"El Milagroso" Savings Product

“El Milagroso,” a savings product designed by Accion for Finamérica,  makes savings more attractive to existing credit clients, thus helping them to reduce vulnerability. The product, designed as a part of a multi-year project funded by the Bill & Melinda Gates Foundation and spearheaded by Accion, w product won the 2013 Accenture Colombia Innovation Awards in the category of Financial Services.

About the Product

“El Milagroso” – which loosely translates as “the miraculous” – is a voluntary savings account offered to clients who have credit products with Finamérica. Clients may set monthly savings contributions at 5, 10 or 15 percent of their installment plan, and depending on the savings amount achieved over time, they obtain a discount on their credit interest rate of anywhere between 3-6 percent. The more clients save, the less costly their loans become.

Clients make savings deposit at same time as they pay their loan. The product takes advantage of the client’s payment habit and contributes to “the miracle” of converting credit into savings.


Project Highlights

  • “El Milagroso” was launched in early 2012

  • Number of clients increased 200 percent during 2013

  • Finamérica obtained almost 30,000 savings clients through this product

  • Average balance per account increased from U.S. $5 to $35

  • The product helps to confirm that savings clients have better repayment rates.

  • Portfolio at risk indicator (PAR) is 50 percent lower in “El Milagroso” clients than in other Finamérica clients


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