The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.
Wednesday, November 5, 2014
From a statement issued by the Inter-American Development Bank (IDB):
A new report documents significant expansion of microcredit in Latin America and the Caribbean
GUAYAQUIL, Ecuador - Microcredit in Latin America and the Caribbean remains strong and continues its expansion of the last decade, experiencing an increase in their number of customers, a variety of institutions and a downward trend in interest rates according to new data released here today by the Multilateral Investment Fund (MIF), a member of the IDB Group.
According the report entitled Financial Inclusion in Latin America and the Caribbean: Data and Trends, information from the end of 2013 shows that the microcredit portfolio in the region amounts to more than $40 billion, is awarded by more than 1,000 institutions, and reaches more 22 million customers. This contrasts with figures for 2005, when the microcredit portfolio was worth $5.5 billion, provided by fewer than 400 institutions, only reaching six million customers. Today, microcredit is given both by banks, as well as cooperatives and NGOs.
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The Óptima financial group bought the shares of Financiera Solidaria S.A., a transaction that amounted to $50 million.
Directors of Óptima reported that Financiera Solidaria S.A. (Finsol) has been in the Honduran market for 21 years and that this acquisition is part of its strategy to regionalize the financial company in the micro and small business segments.
Banco de Antigua has announced the acquisition of the microcredit portfolio of the G & T Continental entity, which will continue to focus on consumer and corporate areas.
G & T Continental Bank reported that the operation is due to a restructuring process to meet the new technological trends in the financial market.
For the volume of assets and loan portfolios they manage, cooperatives together make up the fourth largest financial operator ivn the country.
In Costa Rica, the 30 cooperatives under the supervision of the Superintendent of Financial Institutions (Sugef) exceed in value the assets and loan portfolio of the "private bank BAC San José and are below the banks, Banco Nacional, Banco de Costa Rica and Banco Popular which are funded by public capital. "
After the storm, the prospect of fresh funds from abroad has improved the business environment for microfinance.
"Between seven and ten million dollars could return to the portfolio’s belonging to Nicaraguan microfinance institutions this year, a product of the emerging recovery in the confidence levels of international creditors", writes Gisella Canales on Laprensa.com.ni.
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