ACCION Network Celebrates Compartamosin Reaching 1 Million Clients with Microfinance
Compartamos Banco Achieves Latin American Milestone in Building Inclusive Financial Systems for the Poor
BOGOTA, September 5, 2008 – 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 NetworkSince 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.
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Contact:Martha Lucía RojasACCION Network CoordinatorBogota, ColombiaTel: +571 7 48 07 email@example.com
In the U.S.:Bruce MacDonaldVP, CommunicationsACCION InternationalBoston, MATel: +1 617 616 firstname.lastname@example.org