttp://www.opportunity.org/about/strategic-partners/John Deere[/intlink], the branch plans to extend http://www.opportunity.org/our-work/loans/loans[/intlink] to 510http://www.opportunity.org/our-work/rural-outreach/rural entrepreneurs[/intlink] andhttp://www.opportunity.org/our-work/savings/savings accounts[/intlink] for 698 families in the first six months. 

Yet expansion does not end there. Opportunity Mozambique has ordered an additional mobile bank van to extend its reach to impoverished families in rural Chokwé in 2011. 

We’re so excited to be able to expand financial access to people living in poverty in Mozambique. For more news from Mozambique and throughout the developing world, check in regularly with the http://www.opportunity.org/blog/Opportunity blog[/intlink], where we always welcome your comments and questions. 

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