1.1 Introduction

This study is in part a symbolic tribute celebrating the United Nations International Year of Microcredit 2005 – but it goes well beyond that intent. The report spans more than a decade of microfinance
activity in Mozambique and, evolving from what some felt to be an “experimental curiosity”, it seemed that this global celebration of microfinance provided a good opportunity for a “stocktaking” of an
industry coming of age. Moreover, with the Government of Mozambique having set itself the objective of serving 100,000 microfinance clients by the year 2005, it was an appropriate time to see how close the industry came to achieving that target.

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