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.
The Aga Khan Foundation launched a similar operation in Anatananarivo in March.