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“2016 was a fantastic year.”

First of all, we opened five new offices last year. Today we have twenty subsidiaries and four branch offices. A good coverage is important for the access to financial services. Especially in rural areas many people remain deprived thereof. We intend to extend our services from the end of 2017, among other things with internet and mobile banking. 75 % of the Timorese live and work in the countryside. It is important that they too keep up with the development of the country.

Subhash Jindal

Transformation advisor at microfinance institution KIF

Before I started this bakery, I worked at a laundry. It was hard work and I only earned 60 dollars a month. It was impossible to put money aside. I started a sideline activity out of financial necessity. At night I made dough, baked bread, and sold it early in the morning, and then I went to work in the laundry.


Three years ago I came into contact with KIF, thanks to a friend who also borrows money from them. Since then I have taken out three loans. I borrowed 5,000, 10,000 and 20,000 dollars respectively. The first loans were for the bakery: to buy stocks, to  pay wages, but also to buy materials such as dishes and an oven.

I am very pleased with the state of affairs. My life has changed enormously. Today I don’t bake anymore. I rather see myself as the manager of the bakery. I have eight staff members. None of them had a job before. Here they learnt how to make bread.

I come from a poor family and I hardly had any schooling. Thanks to the choices I have made, my three sons will grow up in better circumstances. Unlike me, they will have the chance to study.


Bernadette, 34 years old

Kaebauk Investimentu No Finansas (KIF) developed into the largest microfinance institution of East Timor

KIF was founded in 2001, as microcredit programme of the ngo Save the Children. After a year the programme was developed into a separate microfinance ngo. KIF has been a public limited company since 2015. Today it is the largest microfinance institution of East Timor.

Incofin has been investing in KIF since the very beginning, when no one dared to take the step because of the huge risks. East Timor is one of the smallest, poorest and least developed countries in the world. There is hardly any industry, and the country has a weak infrastructure and a high rate of unemployment. As a result of the numerous conflicts and the civil war in 2006, many institutions ran into problems. Some even had to file for bankruptcy.

KIF improves the life of the poor with a sustainable approach. In spite of numerous setbacks, they kept supporting their clients. Meanwhile the institution has seen a substantial growth. What’s more, 2016 was a fantastic year.

Since the very first day, Angelo Soares has committed himself to KIF. He has been doing so as general director since 2006.

Key figures December 2016

  • Clients in rural areas: 84 %
  • Minimum loan: 100 USD
  • Accessibility: 50 % of the loans is for less than 1,000 USD
  • Percentage of female clients: 83 %


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