<p>As a member of the Accion Global Advisory Solutions team, Jose Wolff serves as the Vice President of Latin America Program Management. In this role, Jose is responsible for leading the advisory team’s business development strategy and program management in the region. He provides advice on digital transformation programs, digital product development, and other business-related areas for a wide range of financial service providers. He also leverages external relationships to identify new engagement opportunities and oversees the development and implementation of Accion’s advisory services in the region.</p>
<p>Jose is a result-driven professional with over 17 years of experience leading transformation programs, digital product management, business development, and supporting investment decisions. Jose also brings more than 10 years of experience in management consulting, leading projects, and managing the sales cycle across different industries for Fortune Global 500 companies in Canada and Latin America. In his last role, Jose was the head of digital strategy at Bancolombia; leading the digital strategy and digital transformation roadmap, new digital businesses, and accelerating digital enablers such as Artificial Intelligence (AI), IPA, Robotics, and Open Banking.</p>


Vice President, Latin America Program Management

Jose  Wolff

By reaching women entrepreneurs with high-quality, affordable, and responsible financial services, we can empower them to seize opportunities in their communities and better support themselves and their families.

Article

At 7 a.m. each morning, Claudia opens her store. For 28 years, she has imported and sold bed linens to wholesalers and individual customers from her storefront in Guatemala City. The hours are long and the work is difficult, and she is proud of the business she built. This business has allowed her to provide for her two children and send them to school – one is currently an aeronautical engineer and one is a medical student. She’s also been able to offer job opportunities to members of her community over the years. To build her business, Claudia became a customer of <a href="https://genesisempresarial.org/" target="_blank" rel="noopener noreferrer">Fundación Génesis Empresarial,</a> a financial services provider that helps small businesses in Guatemala improve their digital capabilities and financial management.

“I started with Génesis with a <a href="/can-group-lending-work-in-a-socially-distant-world" target="_blank" rel="noopener noreferrer">group loan</a>, where one person was the leader, and the others only had to make our payment to be able to grow so that Génesis could trust each of us.” Some banks, she recalls, had too many requirements for a fledgling business like hers. “Génesis has been much more accessible,” she says.

Today, she makes use of a variety of their products to sustain and expand her business. “I have worked with Génesis since I started. I think we are both growing, and I am still a client of Génesis to this day.”

Like many small business owners, Claudia faced unprecedented challenges in recent years. In response to the COVID-19 pandemic, <a href="https://www.accion.org/claudia-moves-her-business-online-during-the-pandemic" target="_blank" rel="noopener noreferrer">she worked with Fundación Génesis Empresarial to adopt new digital tools</a>, including social media and digital payment options that allowed her to reach customers who were not able to leave their homes. She credits Fundación Génesis Empresarial’s support, along with the dedication of a longtime employee, for helping her business weather the crisis.

“Today, I think we are even more solid than before,” she says. “Many businesses that did not have good support, good capital, or good staff went bankrupt. Several of the ones here closed. We are one of the few that have continued to distribute these kinds of products.”

<img class="aligncenter wp-image-27605 size-large" src="https://content.accion.org/wp-content/uploads/2023/02/claudia-de-aldana-genesis-guatemala-city-1024x683.jpg" alt="Claudia in her textile shop in Guatemala City" width="1024" height="683" />

Accion and Fundación Génesis Empresarial have a longstanding partnership and a shared commitment to <a href="/guatemalan-entrepreneurs-save-time-and-money-with-digital-products" target="_blank" rel="noopener noreferrer">helping Guatemala’s small businesses thrive</a>. Claudia is one of many hard-working business owners in the country who are trying to get ahead but are at risk of being left behind as the global economy becomes increasingly digital. And she's an example of how high-quality, affordable, and responsible financial services can help women entrepreneurs seize opportunities.

