ANTANANARIVO – In Madagascar’s impoverished capital, the establishment of three new microcredit banks this year alone confirms the huge interest for such lending programmes from small bank-shy entrepreneurs.
‘I took out a loan to buy material and develop new, more modern products,’ says 30-year-old Faly Andrianantenaina, who runs a small clothes shop in the heart of the teeming labyrinth of Antananarivo’s main market.
‘With a traditional bank, the interest rate is too high and the application process too complicated. But with Microcred, it was very simple and more importantly very quick,’ he says.
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The Aga Khan Foundation launched a similar operation in Anatananarivo in March.
Ismailimail 