Luanda, Angola, March 29, 2022—To expand financial inclusion and support economic growth in Angola, IFC today announced a partnership with microfinance institution KixiCrédito to help the company strengthen its delivery of digital financial services to individuals and micro, small, and medium-sized enterprises (MSMEs) across the country.
Through the partnership, IFC will help KixiCrédito, Angola's first and largest microcredit company, assess and examine its digital transformation progress and help it develop a roadmap to deliver disruptive and innovative financial products that support smaller businesses, job creation, and financial inclusion.
Most Angolans are currently unbanked or underbanked, especially those living in poorer parts or rural areas. Only about 37.7 percent of adults have a bank or mobile money account, well below the 45.6 percent average in sub-Saharan Africa, according to the latest World Bank Findex data available on Angola.
KixiCrédito aims to reach Angola's vastly unbanked population by leveraging technology to provide new digital products.
"Partnering with IFC on this project is a unique opportunity for KixiCrédito to improve our delivery channels by adding a strong digital aspect, and in the process become more efficient and increase financial inclusion in Angola," said Joaquim Catinda, Chief Executive Officer at KixiCrédito.
"Increasing financial inclusion can reduce poverty, create jobs, and boost economic growth. Through this partnership, we expect more Angolan individuals and businesses to be reached via digital tools that will help them access a range of financial services, contributing to opportunity and job creation," said Carlos Katsuya, IFC's Senior Manager for Angola.
Under the partnership, IFC will help KixiCrédito assess its existing business model, product offerings, distribution channels, marketing and sales procedures, customer experience, human resources/internal culture, and its existing technology and data analytics capabilities.
IFC and KixiCrédito will also analyze the digital financial services market in Angola, its regulatory context, and identify the main actors in the digital and fintech ecosystem for potential partnership opportunities.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record U$31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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About KixiCrédito
Founded by Development Workshop, one of the oldest Angolan NGOs, Kixicrédito was created as a Sustainable Livelihoods Project (SLP) funded by the UK Department for International Development (DFID) for its operations in Luanda, and by the US Agency for International Development (USAID) for its
operations in Huambo. In 2006, KixiCrédito transformed into a regulated nonbank financial institution (NBFI) and has since become one of the leading microfinance institutions in Angola.
