Leonardo Tibaquira serves as Director, Digital Strategy and Transformation, on the Accion Global Advisory Solutions team. He leads innovation and product development projects using client-centered design and behavioral design methodologies. He oversees activities in market research, product development, communication strategies, digital transformation, distribution channels, and financial education. He also manages projects that improve the value of products and services offered by various financial service providers in Latin America.
He has more than 20 years of marketing experience in the financial sector. Before joining Accion, Leonardo worked at Banco de Bogotá as the Head of Savings Products. He also held positions in distribution channels, cash management, and relationship marketing.
Leonardo holds a bachelor’s degree in Business Administration from the Pontificia Universidad Javeriana and a master’s degree in Strategic Marketing from CESA in Colombia, as well as diplomas from the MIT Sloan School of Management and others from the Universidad de la Sabana and Univerdidad de los Andes.

Director, Digital Strategy and Transformation

Sandra Calderon

Leonardo Tibaquira

espanol

Caja Bienestar y Caja Popular Cerano aprovecharon las investigaciones, las innovaciones y el conocimiento de los clientes para satisfacer las necesidades de las pequeñas empresas y personas desatendidas
En México, el <a href="http://www.inegi.org.mx/">99 por ciento de todas las empresas son micro, pequeñas y medianas (MIPYME)</a>. Estas empresas contribuyen con el 52 por ciento del PIB y generan el 72 % de los puestos de trabajo. A pesar de su papel crucial en México, <a href="https://read.oecd-ilibrary.org/industry-and-services/financing-smes-and-entrepreneurs-2016_fin_sme_ent-2016-en#page334">menos del 10 por ciento de ellas han recibido un préstamo bancario</a> y no pueden acceder a lo que necesitan para seguir operando en el largo plazo. “Las MIPYME en México no duran mucho: entre dos y cinco años y luego desaparecen”, comenta José Eduardo Ruiz, director comercial de Caja Bienestar, un proveedor financiero en el centro de México.
Desde 2019, Acción se ha asociado con cinco proveedores de servicios financieros en América Latina, con el apoyo de <a href="https://www.metlife.com/about/corporate-responsibility/metlife-foundation/index.html">MetLife Foundation</a>, para desarrollar productos enfocados en la salud financiera que resuelven los problemas que enfrentan las pequeñas empresas, y ayudan a las personas a mejorar sus vidas. En México, trabajamos con Caja Bienestar y Caja Popular Cerano para desarrollar productos innovadores que satisfacen las necesidades de sus clientes. Nuestro enfoque se centró en las personas que utilizan estos productos: sus necesidades, circunstancias, destrezas y aspiraciones.
<a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile#case-study:-caja-bienestar">Nuestra asociación con Caja Bienestar en Querétaro, México</a>, comenzó con un trabajo de investigación cualitativa en profundidad con propietarios de pequeñas y medianas empresas. Los hallazgos de esa investigación orientaron todos los aspectos del diseño del producto: desde la captación y el marketing hasta la experiencia de usuario y las condiciones de pago.
Frecuentemente, para tratar de vender más, las pequeñas tiendas ofrecen crédito a sus clientes. Muy pronto se encuentran dedicándole más tiempo a manejar las deudas que a ocuparse de sus negocios. Cuando su capital está inmovilizado en créditos, les falta liquidez para pagarles a sus propios acreedores o para reponer su inventario. Sin embargo, José Eduardo no los culpa, señalando que estas empresas son las únicas que les prestan a sus clientes, que dependen de ellas para obtener el crédito que requieren.
“Zapatero a tus zapatos” es el dicho que José Eduardo repite, y que refleja el problema de competitividad que José Eduardo y su equipo observaron sobre lo que funciona mal con las pequeñas empresas. En lugar de centrarse en vender hormigón y materiales de construcción, los <a href="https://www.accion.org/entrepreneurs-get-one-step-closer-to-their-dreams-in-mexico">dueños de pequeñas empresas como Francisco actuaban como prestamistas</a> para sus clientes, y asumían todos los riesgos que ello implica. El equipo de Accion y Bienestar reconoció una oportunidad en la que todos iban a ganar: la cooperativa aportaba su experiencia en materia de préstamos y servía como socio financiero de las pequeñas empresas que ofrecen crédito a sus clientes. Como dice José Eduardo, &#8220;Somos los expertos financieros, así que lo asumimos y el dueño de la empresa puede concentrarse en su trabajo&#8221;. Ahora, Bienestar se asocia con pequeñas empresas para ofrecer crédito a sus carteras de clientes, y los empresarios pueden concentrarse en sus operaciones y, con los fondos que antes utilizaban para otorgar préstamos, los invierten en sus negocios, cancelan deudas o ahorran.
El producto no solo está estructurado en torno a las relaciones y la dinámica características de las pequeñas empresas, sino que Bienestar vela por que la experiencia de usuario resulte agradable y natural para los clientes. Al trabajar con Accion el equipo se dio cuenta de que muchos microempresarios utilizan WhatsApp como herramienta fundamental para sus negocios: hacen pedidos, confirman la recepción e incluso registran quejas a través de la aplicación. Para adaptarse a estos hábitos, el equipo diseñó un bot que imita la experiencia de WhatsApp para que los usuarios puedan liberar los pagos con unos pocos mensajes. La experiencia digital resulta rápida y sencilla para los usuarios, y le ahorra tiempo y esfuerzo a la cooperativa.
Junto con otro socio en México, una cooperativa financiera llamada <a href="https://cpcerano.com.mx/">Caja Popular Cerano</a>, trabajamos para poder llegar a más clientes que se iban a beneficiar de servicios financieros que nunca antes habían utilizado. Descubrimos que los jóvenes dentro de su mercado querían construirse un futuro, pero desconfiaban de los bancos y se estaban endeudando. De hecho, solo el <a href="https://databank.worldbank.org/reports.aspx?source=1228">33 por ciento de la población</a> joven (de 15 a 24 años) en México es cliente de una institución bancaria. Sabíamos que teníamos que hacer las cosas de manera diferente para llegar a los jóvenes, por lo que <a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile#case-study:-caja-popular-cerano">el equipo creó una aplicación con elementos de juego para que el ahorro fuera accesible a personas de todas las edades</a>. Al fomentar comportamientos financieramente saludables, como el ahorro entre los clientes más jóvenes, Caja Popular Cerano los ayudará a prosperar a lo largo de su vida financiera, comenzando con la aplicación, que puede que sea su primer contacto con una institución financiera.
Estos productos muestran cómo la investigación, la innovación y el conocimiento de los clientes, pueden ser combinados para satisfacer las necesidades de las pequeñas empresas desatendidas, y de las personas que aún no logran el apoyo financiero que necesitan. Como dice José Eduardo, “Si mi trabajo puede generar un impacto, y especialmente si beneficia a la comunidad donde vivo, bueno, esa es mi mayor fuente de inspiración”.