Accion is committed to helping micro and small enterprises like Claudia’s keep up with the technology trends that are reshaping the global economy. Since 2018, we have partnered with Mastercard Center for Inclusive Growth to support the digital transformation of financial service providers, like Fundación Génesis Empresarial, who serve these types of businesses. Through this work, we have learned a few key lessons: using digital products can build financial health, empower women, and unlock growth; frequent users of digital products see more benefits to their business; and while digital payments and other technologies are in high demand, a human touch is essential for maintaining trust in the new products. These findings are described in our report, <a href="/the-impact-of-digital-transformation-on-underserved-microbusinesses-findings-from-accions-partnership-with-mastercard#4.-frequent-users-can-see-more-business-value" target="_blank" rel="noopener noreferrer">The impact of digital transformation on underserved microbusinesses</a>.

Accion and Fundación Génesis Empresarial are also <a href="/partnering-to-create-economic-opportunities-in-the-northern-triangle" target="_blank" rel="noopener noreferrer">taking part in the Partnership for Central America</a>, an effort to address the root causes of migration in the Northern Triangle countries of Guatemala, Honduras, and El Salvador. By working with local partners like Fundación Génesis Empresarial, Accion aims to increase economic opportunity in a region that struggles with food insecurity, violence, climate change, and other threats to citizens’ livelihoods.

Hear Claudia tell her story in our video, <a href="/claudia-moves-her-business-online-during-the-pandemic" target="_blank" rel="noopener noreferrer">Claudia moves her business online during the pandemic</a>.

[embed]https://youtu.be/NhLbibJh6CQ[/embed]

