The First MicroBank Mozambique is Inaugurated as a Rural Microfinance Bank

Pemba, Mozambique, 8 May 2010 – The First MicroBank Mozambique (FMB-M) was inaugurated today, in a ceremony attended by President Armando Guebuza of Mozambique and Governor Eliseu Machava of Cabo Delgado.

Other officials included Mr. Nazim Ahmad, Representative of the Aga Khan Development Network (AKDN) in Mozambique, Mr. Jacques Toureille, the General Manager of the Aga Khan Agency for Microfinance (AKAM), as well as members of the local and provincial government, officials from the Central Bank, members of the diplomatic corps in Mozambique, and senior staff from the AKDN and its agencies.

In his remarks, President Guebuza stated that “from a macro-economic point of view, the opening of the microfinance bank also responds to our policy of encouraging the extension of services of these institutions outside of the capital city Maputo and congratulated the decision of The First MicroBank SA owners to settle in Pemba. He added that “with the presence of this Bank, the people win, the economy wins and Mozambique wins.”

FMB-M was launched in 2004 as a microfinance programme which evolved into a rural micro bank earlier this year. The bank is part of the Aga Khan Agency for Microfinance, (AKAM) which is an international financial institution with the objective of achieving the double-bottom line of maximising social impact while generating growth, expansion, and sustainability. By late 2009, FMB-M had disbursed over 2,000 outstanding loans, amounting to approximately USD 1 million.

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Teacher, an Accountant and a student :)
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