Caja Bienestar and Caja Popular Cerano leveraged customers insights, research, and innovation to meet the needs of underserved small businesses and people

Article

In Mexico, <a href="http://www.inegi.org.mx/" target="_blank" rel="noopener noreferrer">99 percent of all businesses are micro, small, and medium enterprises (MSMEs)</a>. These small businesses contribute 52 percent of GDP and generate 72 percent of jobs. Although these businesses play a crucial role in Mexico, <a href="https://read.oecd-ilibrary.org/industry-and-services/financing-smes-and-entrepreneurs-2016_fin_sme_ent-2016-en#page334" target="_blank" rel="noopener noreferrer">fewer than 10 percent of them have received a bank loan</a> and can’t get what they need to stay open long-term. “MSMEs in Mexico are short-lived. They last about two to five years, and then they fade,” says José Eduardo Ruiz, Commercial Director Caja Bienestar, a financial provider in central Mexico.

Since 2019, Accion has partnered with five financial service providers in Latin America, with support from <a href="https://www.metlife.com/about/corporate-responsibility/metlife-foundation/index.html" target="_blank" rel="noopener noreferrer">MetLife Foundation</a>, to develop financial health-focused products that solve the problems that small businesses face and help people to improve their lives. In Mexico, we worked with Caja Bienestar and Caja Popular Cerano to build innovative products that meet their customers’ needs. Our approach focused on the people using these products: their needs, circumstances, abilities, and aspirations.

<a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile#case-study:-caja-bienestar" target="_blank" rel="noopener noreferrer">Our partnership with Caja Bienestar in Querétaro, Mexico</a>, started with a deep-dive qualitative research effort with small and medium business owners. The findings from that research informed every aspect of the product design, from acquisition and marketing to user experience to payment terms.

Often, small shops will offer to sell products to their customers on credit in an effort to make sales. Fairly soon, they are spending more time and effort managing debt than they are managing their business. When their capital is tied up in credit, they lack the liquidity needed to pay their own debtors, or replenish inventory to stock their shelves. José Eduardo doesn’t fault them though, noting that the customers of these businesses can’t find anyone else who will lend to them; they depend on these businesses to provide the credit they need.

“Zapatero a tus zapatos” is the saying that José Eduardo comes back to, an idiom about competitive advantage that captures what José Eduardo and his team realized was going wrong for small businesses. Rather than focus on selling concrete and construction materials, <a href="https://www.accion.org/entrepreneurs-get-one-step-closer-to-their-dreams-in-mexico" target="_blank" rel="noopener noreferrer">small business owners like Francisco were operating as lenders</a> for their customers and taking on all the risk that implies. The Accion and Bienestar team recognized a win-win opportunity: for the coop to bring its financial lending expertise to the table and serve as the financing partner for small businesses looking to offer credit to their customers. As José Eduardo says, “We are the financial experts, so we take that on, and the business owner can focus on his work.” Now, Bienestar partners with small businesses to provide credit to their portfolio of customers. The business owners can focus on their operations and reserve the capital that was previously used for lending to invest in their business, pay off debt, or save.

