During the Investment Forum: Mozambique-European Union, Esselina Macome, Chairman of the Board of Directors (PCA) of Standard Bank, expressed the urgent need to establish an ecosystem conducive to the development of startups and micro, small and medium-sized enterprises (MSMEs) in Mozambique. The Standard Bank leader defended the creation of a catalytic fund as an essential means of providing crucial financial and technical support for the initial phases of these ventures.
During the event held in Maputo, promoted by Global Gateway to foster business opportunities between startups and MSMEs, Macome stressed the importance of an environment that encourages the emergence of new ideas and offers guidance to ensure the sustainability of these businesses in the market.
“When you start a startup, especially in the idea development phase, you need financial support, technical support and people to make that idea a reality. This kind of support is not feasible through conventional bank credit,” explained Macome.
Standard Bank’s PCA underlined the need for a catalytic fund as an effective approach to supporting these initiatives from the earliest stages. According to her, once consolidated, these initiatives could then seek financial support from the traditional banking sector.
Macome concluded her speech by challenging institutions to consider implementing specific credits for each project, taking into account their particularities. She stressed the importance of collecting detailed data on initiatives before granting specific credits, highlighting the digital age in which we live.
“Participation in a fund is essential, as being recommended by an institution increases the chances of getting a positive response to the credit and trust in the institution providing it. The issue of data is crucial, we are in the digital age and it is essential to have information,” said Macome.
The proposal for a catalytic fund aims to boost innovative ideas and take these initiatives to a more advanced level of development. Financial and technical support during the initial phases, according to Macome, is crucial for entrepreneurship to flourish in Mozambique.
