A titularização de receptíveis como alternativa ao racionamento de crédito às micro, pequenas e médias empresas em Moçambique

Abstract

The main objective of this work is to show how the securitization of receivables can be an alternative to minimizing the rationing of credit to Micro, Small and Medium Enterprises in Mozambique. The study starts from the theoretical problem of information asymmetry and analyzes the credit and securities market for MSMEs. The paper discusses the necessary procedures for structuring the securitization process as well as its attributes and advantages and also discusses how securitization operations can allow access to credit to MSMEs. As a way of demonstrating this mechanism, as an alternative to the rationing of credit to MSMEs in Mozambique, first a SWOT analysis is carried out and then a demonstration, through a case study based on Banco Oportunidade de Moçambique and União Geral das Cooperativas, of how this process can be set up and how it can allow credit access to MSMEs in Mozambique. The work concludes that there are conditions for the implementation of the securitization process in Mozambique and that it may allow access to credit for MSMEs insofar as, by allowing the reduction of funding costs and the segregation of risk, it reduces the costs of monitoring and spreads and also allows companies to anticipate revenues. It is recommended to prepare a regulation that regulates the securitization mechanism. And even though in a first stage the operations could be done through factoring companies, serving as SPE, and as VMs, commercial papers could be used insofar as they can be issued by non-financial institutions allowing MSMEs to also be able to participate in this process.