Not only is the product structured around the real-life relationships and rhythms of small business life, Bienestar has ensured the user experience is comfortable and natural for customers. With Accion, the team realized that many microentrepreneurs utilize WhatsApp as a critical tool for conducting business. They place orders, confirm receipt, and even register complaints via the application. To fit within these habits, the team designed a bot that mimics the WhatsApp experience so that users can release payments with just a few messages. The digital experience is quick and easy for users and saves time and effort for the cooperative.

With another partner in Mexico, a financial cooperative called <a href="https://cpcerano.com.mx/" target="_blank" rel="noopener noreferrer">Caja Popular Cerano</a>, we worked to expand their reach to more customers that would benefit from financial services but haven’t used them before. We found that young people within their market wanted to build their lives and careers but were wary of banks and taking on debt. In fact, only <a href="https://databank.worldbank.org/reports.aspx?source=1228" target="_blank" rel="noopener noreferrer">33 percent of the youth population</a> (ages 15-24) in Mexico are clients of a banking institution. We knew we needed to do things differently to reach youth, so <a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile#case-study:-caja-popular-cerano" target="_blank" rel="noopener noreferrer">the team created a gamified app that makes saving money accessible for people of all ages</a>. By encouraging financially healthy behaviors like saving in younger clients, Caja Popular Cerano will help customers thrive throughout their financial lives, starting with the app, which may be their first interaction with a financial institution.

These products show how customer insights, research, and innovation can combine to meet the needs of underserved small businesses and people who haven’t been able to get the financial support they need in the past. As José Eduardo says, “If my work can generate an impact — especially if that impact is for the community where I live — well, that is my greatest source of inspiration.”

Behind the innovation in MSME lending in Mexico

La pandemia enfrentó a Jorge Luis con dos grandes retos: no solo se detuvieron las obras de construcción, lo que lo afectó directamente como proveedor de insumos, sino que a su padre también le diagnosticaron cáncer. Justo cuando sus ingresos se desplomaban, sus gastos comenzaron a aumentar de forma descontrolada. Para pagar el tratamiento de su padre y atender a su familia, Jorge Luis necesitaba sacarle dinero a su empresa. Su tono de voz indica lo difícil que fue aquel momento: “No entraba el dinero, pero los gastos eran muy elevados; y como cabeza de familia, mucha gente depende de uno &#8230; el negocio se afectó mucho &#8220;. A medida que avanzaba la pandemia, Jorge Luis redujo su negocio de cuatro locales a dos, vendió cuatro de sus cinco camiones, redujo el tamaño de su equipo y vendió su excavadora, poniéndole fin así a esa línea de negocio. “Había sábados en los que sólo nos ingresaban 100 pesos. Es difícil de imaginarse tratando de cubrir los gastos familiares con eso solamente”, dice.
La empresa de Jorge Luis vende materiales de construcción en Querétaro, México. Antes de la pandemia, los vendía a granel a ingenieros y arquitectos. Podía hacerlo porque disponía de mucho inventario en sus cuatro puntos de venta, y de suficiente capacidad logística como para proveer materiales dónde y cuándo los clientes los necesitaran. Y con frecuencia lo hacía a crédito, a sabiendas de que las obras deben avanzar incluso cuando los constructores no disponen de mucha liquidez. “Cuanto más rápido puedo proveer, más vendo. El disponer de inventario tiene que ver en realidad con el nivel del servicio… con poder brindar a los clientes un alto nivel de servicio”, comenta.
Sin embargo, con la desaceleración de las ventas y las facturas que no le pagaban, ya no disponía de liquidez para ofrecer crédito a los clientes. Sus propios proveedores, que le daban facilidades de pago, también enfrentaban las mismas limitaciones. La liquidez se agotó en todo el sector y muchos, como Jorge Luis, se vieron obligados a liquidar activos y reducir sus operaciones, y recuerda: &#8220;Los proveedores que solían darme crédito, ya no podían hacerlo&#8221;. Descubrió que los pocos proveedores dispuestos a ofrecer crédito cobraban tasas tan altas que consumían la mayor parte de su margen de beneficio; la única forma de mantener la competitividad era comprar en efectivo, y pagar el inventario por adelantado.
Finalmente tuvo un respiro cuando su proveedor, Depósito San Francisco, le presentó a <a href="https://www.ahorrosbienestar.com/" target="_blank" rel="noopener">Caja Bienestar</a>. Dado que Jorge Luis compraba anteriormente a crédito en Depósito San Francisco, sabían que sería un buen candidato para la institución financiera. Caja Bienestar le otorgó el crédito necesario para reabastecer sus almacenes en cuanto Jorge Luis notó que el negocio comenzaba a recuperarse. Pudo comprarle suministros a San Francisco a precios ventajosos, mejorando su competitividad en el mercado. Con suficiente inventario, Jorge Luis pudo nuevamente satisfacer las necesidades de sus clientes e incluso pedir más cuando no tenía en stock los materiales requeridos, y comenta: “Una vez que pudimos llenar la bodega, sentí que íbamos a salir de esta situación. Y lo pudimos lograr gracias a Bienestar. Puedo pasar días de ventas flojas sin sentirme ansioso. Sé que Bienestar me apoya y está a mi lado”.
Los tiempos han cambiado en la tienda de Jorge Luis: ahora está de nuevo repleta de clientes. Que los pedidos sean grandes o pequeños, tiene lo que necesita para satisfacerlos en el acto. Dice que las cosas han cambiado y ahora se centra en la reconstrucción: “Quiero abrir más puntos de venta nuevamente y brindar un servicio más rápido a los clientes. La sensación de alivio es enorme &#8220;.
Para desarrollar servicios financieros que mejoren la salud financiera de las personas de bajos ingresos, Accion Global Advisory Solutions, con el apoyo de <a href="https://www.metlife.com/about/corporate-responsibility/metlife-foundation/index.html" target="_blank" rel="noopener">MetLife Foundation</a>, se asoció con proveedores de servicios financieros como Caja Bienestar. Lea más sobre las ideas que aprendimos de este proyecto en nuestro nuevo documento, <a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile/" target="_blank" rel="noopener">Cómo pueden los proveedores crear productos que mejoren la salud financiera: los ejemplos de México y Chile</a>.

