A story, first and foremost, about people
Her name is Lai Thi Hein and she lives in Vietnam. Her name is Jani, a Brazilian based in Lages. Nabil, he is from Syria originally, and now calls Belgium home. What do they have in common? They have all gotten a professional project off the ground thanks to the help of an MFI, three letters that represent a turning point in their lives. Microfinance institutions are a valuable door opener for those with an idea but no access to conventional loans. All three offer their views in the second report published by BNP Paribas on the social performance of microfinance institutions supported by the bank worldwide in 2022.
A lasting commitment
Since starting out in Guinea in 1989, BNP Paribas has been interested in financial solutions and instruments that can support populations excluded from the banking system. 33 years later, in 2022, the bank allocated €332.5 million (in loans and investments) to support 21 MFIs in 13 countries. Through these institutions, 280,000 beneficiaries, 95% of them women, were able to borrow funds to start their businesses. The MFI partners created and supported, in total 1.3 million jobs.
Amount dedicated to MFIs in 2022
microfinance beneficiaries, of which, 95% women
The publication of this report follows the logic of the Group’s 2022-2025 strategic plan, which defines financial inclusion as a priority.
our objective: enabling more people to access financial services
Reaching more and more people
This 2022 report also covers the employees of the BNP Paribas Group, who volunteered 15,600 hours of their time to help the partner MFIs in their support of the beneficiaries: training them to prepare financial statements, providing banking and financial education, helping to set up micro-enterprises… Much more information can be found in the second edition of this report on these solidarity initiatives that put meaning behind the word finance. “Even today, too many people in the world do not benefit from basic financial services. This access is essential for developing entrepreneurial initiatives, providing economic security and promoting financial autonomy, especially for women,” argues Claudia Belli, Head of Inclusive Finance and Relations with Civil Society. “That is why we support microfinance institutions that finance and support those with the most limited resources towards financial inclusion."
Towards a sustainable, inclusive finance
The 2022 edition of the report deals not only with social performance but also with environmental performance, where microfinance has a role to play in combining several objectives linked to the environmental and social challenges of our economies.
BNP Paribas is now assessing the environmental impact of partner microfinance institutions, which have three objectives: to reduce the environmental footprint of their suppliers and customers; to increase the resilience of their beneficiaries in the face of climate change; and to promote the adoption of green practices and technologies. They thus work towards sustainable financial inclusion.