IFC, KixiCrédito partner to boost access to digital financial services in Angola
To expand financial inclusion and support economic growth in Angola, IFC 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.
"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.
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.
"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.