Banco Solidario is a microfinance institution established in 1996 in Quito (Ecuador).
Type of investment
Banco Solidario was established in 1996, and its origins are linked to local NGO Fundación Alternativa. In 1998, Banco Solidario became part of the Acción International network of MFIs in Latin America. In October 2006, Ecuadorean bank Unibanco became its largest shareholder.
Banco Solidario’s headquarters are located in Quito, but the MFI is currently present in 12 provinces and has a total of 37 branches. In addition, and through agreements with other institutions, Banco Solidario has access to other 110 agencies.
Banco Solidario is one of the largest microfinance banks operating in Ecuador since 1996. The purpose of BIO's financing is to support Banco Solidario in further growing its loan portfolio and increasing its capacity to provide financing to micro-entrepreneurs throughout the country. Through extending an unsecured medium-term loan, BIO's objective to invest is to enable a regulated MFI to diversify the maturity profile of its funding sources and; to enhance financial inclusion in a country which still exhibited high income inequality and poverty levels, through ultimately facilitating the financing of underserved micro entrepreneurs.