Banco Solidario was initially established in Quito, Ecuador in 1995 as Estrategia Financiera S.A. After merging with Sociedad Financiera Finambato S.A. a year later, it became Banco Solidario S.A. Banco Solidario is the first social mission-bearing financial initiative in Latin America born out of 100 percent private capital.
Banco Solidario's market niche – microenterprise, small business, family-run business and the urban and rural self-employed – makes up nearly seventy percent of Ecuador's economically active population. This socioeconomic segment of the Ecuadorian population faces obstacles in obtaining conventional financial services.
In addition to Accion’s participation in Banco Solidario’s governance, Accion and Banco Solidario have worked together on the development of new products, such as home improvement loans, lines of credit, savings, rural credit, audit methodology, risk management, credit scoring and client service, among others. All projects support Banco Solidario’s efficient expansion and success to date in the face of the growing competition.