The COVID-19 pandemic hit small businesses like Jorge Luis Leal’s hard. With support from our partner Caja Bienestar, he got back on his feet.  

The pandemic hit Jorge Luis with two major setbacks: not only did construction work come to a halt, directly impacting his construction supplier business, his father was also diagnosed with cancer. Just as his income plummeted, his expenses also shot out of control. To pay for treatment for his father and care for his family, Jorge Luis needed to take money out of his business. His tone of voice indicates just how difficult a time it was as he says, “There wasn’t money coming in, and expenses were also high; as head of household, there are many who depend on you...the business really suffered.” As the pandemic progressed, Jorge Luis shrunk his business from four locations to two, sold four of his five trucks, downsized his team, and sold his excavator, thereby ending that line of business. “There were Saturdays when we earned just 100 pesos. You can imagine trying to cover expenses for the family on just that,” he says.

Jorge Luis’ business sells construction materials in Querétaro, Mexico. Before the pandemic, he sold construction materials in bulk to engineers and architects. He was able to sell in bulk because he had plenty of inventory between his four outlets and sufficient logistical capabilities to get materials when and where clients needed them. He provided many of these supplies on credit, knowing that construction schedules must move ahead even when cash is slow for builders. “The faster I can provide, the more I sell. Having inventory is really about service levels and being able to provide clients with a high level of service,” he says.

However, with slowdowns in sales and bills due, he no longer had liquidity to offer clients. His own suppliers, who used to offer him flexible payment schedules, also faced the same constraints. Liquidity dried up across the sector, and many like Jorge Luis were forced to liquidate assets and downsize. He remembers, “Suppliers that used to give me credit could not anymore.” He found that the few suppliers willing to offer credit were charging such high rates that would eat the bulk of his profit margin; the only way to stay competitive was to purchase in cash and pay for inventory upfront.

He finally caught a break when his supplier, Deposito San Francisco, introduced him to <a href="https://www.ahorrosbienestar.com/" target="_blank" rel="noopener noreferrer">Caja Bienestar</a>. Since Jorge Luis formerly depended on credit from Deposito San Francisco, they knew he would be a good candidate for the financial institution. Caja Bienestar gave him the credit needed to replenish his stockrooms as Jorge Luis noticed business was starting to pick up again. He was able to purchase supplies from San Francisco at advantageous prices, improving his competitiveness in the market. With stock on his shelves, Jorge Luis was again able to meet his customers’ needs and even order more when he didn’t have the relevant materials in stock. He says, “When we could fill the bodega, I first felt we would get out of this. We were finally able to do that with the money from Bienestar. I can get through slow days without feeling anxious. I know that Bienestar supports me and is by my side.”

Times have changed at Jorge Luis’ shop. Now, the shop is bustling with customers again. Between big orders and small orders, he has what he needs to fill them all on the spot. He says things have turned around, and now he is focused on rebuilding, “I want to open more outlets again and provide faster service to customers. The feeling of relief is enormous.”

