Socremo Bank

On 26 May 1998, Socremo was established in Maputo as a Sociedade de Créditos de Moçambique. Socremo was the result of a long process, led by the then Office for the Promotion of Employment (Gabinete de Promoção do Emprego - GPE), aiming to transform GPE's social support project into a credit institution, in order to provide financial services to the low-income population who had no access to financial services in retail banking. At the time, three institutions were involved in the project, namely GPE, the Christian Council of Mozambique (CCM) and the General Union of Agro and Livestock Cooperatives of Maputo (UGC). Five years after its establishment, and as the result of solid growth Sociedade de Créditos de Moçambique became a Commercial Bank named SOCREMO - Microfinance Bank. Socremo Bank presented itself to the market as a Bank specializing in Microfinance, offering a range of financial products and solutions to meet the needs of micro, small and medium enterprises. Currently, Socremo has a network of 13 branches spread throughout the provinces of Maputo, Gaza, Inhambane, Sofala, Manica and Tete, and in the near future it plans to extend its operations to the northern part of the country.