Mozambique 2015 | FINANCE | COLUMN

TBY talks to, Pieter van der Merwe, Chief Executive Officer, Banco Oportunidade de Moçambique on finance sector.

Pieter van  der Merwe

What are the key strategies of Banco Oportunidade de Moçambique for 2015?

In 2015, the bank hopes to become self-sustainable and start utilizing its own revenues. The bank and its loans have grown quite well: we have grown our loan book to $240 million, and hope to reach $250 million by the end of the year. The deposit side has grown tremendously as well. Our deposit ledger closed out last year at $199 million and is currently at $247 million. For the first time in the bank's history, deposits have exceeded loans. In June, we launched our SME lending product without advertising it, but by directing it to existing clients. Our long-term clients are now benefiting from it. We offer it at just one branch currently, although the product has grown tremendously—10 new accounts in a matter of four months. We will roll it out to three other municipalities: Chimoio, Beira, and Nampula. In January, we will take the SME product to four more locations. Lastly, we became an agent for Western Union. Most of the transfers have been between South Africa, Zimbabwe, Malawi, and Mozambique, and we are hoping to expand this service throughout 2015.