Angola: BPC to set up a microfinance institution in 2015
The Savings and Credit Bank (BPC) is planning to create in 2015 a bank dedicated to granting microcredits.The Savings and Credit Bank (BPC) is planning to create in 2015 a bank dedicated to granting microcredits.
"Although we have introduced a microcredit facility at the BPC in 2005, we feel that it is time to create a dedicated bank," the banks' chairman, Paixão Júnior, told Angop news agency on Tuesday, October 7th.
He explained that the new institution - planned for 2015 - will be dedicated to microfinance, which he describes as an important tool to strengthen financial inclusion.
He added that the PCB would take this opportunity to expand its branch network across the country.
The new microfinance institution will be the second in the country after Bank Sol.
Angola’s financial sector is highly concentrated. The top five banks account for 77 per cent of total assets, according to figures from the African Development Bank.
Banking coverage expanded from 22 per cent in 2010 to 51 per cent of the country’s area in 2012 though it is still concentrated in Luanda. The percentage of adults with access to formal banking services increased from 13.5 per cent in 2011 to 22 per cent in 2012 as the bank network expanded and publicity campaigns had an effect.