Mozambique: Socremo launches new product

MAPUTO: Mozambican bank, Socremo, announced on 2 July 2009, the launch of a new product called 'Account Vitamin'.

7 Jul 2009

The new account works as a current deposit account for both individuals and companies. If either "vitamins" 10% of their money, the annual interest rate of 10% is then calculated daily, but only at the end of each month is it credited.

According to João Barros, marketing executive director of Socremo, this is an account without maintenance costs, no minimum balance or cost of transfer to other accounts in the same bank, since this belongs to the same client.

“Additionally you can perform five withdrawals / transfers per month, and get a free monthly statement. With all these advantages, your money is getting vitamin every month,” he added.

Socremo is continuing its expansion plans in Mozambique plans to be present with new agencies in Maputo.

Socremo is a microfinance bank, providing financial products to the microfinance market. It also supports small and medium enterprises. The company was founded in 1998 and is based in Mozambique.

About Arao Valoi

Arao Valoi is a Mozambican business reporter, currently working as a freelancer. Having started a career in 2002, after completing a journalism course at Escola de Jornalismo in Maputo, Valoi became a reference reporter in economics and business issues. In 2007 he won the CNN/Multichoice Best African Journalist Award in the Portuguese Category. In November 2008 he won the Ian Christie Best Economic Report Award promoted by Vodacom and in December, the same year, he was again awarded for Best Report on Human Rights. He graduated in Public Administration at the High Institute for International Relations.