Angolan Microfinance Institution KixiCredito Gains Independence from its Canadia...

Feb 2007
Angola, February, 15 2007 - Development Workshop Canada, a non-profit microcredit organization, launched KixiCredito as Angola’s first commercial microfinance institution. Its parent non-profit, Development Workshop, has been making loans averaging USD 100 since 1999 and has lent the equivalent of USD 5 mn but has relied on donations.

Workshop program officer Glenn Paje is working to make KixiCredito a fully functional bank, using deposits to lend money.  It is undergoing this transition by gradually introducing money transfers, insurance and small mortgages to the Angolan poor previously out of the scope of traditional financial services.

Like the majority of international MFIs, KixiCredito deals mainly with women.  KixiCredito was officially established under Development Workshop Canada in 1999 to make loans under USD 300 in the peri-urban areas of Luanda and Huambo, Angola.  As of December 31, 2006, KixiCredito had 9,126 active borrowers as reported by MIX market, the microfinance information clearinghouse.  MIX market also rated KixiCredit as one of their top 100 MFIs in efficiency with 190 active borrowers per staff member.  KixiCredito does not publish any more information regarding their finances. 

Development Workshop Canada was founded in 1973 to improve indigenous architecture and provide affordable shelter in the Middle East and North Africa.  Development Workshop began its governance and microfinance projects in the 1990s.  Development Workshop has satellites in France, Vietnam, Burkina Faso and Angola. 

LINK: Development Workshop Canada; KixiCredito


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