EcuadorBefore experiencing relative economic stabilization in 2000, during the 1990’s Ecuador witnessed a severe economic downturn due to devastating natural disasters and crashing oil prices. Continued vulnerability to oil price fluctuations along with high levels of urban and rural poverty has restrained the economy. As microfinance institutions currently reach only 2% of the population, the industry needs to expand more in order to assist Ecuadorians in working their way out of poverty.* *Source: CIA: The World Factbook; The MIX Market
A Highlight of ACCION's Work in Ecuador
CREDIFE – the microfinance arm of commercial bank Banco del Pichincha of Ecuador – increased 2007 client outreach by 20
percent through its 122 offices countrywide. ACCION experts are developing CREDIFE’s PDA (portable digital assistant) software for credit assessment and piloting a new rural lending program.
ACCION's Partners in Ecuador
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Banco Solidario
Banco Solidario is a commercial bank dedicated to providing financial services to the microenterprise sector. Banco Solidario is meeting the needs of microentrepreneurs previously unable to access the formal financial system.
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CREDIFE
CREDIFE is dedicated to increasing the incomes of Ecuadorian microentrepreneurs by providing them with key financial services, including credit and savings accounts.
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