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Customers of Novobanco in Mozambique

African dresses
Sra. Bass was one of NovoBanco’s first clients. She produces colourful African dresses which she sells from a rented shop at Fajardo market in Maputo. Her first loan in December 2001 was for USD $670 and now she is already taking out her fifth one for USD $2,830. She uses the loan funds mainly to buy cloth in Nigeria.

Sra. Bass says that she is “very pleased with NovoBanco’s services, because my business has expanded considerably in the last three years.”

Retail Kiosk
Sra. Mutemba and her sister have a small kiosk in the street in front of their house where they mainly sell groceries for the neighbourhood.

Once a week, one of the sisters travels to South Africa to buy the goods at a supermarket near the border. Sra. Mutemba has taken out her first loan with NovoBanco, in the amount of USD $210. When asked about their investment plans, the sisters respond: “We want to buy larger amounts in order to save costs.”

NovoBanco's saving services
Last year, Sra. Langa opened a current account at NovoBanco. She is a small merchant and has a stall at the Fajardo market in Maputo.
Before opening her account she participated in the widespread Xitique, an informal and risky money-saving scheme.

“I heard about the possibility of depositing my money at NovoBanco through a promotional campaign carried out at the market,” says Sra. Langa. Now she is very pleased with NovoBanco’s service: “My funds are much safer, and they are accessible every day of the week.”

Clothing Factory
Sr. Mabote has a small clothing factory and produces uniforms and work clothes. His first loan in the beginning of 2002 was in the amount of USD $2,080 and he invested the money in buying more cloth to satisfy the increasing demand for work clothes. His current loan is already more than twice as large as the first, putting Sr. Mabote in the category of our small and medium-sized clients.



Construction Materials
Sr. Zevo sells construction materials and was one of NovoBanco’s first clients; he received a loan of USD $410 in December 2000.

At that time he still rented his business premises and had only three employees. Having taken out five loans over the last few years, he is currently repaying a sixth amounting to USD $3,330. In the meantime Sr. Zevo’s business has expanded considerably: he now has 16 employees and owns three shops in different parts of
Maputo.

Retail Kiosk
Sr. Bahati is from Burundi and has lived in Maputo since 2001. “I have a kiosk and sell groceries and other everyday products. I also maintain a public telephone box which is a source of additional earnings.” He started out with a loan of USD $830, and has already taken out his third loan, in the amount of USD $4,170.




A success story

Alice Amoateng from Ghana is one of many success stories that with the help of micro financing has pulled her family out from the chronic financial problems they faced in the 1990s. Her husband although working was not able to support their family of 5 children so with the help of a local microcredit bank Alice decided to open her own clothes store. Now, not only has she paid back her loan but her business is so successful that she has employees and earns enough to send her children to school and support all their family medical expenses.

        
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