What we do: Socremo is a micro finance bank focusing on medium sized enterprises in Mozambique. The bank has 14 branches across Mozambique and to date has signed up more than 52,000 clients and has a portfolio value of US$12.1m. The bank was founded in 1998.
Ownership & Management: Shareholders: Africap 39.32%, Norfund 35.63%, GAPI 13.37%, Nordic Microcap 11.67%. The bank was started as credit society which transformed into a commercial bank in 2005. The company is managed by a strong management including the Chief Executive Officer, Wellington Chinanzvavana who has longstanding experience in commercial banking.
Key financial indicators: Not provided. Socremo has managed to provide service to companies that have previously been excluded through making use of collateral substitutes. The company plan to double its staff in order to grow aggressively over a period of 5 years. Socremo has been successful because of its market which is considered as risky for commercial banks.
Track record: Socremo already has signed up 52,000 clients with a total portfolio value of US$12.1 million. The company has 14 branches across Mozambique.
Client contact details: Tel: +25 82 149 9543 Email: firstname.lastname@example.org Address: Avenida 24 de Julho, 426 Maputo, Mozambique. Website: www.socremo.com
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