Futuro mcb, a microfinance bank based in Mozambique has received a USD 2mn loan from IFAD. This will expand the institution’s financial services and support 21,000 small-scale producers and MSMEs in the country’s Nampula province—an area with the highest small-scale producers.
The loan shows our confidence in microfinance institutions to contribute to income growth and food security in rural communities, and the value we attach to small-scale producers and MSMEs. Futuro mcb is for the first time approaching the debt finance market (national or international), and the whole microfinance sector in Mozambique has not seen any significant debt transactions for a while,” saidThouraya Triki, Director of IFAD’s Sustainable Production, Markets and Institutions division.
Of the 21,000 beneficiaries of the loan 70% of them will be either women-led or women owned SMEs and 30% young people.
Digital insurer Eden Care gets backing from DOB Equity, Norrsken Foundation, others
Eden Care a Rwandan digital insurer has received funding from DOB Equity, Norrsken Foundation, Bathurst Capital and Seedstars International as part of the startup’s seed-funding round. Alongside institutional investors, angel investors Jay Katumba (Africa 50) and Willem Selen (Fides Kenya) also participated.
Launched in 2021 by Moses Mukundi, the insurtech platform operates as a digital-health underwriter and plans to add telemedicine to its product suit. It has also been granted an insurance licence in August 2022 from the National Bank of Rwanda.