Compartamos Banco Achieves Latin American Milestone in Building Inclusive Financial Systems for the Poor BOGOTA, Colombia, Sept. 5
BOGOTA, Colombia, Sept. 5 /PRNewswire/ -- The ACCION Network today
recognized and congratulated long-time partner Compartamos (BMV: COMPART) in
its quest to build inclusive financial systems for Mexico's working poor.
Compartamos announced on August 28th that it had reached its millionth
microentrepreneur with financial services -- working capital loans, savings,
insurance, and more -- thereby achieving an historic milestone for both Mexico
and Latin America.
ACCION Network directors from Latin America and Africa have widely praised
the achievement. "What a great feeling to see you reaching this well-deserved
milestone," wrote Pierre-Marie Boisson, head of Haitian microfinance
institution Sogesol. "What a clear demonstration that Compartamos and your
own personal dedication and patient efforts are helping the working poor."
A member of the ACCION Network of microfinance institutions (MFIs),
Compartamos's goal is to create social value for the working poor of Mexico by
providing financial services to the greatest number of people in the least
amount of time. Since 1999, it has grown from a modest NGO, funded by
philanthropy and multilateral development banks and servicing approximately
60,000 clients, to a bank of international stature capable of tapping the
global capital markets. In April of 2007 it issued a highly successful IPO
that demonstrated how a commercial approach to microfinance can provide the
resources to scale even more quickly and reach more working poor.
ACCION has been a close partner of Compartamos for much of the bank's
history, having invested in it in 2000, helped provide governance, and
assisted in the development of individual and solidarity-group loan products
for urban clients, who number some 100,000 of the bank's million customers.
About the ACCION Network
Since its inception in 1984, the ACCION Network and its members have
dedicated their efforts to serving microentrepreneurs worldwide by providing
financial services, continuously improving these services and systematically
developing strong microfinance institutions through investment and governance.
Together, the Network and its members are active leaders in the
commercialization of microfinance, integrating microfinance institutions into
the international capital markets to harness their considerable financial
power to alleviate world poverty. ACCION International provides its support
as convener and coordinator of this Network. For more information, visit
www.accionnetwork.org.
SOURCE ACCION Network
