Many people find it difficult to access finance and also ways of becoming better educated in managing money, particularly on a small scale. In Mozambique, entrepreneur Lubaina Momade, founder of Luzacredito, Ei, has built a business to respond to that need.
LoA found at more about this enterprise from founder Lubaina Momade.
What does your company do?
At Luzacredito, Ei, we focus on creating access to microfinance and financial education.
“What makes us different is the way we relate to our customers; the different products we create to suit each type of customer; and the speed of response to the needs of our customers.”
What inspired you to start your company?
The way I created Luzacredito is a funny story. In the beginning I never even thought of becoming an entrepreneur. It started because a colleague suggested lending him money and paying interest at the end of the month, so I saw an opportunity to make some money that month. And the next month, other colleagues came and eventually I was already selling money to a lot of people unknowingly.
Why should anyone use your service or product?
The way we relate to our customers.
The different products we create to suit each type of customer.
The speed of response to the needs of our customers.
Tell us a little about your team
We have a team of motivated, committed young people who know that they are not just workers, but the company itself.
Share a little about your entrepreneurial journey. And, do you come from an entrepreneurial background?
I'm the daughter of an unemployed person and a fashionista. As a child, I sold papers at school, in my teens I sold amburgueros to school grounds, and in my first job, in a customer care center (Mcel), I sold crackers, and rented usb cables because my salary was not enough to pay for rent from home and school. After that, I started selling money as a loan shark at the same time and sometime later I formally licensed the company.
“We have a team of motivated, committed young people who know that they are not just workers, but the company itself.”
What are your future plans and aspirations for your company?
First we want to spread the company to the districts and then we aim to migrate to banking.
What gives you the most satisfaction being an entrepreneur?
Watching our clients' lives change is our greatest satisfaction. Seeing someone who sells on the street creating his first shop through our help, is what motivates us to want to do more.
What's the biggest piece of advice you can give to other women looking to start-up?
Be brave, bold and ignore negative advice, don't be shaken. People around us tend to tell us that it's not worth it because things are difficult and sometimes impossible because we are poor. Entrepreneurship is hard, hard but worth it. Entrepreneurship transforms us and frees us.
Contact or follow Luzacredito
Why LoA loves it….
It is always heartening to see women entrepreneurs seeing opportunities or needs and then creating businesses that address those needs. Lubaina saw a challenge with people being able to access small amounts of money to create businesses or help them through financially challenging times. She has built a successful business bring solutions to the table, and creating jobs for her growing team. Lubaina is an example of the can-do spirit that Mozambique is known for. — Melanie Hawken, founder & ceo of Lionesses of Africa