Creating economic opportunities for women in Guatemala

Gayatri Mehta

Spanish

<p>En foto: Lourdes, una clienta de BancoSol, trabaja en diseños de telas en su taller en La Paz, Bolivia</p>
<p>Lourdes es una esforzada y apasionada diseñadora de vestuarios que trabaja en La Paz, Bolivia. Le encanta la diversidad cultural de su país y dedica su tiempo a diseñar y coser vestidos de danzas folclóricas tradicionales para venderlos en los mercados locales. A la edad de 21 años comenzó su negocio junto con su padre, y ese mismo año obtuvo su primer préstamo con <a href="https://www.bancosol.com.bo/" target="_blank" rel="noopener">BancoSol</a>. Empezaron con 500 dólares, lo que les bastó para comprar una máquina de coser y algo de tela. Siete años después, esa máquina de coser se ha multiplicado y hermosos vestidos y telas brillantes cuelgan de todas partes en su tienda. Su sueño es expandir su negocio más allá de La Paz, incorporando diseños inspirados en la variedad de culturas de Bolivia. “Me encantaría viajar a comunidades indígenas, aprender sus idiomas y costumbres locales y fusionar sus formas de vida en los diseños de mis vestidos. También quiero que se escuchen sus voces”, dice Lourdes.</p>
<p>A pesar de tener un crecimiento orgánico a lo largo de los años, Lourdes se siente aún lejos de lograr sus sueños debido a las limitaciones financieras que le impiden acumular ahorros. Todos los ingresos que obtiene los gasta de inmediato en su negocio o su familia. Cuando se le preguntó si pensaba abrir una cuenta de ahorros, respondió: “Es difícil desprenderse del dinero que tanto me cuesta ganar y ver cómo se queda ocioso en una cuenta acumulando polvo. Quiero que mi dinero trabaje tan duro como yo”.</p>
<p>Lourdes no es la única que piensa así. Esta sensación de hacer que el dinero “trabaje para mí” es compartida por muchas personas que priorizan el valor de las pequeñas oportunidades de inversión para que el dinero crezca. El ahorro suele ser más difícil de vender y, según <a href="https://globalfindex.worldbank.org/basic-page-overview" target="_blank" rel="noopener">Global Findex</a>, solo el 21 % de los adultos de los países en desarrollo ahorran en instituciones financieras formales.</p>
<h2><strong><img class="alignright wp-image-23873" src="https://content.accion.org/wp-content/uploads/2021/04/Picture4.png" alt="GanaSol interface" width="235" height="460" srcset="https://content.accion.org/wp-content/uploads/2021/04/Picture4.png 228w, https://content.accion.org/wp-content/uploads/2021/04/Picture4-153x300.png 153w" sizes="(max-width: 235px) 100vw, 235px" />El ahorro es fundamental para desarrollar la resiliencia financiera<br />
</strong></h2>
<p>El fomentar con éxito un comportamiento positivo hacia el ahorro es una batalla cuesta arriba para los proveedores de servicios financieros alrededor del mundo. Muchos propietarios de microempresas como Lourdes tienen una visión clara de para qué les gustaría ahorrar y cuánto les costaría exactamente, pero a la mayoría le resulta difícil la disciplina y el compromiso de depositar regularmente en cuentas de ahorro formales. Quienes sí logran ahorrar, a menudo prefieren hacerlo de manera informal, ya sea guardando efectivo en casa, o utilizando esquemas de ahorro informales que frecuentemente cobran comisiones por sus servicios. Estas opciones no sólo son más costosas y menos seguras, sino que el tener el dinero cerca hace que resulte más fácil gastarlo rápidamente en lugar de dejarlo crecer.</p>
<p><a href="https://www.accion.org/the-crucial-but-overlooked-factor-for-financial-health-humans" target="_blank" rel="noopener">El desarrollo de la salud financiera</a> y de la resiliencia de las MIPYME es prioritario en las misiones de Acción y BancoSol. La gente necesita de los ahorros y otros activos estables para sobrellevar crisis e imprevistos y apoyar a sus empresas y familias. La pandemia de COVID-19 y sus medidas de distanciamiento social han exacerbado los obstáculos financieros que enfrentan muchas pequeñas empresas, y han obligado a las organizaciones de microfinanzas a adoptar un enfoque digital para atender a sus clientes.</p>
<h2><strong>Hacer que ahorrar resulte agradable a través de la &#8220;Gamification&#8221;</strong></h2>
<p>BancoSol sabía que necesitaban encontrar una manera de hacer que los ahorros fueran atractivos y lograr que las personas sintieran beneficios tangibles por cada depósito que realizaban. ¿Pero cómo?</p>
