Market traders and businesses in
Nearly 80% of Mozambicans are locked-out of formal financial services. The new programme will allow 650 small and medium enterprises and more than two million poor Mozambicans, including women, to access a wide range of formal financial services and products so they can better manage their business and household budgets.
Small businesses will also indirectly benefit from £2 million of DFID funding to
The system uses vouchers and transactions on mobile phones so that people can access services free, in places and at times they choose. Small businesses benefit from the service by generating an income from distributing the products.
International Development Minister,
The only way for developing countries to end their dependency on aid is through growth that creates more jobs and increases tax receipts. Having formal financial services and systems in place and making use of innovative tools that allow small community traders to build their businesses locally are vital stepping stones to economic growth that will ultimately allow people to pull themselves out of poverty.
The funding announcements were made as part of a three-day visit to
During her stay Ms Featherstone will also visit a farm supported by DFID, which has been providing chillies to Nandos
Most Popular Stories
- Hernandez lawyer: Pats Records Dispute Resolved
- Congress Leaving Town as Deadlines Loom
- 4th Circuit Upholds Obamacare Subsidies
- Oregon Voters to Decide on Recreational Pot
- Oregon to Vote on Recreational Marijuana
- Jeter, Bauer Give Fox a Strong Week in TV Ratings
- Fiat, Renault Strike Deal on New Light Vehicle
- Senate, House Locking Horns on Border Funds
- A's Agree to 10-Year Lease to Stay in Oakland
- LinkedIn to Buy Ad Tech Company Bizo for $175 Million