Financial inclusion remains a key global challenge. However, a Mozambican fintech startup, Roscas, is tackling the problem by introducing digital solutions that empower individuals and communities across the country. Roscas aims to digitize traditional savings groups by integrating digital tools and financial products tailored to the needs of the informal sector.
With around 85% of individuals involved in informal sectors in sub-Saharan Africa, the demand for affordable financial security products, such as insurance and pensions, has reached critical levels. Roscas fills this gap by empowering individuals historically excluded from formal financial systems to access welfare products such as insurance, capitalized savings and loans.
“At Roscas we are driven by our vision to dismantle barriers not only to financial inclusion, but also to economic inclusion, by equipping underserved communities with the tools to shape their financial destinies,” said José Samo Gudo, CEO and co-founder of Roscas. “Renew Capital Angels’ investment represents an exciting milestone in our journey, propelling us towards our vision of nurturing economic resilience and empowerment in Mozambique and sub-Saharan Africa.”
With a robust multi-channel strategy covering platforms such as WhatsApp, USSD and mobile apps, Roscas aims to ensure that its suite of financial products reaches its target audience with unparalleled ease.
“Renew Capital is delighted to announce our first investment in Mozambique. The decision to invest in Roscas underlines the growing recognition of the role that innovative financial technology solutions play in promoting economic growth. We are pleased to support the team in achieving its goal, improving its services and broadening its impact,” says Licinio Chissano, Renew Capital’s investment and project manager.