<div id="attachment_23874" style="width: 245px" class="wp-caption alignleft"><img aria-describedby="caption-attachment-23874" class="size-full wp-image-23874" src="https://content.accion.org/wp-content/uploads/2021/04/ganasol-2.png" alt="GanaSol interface" width="235" height="465" srcset="https://content.accion.org/wp-content/uploads/2021/04/ganasol-2.png 235w, https://content.accion.org/wp-content/uploads/2021/04/ganasol-2-152x300.png 152w" sizes="(max-width: 235px) 100vw, 235px" /><p id="caption-attachment-23874" class="wp-caption-text"><em>En la plataforma GanaSol, los usuarios pueden verificar cuántos puntos han ganado y cómo van en camino a sus metas de ahorro. Este usuario ha ahorrado 100 bolivianos, lo que le da acceso a la lotería semanal que brinda a los usuarios la oportunidad de ganar un premio en efectivo. </em></p></div>
<p>Diseñaron GanaSol, una plataforma digital que permite a los clientes ganar premios y recompensas cada vez que realizan tareas clave, como usar canales digitales para administrar sus cuentas bancarias, depositar dinero regularmente y mantener un cierto saldo mensual. GanaSol, utiliza juegos basados en el azar como &#8220;girar la ruleta&#8221; porque estos juegos fomentan una sensación de productividad ya que los usuarios ganan premios cada vez que lo hacen. Los clientes pueden acceder a GanaSol directamente desde la aplicación de banca móvil de la institución, AppSol 3.0, que fomenta aún más el uso de los canales digitales de BancoSol. Esta aplicación brindará a los microempresarios de Bolivia una solución atractiva para invertir en sus ahorros.</p>
<p>Esta nueva plataforma fue lanzada a través del <a href="https://www.accion.org/bolivias-small-businesses-need-innovative-products-to-help-them-grow">centro de innovación</a> de BancoSol, un espacio donde el banco desarrolla productos y servicios financieros digitales innovadores para atender mejor a los microempresarios. Para la concepción y el diseño del producto utilizaron entrevistas en profundidad con clientes, rondas de ideas creativas y pruebas de prototipos. Para desarrollar la plataforma, BancoSol se asoció con <a href="https://flourishfi.com/">Flourish Savings</a>, un proveedor de &#8220;gamification&#8221; digital con sede en EE. UU. que brinda soluciones de participación para impulsar el ahorro y la lealtad. BancoSol también llevó a cabo un “Datathon”<em> [un evento estilo “hackathon” apoyado por los científicos de datos de Mastercard]</em> virtual junto con Accion y Mastercard, para aprovechar la gran cantidad de datos del banco y así obtener una amplia perspectiva sobre cómo fomentar comportamientos digitales, mejorar el uso los productos financieros y crear relaciones duraderas con sus clientes.</p>
<p>Más del 10 por ciento de los clientes de banca móvil de BancoSol ya han comenzado a utilizar GanaSol desde su lanzamiento a finales de marzo. Tan solo en la primera semana, la nueva aplicación logró más de 3.400 usuarios activos.</p>
<blockquote class="pullquote--right"><p><strong><em>“GanaSol no solo permite al cliente ganar premios en dinero, sino también desarrollar hábitos financieros saludables en sus transacciones e interacciones diarias con el banco. La aplicación fue diseñada pensando en el cliente, tomando en cuenta sus preferencias para que los puntos de contacto digitales con el banco sean más interactivos, convenientes y gratificantes &#8220;. &#8211; Alejandro Camargo, Responsable de Innovación y Transformación, BancoSol</em></strong></p></blockquote>
<p>Si bien la versión inicial de GanaSol se enfoca únicamente en desarrollar hábitos de ahorro, en el futuro BancoSol podrá adaptar fácilmente la aplicación de acuerdo con sus necesidades estratégicas. Por ejemplo, el concepto de ¨ludificación&#8221; podría usarse para interactuar con los clientes de una manera más rentable y conveniente, incentivar el uso de productos y servicios nuevos o mejorados, y optimizar la salud de la cartera. Los clientes que participan en las actividades de GanaSol reciben premios mientras desarrollan hábitos positivos y servicios nuevos o mejorados, y optimizar la salud de la cartera. Los clientes que participan en las actividades de GanaSol reciben premios mientras desarrollan hábitos positivos y resiliencia financiera. GanaSol y el centro de innovación de BancoSol fueron desarrollados gracias a los servicios de asesoría proporcionados por Acción a través de una <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses" target="_blank" rel="noopener">asociación global entre Acción y Mastercard.</a></p>
<p>Los micro-comerciantes son la fuerza que impulsa la economía boliviana y su fuerza laboral, y estimulando la productividad del país. Al continuar atendiendo a los comerciantes a través de un enfoque en el cliente, la relación de BancoSol con ellos trasciende el ser solo un proveedor de servicios financieros: BancoSol es su aliado de confianza y un impulsor clave para su éxito y su crecimiento. Con GanaSol, los microempresarios como Lourdes pueden utilizar los servicios financieros digitales de una manera conveniente, segura y gratificante, lo que les permite desarrollar resiliencia financiera para el futuro.</p>


