FINCA helps Mozambicans living in poverty access basic services to improve the quality of life for themselves and their families.
1 FINCA VENTURES INVESTEES
Energy INDUSTRY SUPPORTED
For a long time, the reliance on kerosene lanterns gave Jane Namusisi constant worry. Now, a high-quality and affordable solar home system fills her home with clean, reliable lighting. “With kerosene lamps, I worried that the children would get burned in the house or there would be damage to my property.”
Mozambique is still suffering from the effects of a 16-year civil war that ended in 1992. Tensions remain between the ruling party and the opposition former rebel movement, and corruption is a major concern. While the discovery of gas fields off Mozambique’s coast could help transform the economy of one of Africa’s poorest nations, about half the nation’s residents live below the poverty line.
Mozambique, along with much of sub-Saharan Africa, is on the verge of a crisis. By 2035, the International Monetary Fund estimates the number of Africans joining the working age population will exceed the rest of the world combined. To fill this surge, 18 million new jobs will have to be created each year for the next 20 years across sub-Saharan Africa. In the meantime, Mozambicans rely on the informal sector for a chance to earn a living. In addition, access to basic services, like energy, water and sanitation, education, health care and agriculture, is often inadequate.
When poor people have access to financial services and life-enhancing products, they can earn more, build their assets, create jobs and cushion themselves against external shocks. FINCA is helping Mozambicans improve their lives by supporting access to basic services through FINCA Ventures.
46.1% LIVING BELOW POVERTY LEVEL 2
$1,248 ANNUAL PER CAPITA INCOME 3
67% FINANCIALLY EXCLUDED 4
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Washington, DC 20005
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1Information is updated on an annual basis
2Poverty headcount ratio at national poverty lines (% of population)
3GDP per capita, PPP (current international $)
4Adult population lacking account at a formal financial institution