Arcubus awards £35,000 for microfinance in Mozambique
Arcubus awards £35,000 to expand microfinance services – loans, savings, insurance and business training – in the diocese of Niassa. There are only 6 bank branches in the whole of Niassa (an area the size of England) so the microfinance services which Arcubus is funding are delivered through Opportunity International’s mobile banks – literally banks on wheels which go out into the villages so that rural people who live in villages where there are no banks have the chance to borrow and save money.
This can make such a difference. Take the example of Luca, a farmer in Mozambique. Like many people, Luca was a subsistence farmer, growing just enough crops to eat as long as the harvest was good. Thanks to a loan, he was able to buy a small pump to irrigate his crop from a nearby stream and increase his yields. He has also invested in chickens to give him another source of income alongside his crops. His income has grown so much that he is able to feed his family better, send his children to school and support 2 brothers through university. He is also employing 4 other people. So thanks to having access to a small loan, Luca’s family have food security, his children are at school, his brothers in higher education and he is creating employment for other families too!