BancoSol’s new app uses gamification to encourage positive savings behaviors for micro, small, and medium enterprises (MSMEs) in Bolivia

Lourdes is a hardworking and passionate costume designer based in La Paz, Bolivia. She loves her country’s rich culture and has dedicated her time to designing and sewing traditional folk dance dresses to sell in local markets. She started her business with her father at the age of 21 and took out her first loan with <a href="https://www.bancosol.com.bo/">BancoSol</a> that year. They started with $500, which was just enough to purchase one sewing machine and some fabric. Seven years later, that one sewing machine has multiplied into several sewing machines, and beautiful glittering dresses and fabrics hang from all corners of her shop. Her dream is to expand her business beyond La Paz, weaving in design inspiration from Bolivia’s multitude of diverse cultures. “I would love to travel to indigenous communities, learn their local languages and customs, and adopt their ways of life into the designs of my dresses – I want their voices to be heard too,” says Lourdes.

Despite the moderate growth her business has experienced over the years, Lourdes feels far from pursuing her dreams because of financial constraints that keep her from building her savings. She immediately spends any income she earns on her business or her family. When asked about whether she’d consider opening a savings account, she explained: “It’s hard to part with your hard-earned money and watch it sit idly in an account collecting dust. I want my money to work hard the way I do.”

Lourdes isn’t unique in her mindset. This sentiment – making money “work for me” – is shared by many people who prioritize the value of small investment opportunities where their money grows over time. Savings is usually a harder sell, and according to the <a href="https://globalfindex.worldbank.org/basic-page-overview">Global Findex</a>, only 21 percent of adults in developing countries save with formal financial institutions.
<h2><strong><img class="alignright wp-image-23873" src="https://content.accion.org/wp-content/uploads/2021/04/Picture4.png" alt="GanaSol interface" width="235" height="460" />Saving is integral to building financial resilience </strong></h2>
Successfully encouraging positive savings behavior is an uphill battle for financial service providers around the globe. Many microbusiness owners like Lourdes have a clear vision of what they would like to save for and exactly how much it would cost, but most struggle with the discipline and commitment to deposit regularly into formal savings accounts. Those who do manage to save often prefer to save informally, either by saving cash at home or using informal savings schemes that frequently charge a premium for their services. Not only are these options more costly and less secure, having the funds close by makes it easier to spend the money quickly rather than allow it to grow.

<a href="https://www.accion.org/the-crucial-but-overlooked-factor-for-financial-health-humans" target="_blank" rel="noopener noreferrer">Building the financial health</a> and resilience of MSMEs is at the forefront of Accion and BancoSol’s mission. People need savings and other stable assets to overcome moments of crisis, endure shocks, and support their businesses and families. The COVID-19 pandemic and its social distancing measures have exacerbated the financial hurdles many small businesses face and has forced microfinance organizations to take a digital-first approach to serving their customers.
<h2><strong>Making saving fun through gamification</strong></h2>
BancoSol knew that they needed to find a way to make savings attractive and get people to see the tangible benefits of every deposit they make. But how?

[caption id="attachment_23874" align="alignleft" width="235"]<img class="size-full wp-image-23874" src="https://content.accion.org/wp-content/uploads/2021/04/ganasol-2.png" alt="GanaSol interface" width="235" height="465" /> <em>On the GanaSol platform, users can see how many points they have earned and their progress in reaching their savings goals. This user has saved 100 Bolivianos, unlocking access to the weekly lottery that gives users a chance to win a cash prize.</em>[/caption]

They designed GanaSol, a digital gamification platform that allows customers to earn prizes and rewards whenever they perform key tasks such as using digital channels to manage their bank accounts, depositing cash regularly, and retaining a certain monthly balance. GanaSol, adapted from the Spanish verb ganar or “to win”, utilizes chance-based games like “spin-the-wheel” because these games foster a feeling of productivity as users earn prizes every time they play. Customers can access GanaSol directly from the institution’s mobile banking application, AppSol 3.0, further encouraging the use of BancoSol’s digital channels. This app will bring Bolivia’s microentrepreneurs an attractive solution to invest in their savings.

Customers can access GanaSol directly from the institution’s mobile banking application, AppSol 3.0, further encouraging the use of BancoSol’s digital channels. This app will bring Bolivia’s microentrepreneurs an attractive solution to invest in their savings.

