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MEF Plans to Connect 3300 Savings Groups to the Formal Financial System

MEF Plans to Connect 3300 Savings Groups to the Formal Financial System

The Mozambican government, through the Ministry of Economy and Finance (MEF), plans to connect around 3,300 savings groups to the national financial system throughout the country by September 2024.

This was announced on Monday (4) in Maputo by the director-general of the Fund to Support the Rehabilitation of the Economy (FARE), Augusto Isabel, during the 11th Forum of Savings and Revolving Credit Groups (GPCR), an event that took place under the theme “Promoting the Sustainability of Savings and Revolving Credit Groups and their Connection to the Formal Financial System”.

On the occasion, the source, quoted by the Mozambican Information Agency (AIM), explained that this is a measure in line with the National Financial Inclusion Strategy, which aims to facilitate access to financial services for all Mozambicans.

“The main objective is to find out how we can achieve our targets under the Rural Enterprise Financing Project (REFP). And the goal is to reach 3,300 Revolving Savings Credit groups, which represents more or less an average of 25 members per group,” he emphasised.

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On the same occasion, Augusto Isabel emphasised that all Mozambicans must be financially included if they are to have access to financial services, adding that in 2016 there were more than 12,000 revolving savings credit groups in the country, with savings equivalent to 11 million dollars.

That’s why, although FARE doesn’t consider the amounts to be large, it still intends to “make sure that these savings enter the financial system and that it can take control of the volume of resources that are circulating within these communities”.

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