Banco Sol, an Angolan bank that provides both traditional financial services and microcredit, and the Federation of Angolan Women Entrepreneurs (FMEA), a nationwide association of approximately 2,500 business women, recently signed an agreement to increase access to microfinance for women. Banco Sol will provide microloans to FMEA members at an interest rate of 3.99 percent per month over two years. The total amount to be loaned is not clear. The agreement will expire in three years.

Angola’s Banco Sol is not affiliated with BancoSol of Bolivia.

By Lindsey Shaughnessy, Research Associate

About Banco Sol: Banco Sol, a bank based in Luanda, Angola, was founded in 2001 and provides traditional financial services as well as microcredit. As of December 31, 2009, Banco Sol reports total assets of AOA 106 billion (the equivalent of USD 1.18 billion).

About the Federation of Angolan Women Entrepreneurs (FMEA): The Federation of Angolan Women Entrepreneurs, founded in 2001, counts 2,500 members. Further details are unavailable.

Sources and Additional Resources:

[1] Agencia AngolaPress, “Sol Bank and business women association sign agreement”, September 4, 2010. http://www.portalangop.co.ao/motix/en_us/noticias/economia/2010/8/35/Sol-Bank-and-business-women-association-sign-agreement,5e899b02-f1a9-4487-91d4-89cc0ee72414.html

MicroCapital’s Microfinance Universe profile: Banco Sol (Angola)

MicroCapital’s Microfinance Universe profile: Federation of Angolan Women Entrepreneurs (FMEA)

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