This new platform was launched through BancoSol’s <a href="https://www.accion.org/bolivias-small-businesses-need-innovative-products-to-help-them-grow" target="_blank" rel="noopener noreferrer">innovation hub</a>, a space for the bank to develop innovative digital financial products and services that better serve microentrepreneurs. The conception and design of the product was guided by in-depth customer interviews, rounds of ideation, and prototype testing. To develop the platform, BancoSol partnered with <a href="https://flourishfi.com/" target="_blank" rel="noopener noreferrer">Flourish Savings</a>, a US-based digital gamification vendor that provides engagement solutions to boost savings and loyalty. BancoSol also conducted a virtual “datathon” in conjunction with Accion and Mastercard, to leverage the bank’s wealth of data to gain tremendous insight into encouraging digital behaviors, improving engagement with financial products, and creating long-lasting relationships with their customers.

Over 10 percent of BancoSol’s mobile banking customers have already started using GanaSol since its launch at the end of March. The new app received more than 3,400 active users in the first week alone.
<blockquote class="pullquote--right">“GanaSol not only allows the customer to win cash prizes, but also to build healthy financial habits in their daily transactions and interactions with the bank. The application was designed with the customer in mind, taking into account their preference for digital touchpoints with the bank to be more interactive, convenient, and rewarding.” – Alejandro Camargo, Head of Innovation and Transformation, BancoSol</blockquote>
While the initial iteration of GanaSol focuses solely on developing savings habits, BancoSol can easily adapt the app in the future according to it’s strategic needs. For example, the gamification concept could be used to engage customers in a more cost-effective and convenient way, incentivize the use of new or improved products and services, and optimize portfolio health. For customers, partaking in GanaSol’s activities rewards them prizes while also building positive habits and financial resilience. GanaSol and BancoSol’s innovation hub were developed with advisory services provided by Accion through a <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses" target="_blank" rel="noopener noreferrer">global partnership between Accion and the Mastercard Center for Inclusive Growth.</a>

Micro-merchants are the driving force behind the Bolivian economy, powering its labor force and stimulating the country’s productivity. By continuing to serve merchants through a customer-centric lens, BancoSol’s relationship with its customers transcends beyond financial service provider. BancoSol is their trusted partner and a key contributor to their growth and success. With GanaSol, microentrepreneurs like Lourdes can use digital financial services in a convenient, secure, and rewarding way that enables them to build financial resilience for the future.

Gamification motivates microentrepreneurs to save in Bolivia

This husband and wife team in Bolivia began producing personal protective equipment (PPE) to help their community and keep their business afloat during the coronavirus pandemic

For Carolina Cano Huanca, making clothes has always been a family affair. “I started because of my brother,” she says, “He was working in Argentina making clothes, and when he came back, he had the idea to start a workshop. He bought some machines, and then I got interested.” Eventually, she expanded her sewing skills and began designing her own garments and products. “I first bought a sewing machine, and I would make clothes for others, but I realized that did not fulfill me. I wanted to make my own creation. I wanted to make it myself, the whole thing."

Equipped with a newfound passion for design and her own sewing machine, Carolina decided to open a garment business in her hometown of La Paz, Bolivia. She's worked side-by-side with her husband Rómulo Ferrel Rodríguez since they got married ten years ago. They use the income from their business to provide for their family and build a future for their four young children. Carolina wants to “give them stability, make them study everything they want, and to be able to help them do anything they would like to do. Out of everything, that is what motivates me the most.”
<h3>Filling a need for their community during the pandemic</h3>
[caption id="attachment_21901" align="alignnone" width="750"]<img class="wp-image-21901" src="https://content.accion.org/wp-content/uploads/2020/07/bancosol2.jpg" alt="" width="750" height="500" /> <em>Entrepreneur Carolina Cano Huanca began producing PPE during the pandemic</em>[/caption]