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To develop financial services that improve financial health for low-income people, Accion Global Advisory Solutions, with support from <a href="https://www.metlife.com/about/corporate-responsibility/metlife-foundation/index.html" target="_blank" rel="noopener noreferrer">MetLife Foundation</a>, partnered with financial service providers like Caja Bienestar. Read more about the insights we learned from this project in our new paper, <a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile/" target="_blank" rel="noopener noreferrer">How providers can build products that improve financial health: Examples from Mexico and Chile</a>.

Timely credit helps small businesses rebuild in Mexico

Francisco Romero Heda es el propietario de segunda generación de Depósito San Francisco. Su padre inició el negocio hace más de 40 años en Querétaro, México, y Francisco espera pasar el negocio a la próxima generación de su familia dentro de 40 años. Vende materiales de construcción a grandes distribuidoras y empresas constructoras, así como a pequeñas empresas y contratistas individuales. Como muchos dueños de empresas, Francisco descubrió que su liquidez se redujo durante la pandemia, y notó que muchos de sus clientes también tenían problemas con el flujo de caja. Sabía que estaba perdiendo ventas porque sus clientes necesitaban crédito para comprar materiales para sus proyectos, pero su negocio carecía de liquidez y capacidad para proporcionarlo.
Las restricciones de flujo de caja son particularmente desafiantes en la industria de la construcción. Se espera que los contratistas consigan y compren los materiales para realizar sus trabajos, pero a menudo solo se les cancela luego de completarlos. Puede que reciban un pequeño adelanto al comenzar, pero la mayoría debe financiar los suministros y la mano de obra por su cuenta, por lo que buscan crédito en las tiendas y distribuidores donde compran los materiales. Esta necesidad de liquidez se extiende a lo largo de la cadena de valor y perjudica especialmente a los propietarios de pequeñas empresas que carecen de fondos para comprar suministros por adelantado, u otorgar crédito directamente. Aunque los pequeños contratistas y las empresas de construcción pueden estar bien establecidos, tienden a ser pequeños y no son un segmento de clientes atractivo para la banca tradicional.
<blockquote class="pullquote--right">
<h4>“Mi mayor satisfacción es ayudar a los emprendedores a obtener las herramientas que necesitan para acercarse un poco más a lo que sueñan para sus negocios”.</h4>
</blockquote>
Caja de Ahorro Bienestar busca atender precisamente a este segmento de pequeñas empresas: aquellas que no cuentan con el servicio de los bancos tradicionales. Como gerente de ventas institucionales, Elías Nahmad Buenfil señala, &#8220;los conocemos y confiamos en ellos, y podemos llevar a cabo un análisis diferenciado para darles acceso a las oportunidades que hoy no tienen&#8221;. Durante más de 25 años, la Caja ha encontrado formas creativas e innovadoras de ofrecer servicios financieros a empresas y particulares en Querétaro. Se han centrado especialmente en atender a nuevos empresarios, desde pequeños fabricantes hasta empresas de catering que cocinan en casa para grandes empresas, pero que los bancos tradicionales pasan por alto. “Estamos más orientados a las personas. No solo estudiamos los márgenes de ganancia, sino también al emprendedor, sus planes y el crecimiento del sector en general”, dice Elías. Este trabajo le resulta gratificante, así como a su equipo: “hoy les puedo decir que mi mayor satisfacción es ayudar a los emprendedores a obtener las herramientas que necesitan para acercarse un poco más a lo que sueñan para sus negocios”.
<div id="attachment_25402" style="width: 380px" class="wp-caption alignleft"><img aria-describedby="caption-attachment-25402" class=" wp-image-25402" src="https://content.accion.org/wp-content/uploads/2021/12/Elias-holds-his-phone-1024x683.jpg" alt="Elias Nahmad Buenfil, Caja Bienestar’s Manager of Institutional Sales" width="370" height="246" />La leyenda: Elías Nahmad Buenfil, gerente de ventas institucionales de Caja Bienestar</div>
Junto con Global Advisory Solutions de Accion, y con el <a href="https://www.accion.org/accion-and-metlife-foundation-announce-expanded-partnership-to-advance-financial-inclusion" target="_blank" rel="noopener">apoyo de MetLife</a> Foundation, Elías y el equipo de Caja Bienestar se dieron cuenta de que los distribuidores como Francisco son una fuente de inteligencia inexplorada sobre las pequeñas empresas del sector de la construcción que necesitan crédito. A lo largo de los años, Francisco y su equipo han atendido a muchos clientes, e incluso les han proporcionado materiales a crédito. En otras palabras, los registros de clientes de Francisco son en la práctica un historial crediticio y laboral sobre muchas pequeñas empresas de la construcción.
Caja Bienestar ahora trabaja codo a codo con Francisco y su equipo para ofrecer crédito a los contratistas y otros clientes para que puedan obtener los suministros que necesitan para realizar trabajos que de otra manera tendrían que rechazar. Cuando los clientes vienen a comprar suministros a Francisco, pueden solicitar un crédito de Caja Bienestar. Bienestar desarrolló una metodología de calificación crediticia a la medida para estas pequeñas empresas, aprovechando la experiencia de Francisco con ellas. Los dos equipos trabajan en estrecha colaboración para entender las necesidades financieras de los clientes, evaluar su solvencia y entregar productos de manera oportuna.
Gracias al financiamiento, los empresarios pueden adquirir los suministros que necesitan a precios asequibles, y Francisco no tiene que preocuparse por otorga créditos con fondos propios. Este arreglo libera a Francisco para que se concentre en las ventas y la distribución, mientras que Caja Bienestar asume la carga de la evaluación crediticia y los cobros, y asume el riesgo de impagos. “Es un gran alivio no tener que preocuparme por las cobranzas y la administración de los créditos ahora que Bienestar asume esa parte del trabajo, analizando a los clientes y asumiendo los riesgos. Podemos enfocarnos en vender y atender a nuestros clientes”, dice Francisco.
Tal como señala Francisco, el objetivo de la asociación con Caja Bienestar es no solo el de otorgar créditos y vender materiales; es también el de ayudar a los propietarios de pequeñas empresas a obtener los recursos y la información que necesitan para hacer crecer sus negocios. &#8220;El tema del crédito es extremadamente complicado y puede terminar perjudicando a los clientes en lugar de ayudarlos, por lo que los apoyamos y asesoramos para asegurarnos de que sus negocios se beneficien&#8221;. Gracias a la asociación con Bienestar, los clientes pueden crecer y desarrollar sus negocios a través de una relación que ya conocen y en la que confían; y agrega: “nuestro objetivo es ir más allá de proporcionar a nuestros clientes los materiales que necesitan. También queremos ayudarles con su capacidad para conseguir otros recursos importantes como el financiamiento, para que podamos crecer juntos”.
Señala que la colaboración crea un círculo virtuoso al generar beneficios para su empresa, sus clientes y sus familias, y las comunidades. Francisco cree que esta asociación puede ayudar a su empresa a lograr mucho más; “Estamos apenas arañando la superficie con nuestra asociación con Bienestar. Tenemos la capacidad de vender, asignar y llegar aún más lejos, para crear una economía más inclusiva y un mundo de oportunidades para todos”.

