The International Business Bank (BNI in Portuguese), an Angolan bank, reportedly has launched the Sociedade de Micro-credito, a microcredit society, in Angola’s capital city, Luanda. The society, also called FacilCred, has released four microloan products: FacilSolidario, FacilEmpreendedor, FacilEstudante and FacilSupermercado. FacilSolidario is designed to fund groups of six to ten people working in commercial activity and offers loans starting at AOA 10,000 (USD 105) with periods ranging from two weeks to six months. FacilEmpreendedor provides loans beginning at AOA 50,000 (USD 525) for small businesses with periods of between three and 12 months. FacilEstudante offers loans from AOA 25,000 (USD 262) to students to pay fees and purchase materials with a period range between one and 12 months. The fourth product, FacilSupermercado, gives loans starting at AOA 25,000 (USD 262) with a period of one month to households with the intent of assisting with the purchase of household commodities. All products have a maximum loan size of AOA 1 million (USD 10,500).
FacilCred has also created a new position of credit agent to assist in investigating information provided by applicants and follow through on the loan process. The number of credit agents hired is unavailable. As of 2010, BNI reported total assets of USD 11 billion.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
AngolaPress: “BNI Launches Micro-Credit Society,” http://www.portalangop.co.ao/motix/en_us/noticias/economia/2012/7/34/BNI-launches-micro-credit-society,8b061b4b-c3f3-40a7-af20-468a78874b6c.html
MicroCapital.org story, August 7, 2012, “MICROCAPITAL BRIEF: Angola’s Sol Bank Releases $148 in Microcredit,” https://www.microcapital.org/microcapital-brief-angolas-sol-bank-releases-148m-in-microcredit/
MicroCapital.org story, May 18, 2012, “MICROCAPITAL BRIEF: Part of Angola’s $850m Fund to Improve Access to Microcredit,” https://www.microcapital.org/microcapital-brief-part-of-angolas-850m-fund-to-improve-access-to-microcredit/
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