Today, Carolina and Rómulo are facing very difficult circumstances: keeping their small business afloat while the COVID-19 pandemic disrupts life in Bolivia. Before the pandemic, the bulk of their income came from contracts with schools, businesses, and sports teams. Once schools closed and sports seasons were called off, all of their orders were suddenly canceled — even though they had already purchased the raw materials to fill them. “We could not do anything,” explains Carolina, “At first it was very hard because we thought that this was going to last less time. But with this being prolonged, my husband and I talked about having to do something, we had to adapt to this situation because we did not have any other option."
<blockquote>“We had to adapt to this situation because we did not have any other option.”</blockquote>
So, they pivoted their business to fill the growing need for personal protective equipment (PPE) in their community by producing biosecurity suits. Biosecurity suits are worn on top of clothing to protect people from viruses and other biohazards. During the COVID-19 pandemic, PPE has become a necessity for many people who must return to work despite the continuing spread of the virus in Bolivia. Carolina and Rómulo decided to produce these protective suits and put their own spin on a new design. Instead of the typical one-piece style, they’ve created a more comfortable two-piece design made of lightweight, waterproof material. Though their income is not what it was before the pandemic, they’ve kept their prices low so that the suits are accessible to those that need them. “That is a way in which I want to contribute. We are offering lower prices so that [people] can take care of themselves,” says Carolina.
<h3>“BancoSol helped us grow as a family, as a microenterprise.”</h3>
Right from the start, Carolina and Rómulo realized how difficult it was to start a business with their own money and knew they needed help to grow their business. By working with BancoSol, <a href="/bolivias-small-businesses-need-innovative-products-to-help-them-grow">a commercial bank serving small and micro businesses in Bolivia</a>, they’ve been able to purchase the machinery and raw materials they need to grow. “The most positive change that BancoSol has made for us was to trust us as clients. The trust BancoSol gave us, I believe that is the fundamental support that every microentrepreneur needs,” says Rómulo, “BancoSol helped us grow as a family, as a microenterprise.” With continued trust and support from BancoSol, they can continue working during the pandemic.
<blockquote>“The trust BancoSol gave us, I believe that is the fundamental support that every microentrepreneur needs.”</blockquote>
Since the pandemic has unfolded, BancoSol has been working to assist their small business clients. Together with Accion, they developed data-driven customer segments to better understand their clients’ business needs during this time. They’re incorporating these findings into a new mobile saving application that leverages gamification to enhance user engagement. By evaluating entrepreneurs’ mindsets, use of administrative tools, potential for growth, and technological savviness, they can group customers with similar needs and provide targeted solutions to help entrepreneurs reinvest in their businesses. We're currently working with BancoSol as part of our ongoing efforts with the <a href="/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses">Mastercard Center for Inclusive Growth</a> to drive the digital transformation of millions of microbusinesses and the financial institutions that serve them.
<h3>Fighting to move forward</h3>
<img class=" wp-image-21900 alignleft" src="https://content.accion.org/wp-content/uploads/2020/07/bancosol3.jpg" alt="" width="297" height="446" />This pandemic has threatened the livelihoods of entrepreneurs everywhere, especially those small and microentrepreneurs that were already vulnerable to challenges. But Rómulo has found a silver lining: “As a family, it has affected us economically, but the good thing about this pandemic is that as a family, we have been able to unite much more; with my wife, my children — we have been able to interact more. For every bad thing in our family, we are able to bring out the good, that the family has gotten closer.”

As an entrepreneur, he and Carolina have overcome past challenges and grown from them. Rómulo is optimistic about the spirit of Bolivians during this crisis, saying, “There are entrepreneurs, fighters, who adapt to change rapidly. Just how it has happened in this pandemic. There are people who have turned 180 degrees to move forward, to continue the fight. I think that what characterizes Bolivians is the fight to keep going, to keep growing.” He and Carolina are doing just that.

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