How Caja Bienestar leverages data from suppliers to extend credit to support small shops not served by traditional banks

Francisco Romero Heda is the second-generation owner of Deposito San Francisco. His father started the business in Querétaro, Mexico over 40 years ago, and Francisco hopes to pass the business onto the next generation of his family 40 years from now. He sells construction materials to large distributors and construction firms, as well as to small businesses and individual contractors. Like many business owners, Francisco found that cash became tight during the pandemic and noticed that many of his customers have struggled with cashflow. He knew that he was losing sales because his customers needed credit to purchase materials for their projects, but his business lacked the liquidity and ability to provide it.

Cashflow constraints are particularly challenging in the construction industry. Contractors are expected to source and purchase materials to get their work done, but they often only get paid after completing their projects. They may receive a small deposit at the outset, but most must finance supplies and labor themselves, so they seek credit from the shops and distributors where they purchase materials. This need for liquidity stretches across the value chain and especially disadvantages small business owners who lack the cash to buy supplies upfront or extend credit themselves. Though small contractors and construction businesses may be well established, they tend to be small and aren’t an attractive customer segment for traditional banks.
<blockquote class="pullquote--right">
<h4>“My greatest satisfaction is helping entrepreneurs get the tools they need to get one step closer to their dreams for their businesses.”</h4>
</blockquote>
Caja Bienestar seeks to serve exactly this segment of small businesses, those unserved by traditional banks. As Manager of Institutional Sales, Elias Nahmad Buenfil notes, “We know them and trust them, and can provide a differentiated analysis to give them access to opportunities they don’t have today.” For over 25 years, Caja Bienestar has found creative, innovative ways to extend financial services to businesses and individuals in Querétaro. They’ve especially focused on serving new entrepreneurs, from small manufacturers to caterers cooking in home kitchens to large firms, that traditional banks overlook. “We are more people-oriented. We don’t just look at profit margins, but also the entrepreneur, their plans, and the overall growth of the sector,” says Elias. The work is rewarding for Elias and his team: “Today, I can tell you that my greatest satisfaction is helping entrepreneurs get the tools they need to get one step closer to their dreams for their businesses.”

