Banco Popular is a Bank specialized in micro and small businesses in Honduras.
Type of investment
- Local economic growth
- Financial inclusion
The purpose of the investment is to provide funding in the form of equity in order to assist the savings and loans association Popular in its transformation to a commercial bank, as well as to expand its micro lending operations. The institution will become the first microfinance bank in Honduras (headquarter in Tegucigalpa, 21 branches).
Popular was created in late 2004 when Fundación Covelo purchased the dormant savings and loans institution called Metropolitana S.A. from Banco Continental S.A. (95% of the shares). Fundación Covelo is a well known Honduran organisation devoted – since 1991 – to supporting the development of microfinance in the country through lending and technical assistance activities.
Local economic growth
Credit provision to MSMEs; Mobilization of local savings
Access to financial services for individuals and micro-enterprises. Popular’s principal products are: (i) Credit products: working capital loans, home improvements, fixed assets loans, seasonal loans, credit cards for both micro and SME clients, and remittances; and (ii) Savings and deposits specially targeted to micro clients.
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