"Professionalizing, modernizing and capitalizing microfinance institutions are indispensable activities for creating a more inclusive financial system," said economist António Souto, who was re-elected on November 30 at the General Assembly of the Mozambican Association of Microfinance Operators (AMOMIF) for another term at the head of this socio-economic association.

The report on activities carried out highlighted the (i) continuation of the program of subsidies to members for the installation of financial portfolio management software, (ii) implementation of training programs in management tools for members in the provinces of Zambézia, Sofala and Inhambane; (iii) on the basis of the information gathered in a survey of members' training needs, AMOMIF began holding various Credit Management courses for microfinance institutions, the first of which was held over three days with a physical presence in Maputo and others virtually, covering participants from almost all the country's provinces.

In addition to these internal activities, AMOMIF's board of directors has carried out intense advocacy and lobbying activities with a view to strengthening the potential of microfinance to improve financial inclusion.

In this context, the association is participating in the steering committee of several projects focused on promoting financial services to rural businesses, as well as assisting activities to formalize the economy through financial education.

Among the concerns expressed by microfinance institutions, and which the association's board should prioritize over the next four years of its new mandate, is the need for a better legal framework for the different types of operators on the part of the regulator.

Another priority is the need to implement a structured refinancing fund in a way that allows these institutions to grant loans and assistance to clients in the micro-enterprise sector, ensuring their growth and sustainability.

The activity plan for 2024 presented by the new board prioritizes activities such as i) dissemination of best practices so that the organization and its members achieve ever higher standards of performance; ii) incentives to support the implementation of management tools and more effective management of available resources; iii) support for microfinance operators to adapt to the new regulatory framework established by the regulatory authority; (iv) regional microfinance forums with a view to identifying and implementing services with an impact on financial inclusion and, in particular, the empowerment of women; (v) strengthening the management capacity of institutions with a particular focus on improving their resilience in the face of cyclical economic and financial shocks; (vi) advocacy activities involving legal-regulatory assistance for implementing the regulations of the regulatory authority, as well as the dissemination of information to support the implementation of the government's strategy for financial inclusion and rural finance.

In view of the increased challenges facing the association, the newly elected board has been strengthened and now includes a vice-president, Isabel Lubrino, and four members: Bernardo Tembe, Enoque Changamo, Virginia Maquechemo and Sérgio Macamo.

In support of these activities, AMOMIF, in partnership with Gapi-Sociedade de Investimentos, will participate in a communication platform focused on "Finance for Development", which is scheduled to be launched on December 13th.

In the recent past, as well as for the implementation of the activities set out in the 2024 plan, the association has received financial assistance from the International Fund for Agricultural Development (IFAD) through the REFP project. At the close of the General Assembly, the association's board welcomed this support.

This was AMOMIF's second General Assembly this year and a total of 30 members, out of the 56 registered with the association, attended in person or virtually.