[caption id="attachment_25402" align="alignleft" width="355"]<img class=" wp-image-25402" src="https://content.accion.org/wp-content/uploads/2021/12/Elias-holds-his-phone-1024x683.jpg" alt="Elias Nahmad Buenfil, Caja Bienestar’s Manager of Institutional Sales" width="355" height="237" /> Caption: Elias Nahmad Buenfil, Caja Bienestar’s Manager of Institutional Sales[/caption]

Together with Accion’s Global Advisory Solutions and with <a href="https://www.accion.org/accion-and-metlife-foundation-announce-expanded-partnership-to-advance-financial-inclusion" target="_blank" rel="noopener noreferrer">support from MetLife Foundation</a>, Elias and the Caja Bienestar team realized that distributors like Francisco are an untapped source of intelligence about small businesses in the construction sector that need credit. Over the years, Francisco and his team have accumulated many customers and have even provided some with materials on credit. In other words, Francisco’s customer records are functionally a credit and work history for many small construction businesses.

Caja Bienestar is now working hand-in-hand with Francisco and his team to offer credit to contractors and other customers so they can get the supplies they need to complete jobs that they may otherwise have to turn down. When customers come to buy supplies from Francisco, they can apply for credit from Caja Bienestar. Bienestar developed a tailored credit-scoring methodology for these small businesses by leveraging Francisco’s experience with them. The two teams work in close partnership to understand customers’ financing needs, assess their creditworthiness, and deliver products in a timely manner.

With financing, the entrepreneurs can purchase the supplies they need at affordable rates, and Francisco doesn’t have to worry about extending credit from his balance sheet. The arrangement frees Francisco to focus on sales and distribution, while Caja Bienestar takes on the burden of credit evaluation and collections and carries the risk of non-payment. “It is a great relief not to worry about collections and administration of credit now that Bienestar takes on that part of the work, analyzing the clients and carrying the risk. We can focus on selling and serving our clients,” says Francisco.

As Francisco notes, the goal of the partnership with Caja Bienestar is not just to deploy credit and sell materials; the objective is to help small business owners get the resources and information they need to grow their businesses. “The issue of credit is extremely complicated that can easily harm rather than help clients, so we handhold and advise them to ensure they see the benefits in their own business.” With the Bienestar partnership, clients can grow and develop their businesses via a relationship they already know and trust. He says, “We aim to go beyond getting our customers the materials they need. We also want to help with their capacity to get other important resources like financing, so that we can grow together.”

He notes that the collaboration creates a virtuous circle by creating benefits for his business, his customers, and their families and communities. Francisco believes this partnership can help his business achieve more and for more; “We are just scratching the surface with our Bienestar partnership. We have the capacity to sell, allocate, and reach even farther, to create a more inclusive economy and a world of opportunities for all.”

Entrepreneurs get one step closer to their dreams in Mexico

Las pequeñas empresas pueden apoyar a sus familias y comunidades cuando disponen de las herramientas financieras para mantener sus negocios operativos.
María Olga Calixto y su familia tienen una ferretería a las afueras de Querétaro, México. A pesar de que su esposo e hijos también la ayudan en la tienda, María Olga administra las finanzas y, la mayoría de las veces, atiende a los clientes en el mostrador.
“Vendemos un poco de todo: pinturas en aerosol, herramientas, piezas de bicicletas, incluso cemento y yeso”, dice. Uno de los muchos desafíos de María Olga es abastecer su tienda con suficiente inventario para satisfacer las necesidades de los clientes que se presentan y, a la vez, mantener suficientes reservas de efectivo para comprar materiales cuando recibe pedidos especiales más grandes.
Antes de la pandemia, María Olga contaba con el crédito a corto plazo de sus proveedores para realizar compras inesperadas y satisfacer los pedidos de sus clientes. Con una simple llamada a un proveedor de confianza recibía los productos en su tienda en cuestión de horas, en el entendido de que pagaría por el inventario una vez que su cliente le pagara. La liquidez provista por su distribuidorgarantizaba el funcionamiento de su tienda y a la vez generaba negocios para sus proveedores.
Pero este esquema leresultaba complicado a sus distribuidores, como a Materiales San Francisco. Para otorgar crédito a sus clientes de pequeñas empresas, Materiales San Francisco necesitaba realizar un seguimiento de los créditos pendientes de pago, asumir el riesgo de incumplimiento y manejar el costo del financiamiento. A medida que los confinamientos por el COVID-19 se fueron extendiendo en México, Materiales San Francisco descubrió que sus costos financieros se dispararon y ya no podía seguir otorgando crédito a sus clientes.
Este cambio tuvo implicaciones para María Olga y sus clientes, muchos de los cuales son contratistas individuales, y comenta: “en esa época no estaba solvente; siempre debía algo. Los clientes venían y yo no tenía cómo adquirir materiales, incluso cuando estaban decididos a comprar &#8220;. Además, no podía ofrecer a sus clientes facilidades de pago, aunque a la mayoría de ellos solo les pagan una vez que terminan sus propios trabajos. “Antes era complicado; me quedaba sin dinero para el inventario. Estaba perdiendo clientes por falta de materiales y porque no podía ofrecerles crédito &#8220;.
Luego, hace un año, una nueva asociación entre Materiales San Francisco y <a href="https://www.ahorrosbienestar.com/">Caja Bienestar</a>, la institución financiera con enfoque social más grande de México, ofreció una solución. En colaboración con Accion, y <a href="C:\Users\lguzman\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\02FENXCE\with%20support%20from%20MetLife%20Foundation">con apoyo de MetLife Foundation</a>, Caja Bienestar creó una línea de crédito renovable para microempresarios diseñada con la intención de ayudar a los clientes con su resiliencia en tiempos difíciles y mejorar su salud financieras. En asocio con distribuidores locales de confianza como Materiales San Francisco,  <a href="https://www.accion.org/this-tool-puts-financial-health-first-for-microentrepreneurs-in-mexico">otorgan crédito a los pequeños comerciantes clientes de los distribuidores para que puedan obtener el inventario que necesitan para sus tiendas</a> y pagar una vez vendidos los productos. María Olga supo de Caja Bienestar exactamente en el momento adecuado, y la línea de crédito que ofrecen la ha ayudado a salir de sus problemas. “Ahora puedo llamar a Bienestar cuando necesito fondos para realizar compras, y así puedo ayudar a otros en la comunidad que necesitan crédito &#8220;.
Ella comenta que Bienestar se esfuerza por ayudarla. Su tienda está ubicada lejos de Oxxo, una popular cadena de tiendas de conveniencia donde otros clientes depositan sus pagos. En lugar de obligarla a hacer ese costoso viaje, Mauricio, su agente de Bienestar, viene a su tienda y recoge sus pagos para que no tenga que cerrarla y perder ventas. “No siento mucha presión con Bienestar. Puedo programar mis fechas de pago para cuando tengo dinero disponible. Ellos entienden lo que significa manejar una pequeña empresa &#8220;.
María Olga se siente aliviada de haber encontrado un socio de confianza para su negocio y dice: “Actualmente, no hay nadie en quien confiar o que confíe en uno. Gracias a Dios que vino Bienestar y confiaron en mí”.
<a href="https://vimeo.com/648737573">Vea la historia de María aquí</a>.

