History of microfinance: small loans, big revolution
Microfinance involves supplying financial services and products to disadvantaged populations...
17/08/2017
BNP Paribas (Chile) in cooperation with the Group's Microfinance department, recently granted a $2 million loan over two years to FINCA Ecuador, a subsidiary of the microfinance institution, FINCA International*, which operates in 21 countries of Africa, Eurasia, the Middle East, and Latin America.
The micro-credits granted in Ecuador, averaging $717 (i.e. around 9% of GDP per capita), already support more than 50,000 clients, 72% of whom are women. Thanks to the “village banking”methodology, no guarantee is required.
This methodology has enabled FINCA to develop banking access throughout the country.
Finally, financial training is offered to reduce the risk of over-indebtedness and to underpin their customers'entrepreneurial businesses.
This new loan demonstrates the bank's strong commitment to fighting against exclusion in the world.
* Foundation for International Community Assistance
The micro-credits granted in Ecuador, averaging $717 (i.e. around 9% of GDP per capita), already support more than 50,000 clients, 72% of whom are women. Thanks to the “village banking”methodology, no guarantee is required.
This methodology has enabled FINCA to develop banking access throughout the country.
Finally, financial training is offered to reduce the risk of over-indebtedness and to underpin their customers'entrepreneurial businesses.
This new loan demonstrates the bank's strong commitment to fighting against exclusion in the world.
* Foundation for International Community Assistance