Banco D-Miro

Debt : October 2015

Banco D-Miro is an Ecuadorian bank specialized in microfinance.

Amount

€ 4,372,500.00

Type of investment

Debt

Development impacts

Local economic growth
Private sector consolidation/innovation
Financial inclusion

Beneficiary locations

Latin America and Caribbean: Ecuador

Investment field

Financial Institutions

Activity

Microfinance

Organisation

Banco D-Miro

Website

https://www.d-miro.com/

Domicile

Ecuador

Banco D-Miro started operations back in 1977 as a Microfinance Program supported by the Norwegian Mission Alliance, with the objective of promoting development in the most vulnerable sectors of the Ecuador.

In 2006 the program became a NGO, and after witnessing the positive impact it had on improving the lives of the many clients they assisted; in 2011 founders decided to transform into a full-fledged bank.

Banco D-Miro´s vision is to be the bank that contributes the most to the reduction of poverty. The strategy of the Bank has been consistent since the beginning, offering financial services to the micro, small and medium entrepreneurs in the peri- urban areas of the coast of Ecuador, where the poverty levels are higher and the penetration of financial services is the lowest.

Development impacts

Local economic growth
The primary goal of this project will be to provide access to credit to microenterprises and support the Bank to be able to develop further its saving products, encouraging its clients to develop a culture of saving.
Private sector consolidation/innovation
In this dimension the Bank also scores well, considering that it offers innovative products and services not offered by other institutions. These products form part of its social portfolio and are specialized products for handicapped, HIV positive clients or other profiles that are marginalized by the traditional financial system.
Financial inclusion
This is also a very important dimension for this project as the Bank plays a key role in providing access to financial services to micro entrepreneurs. The products and services offering includes loan and saving products, but also payment, transfer services and health insurance products.