Banco Solidario
BIO has granted USD 27.600 of technical assistance to Banco Solidario, an Ecuadorian microfinance institution.
Amount
€ 25,261.80
Type of investment
Subsidy
Beneficiary locations
Investment field
Financial Institutions
Activity
Banco Solidario is one of the leading microfinance players in Ecuador. The MFI's credit clients are both microentrepreneurs and low-income salaried workers and its average loan size, USD 2800, is among the lowest in the country. Banco Solidario has an inclusion rate of 20% per month, a high social performance rate (A+), corporate governance standards and geographical coverage (54 branches, 14 regions). As of December 2023, 54% of the MFI’s individual clients were women.
Technical assistance
Implementing the Contactless card functionality on ALIA Banco Solidario debit and credit cards. This technology allows quick and secure payments, which provides a reliable experience to customers for low-value transactions - the customer segment in which BS operates. Using contactless is fast, convenient (especially where the cash turnover is usually high) and secure (it also minimizes the risks and costs of cash handling).
Expected impact
Clients of BS have access to the same contactless technology as other card issuers in the country.
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