Colombia is home to some of the most innovative forces in the microfinance industry. While this country's economy has improved significantly over the past several years, close to half of the population still lives below the poverty line. This, combined with the fact that a large portion of the population is employed in the informal sector, makes the expansion of access to financial services critically important for the economic development of the country.
Finamérica Fundación Mario Santo Domingo
Accion was a key partner in launching microcredit in the Colombian capital of Bogota in 1988 along with partner Finamérica (previously Finansol). Through a close partnership, Accion and Finamérica have developed a sound credit methodology as well as a strong products and services portfolio that drastically improved Finamérica’s financial health and market presence.
We have also worked closely the Fundación Mario Santo Domingo (FMSD) to offer "Dialogue on Business," our signature business training program for microentrepreneurs, and jointly established Centro de Formación Empresarial (CFE), an official microenterprise training center in Bogota. Accion has also supported the development of FMSD’s principal credit methodology: the solidarity group lending model.
We are continuing to push the boundaries of innovative microfinance in Colombia through our 2012 launch of Avanza, a service to manage microfinance portfolios on behalf of banks and microfinance institutions. The goal of this service is to decrease operating costs, increase loan disbursement speed and improve client protection. Normal loan disbursements in Latin America can take up to five days, but Avanza aims to reduce processing time to as little as just eight hours, helping to get clients the services they need sooner.
We work in a variety of areas in Colombia:
Accion is supporting partners Finamérica and Fundación Mario Santo Domingo with management and technical assistance services, investments and strategic direction.Learn more about our Microfinance Services >>
We have delivered our award-winning 'Dialogue on Business' training program to more than 450,000 microentrepreneurs in Colombia and beyond. We have also parterned with the Fundación Mario Santo Domingo to establish the Centro de Formación Empresarial (CFE), an official microenterprise training center in Bogota.Learn more about Client Education >>