23 Aug 2023
MCB Rodrigues Scholarship 2023: Hats off to five Scholars

Five scholars have been awarded the MCB Rodrigues Scholarship this year. The official scholarship ceremony occurred on Wednesday, August 23, at the MCB Centre in Port Louis.Adriane Emilien, Geremi Justin Meunier, James Nickurdean Genave, Bibi Shabnam....

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MCB Microfinance reaches the Rs 1 billion milestone

May 30, 2022, 05:00 AM by User Not Found

During the last six years now, MCB Microfinance has been supporting micro-entrepreneurs daily and thus contributing to the country’s financial inclusion. Thanks to the assistance of MCB Microfinance, several companies in Mauritius and Rodrigues have been able to access financing to support and develop their business. MCB Group is helping to contribute to a more resilient local economy in a challenging economic environment.

A strong record
Since its opening in 2016, MCB Microfinance has provided financial assistance to 2,878 clients, who have received 4,959 loans. The total amount disbursed in loans crossed the symbolic milestone of Rs 1 billion (Rs 1,001,542,665) on 12 May, 2022. Micro businesses (trading sector) grabbed the lion’s share, as they account for 44% of the sectors of activity funded. Manufacturing, services, transportation, and agriculture are among other sectors that have been covered by MCB Microfinance. 
Various types of loans
MCB Microfinance offers three types of loans, all without guarantee, at a rate of 15% per year. They are: Micro Loan Investment ranging from Rs 15,000 to Rs 800,000 for the purchase of equipment/machinery, or for renovation projects or construction, the Microloan Working Capital, which ranges from Rs 15,000 to Rs 800,000 for the purchase of stock or raw materials and, since October 2020, a Start-Up Loan was launched, with amounts available as from Rs 15,000 to Rs 200,000. These are disbursed for the creation of a micro-enterprise.
An active presence in Rodrigues
MCB Microfinance also helped entrepreneurs in Rodrigues. As at12 May, 2022, after 5 years of presence on-site, 436 loans amounting to approximately Rs 63 million have been granted to develop companies on site. Expanding poultry barns, water storage facilities and irrigation systems, construction of a new greenhouse, and renovation and supply of shops and restaurants are among the projects that have materialized in Rodrigues, thanks to the contribution of MCB Microfinance.
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