Small businesses owners can support their families and communities when they have the financial tools to keep their businesses afloat and improve their financial health

María Olga Calixto and her family run a hardware shop outside of Queretaro, Mexico. Though her husband and children also help out at the store, Maria Olga manages the finances and, more often than not, is the face of the business as she works behind the counter.

“We sell a little of everything: spray paint, tools, bicycle parts — even cement and plaster,” she says. Among María Olga’s many challenges is stocking her shop with enough inventory to meet the needs of her walk-in customers while still maintaining sufficient cash reserves to buy materials when she receives larger special orders.

[caption id="attachment_25183" align="aligncenter" width="1200"]<img class="size-full wp-image-25183" src="https://content.accion.org/wp-content/uploads/2021/11/maria-olga-bienestar-2.jpg" alt="Maria Olga outside her construction store in Mexico" width="1200" height="800" /> “We all participate in this business. My children, my husband, and myself,” says María Olga about her family-owned hardware store called Ferremateriales El Vegil.[/caption]

Before the pandemic, María Olga could depend on short-term credit from her suppliers to cover the costs of unexpected purchases requested by her customers. A quick call to a trusted supplier would mean she could receive products at her door within hours, with the understanding that she would pay for the inventory once she received the payment from her customer. The liquidity within the value chain kept her store afloat while also generating business for her suppliers.

But these arrangements presented complexity for her suppliers, like Materiales San Francisco. In order to extend credit to its small business customers, Materiales San Francisco needs to keep track of outstanding credit, shoulder the risk of default, and manage the complex cost of capital. As the COVID-19 lockdowns extended in Mexico, Materiales San Francisco found that cost of capital skyrocketed, and they could no longer extend credit to their customers.

<img class="alignright wp-image-25181" src="https://content.accion.org/wp-content/uploads/2021/11/maria-olga-bienestar-3.jpg" alt="Maria Olga in her store in Mexico" width="450" height="676" />This change had implications for María Olga and for her customers, many of whom are individual contractors. She says, “I wasn’t solvent then; something was always due. Customers would come, and I didn’t have the cash to buy the materials, even when they were ready to buy.” Furthermore, she wasn’t able to offer her customers delayed payment terms, although many of them only receive payments once their own jobs are complete. “It was complicated before; I would run out of money for inventory. I was losing clients because of lack of materials and because I couldn’t offer [them] credit.”

Then, a year ago, a new partnership between Materiales San Francisco and <a href="https://www.ahorrosbienestar.com/" target="_blank" rel="noopener noreferrer">Caja Bienestar</a> — the largest socially focused financial institution in Mexico — offered a solution. Working with Accion, <a href="/accion-and-metlife-foundation-announce-expanded-partnership-to-advance-financial-inclusion" target="_blank" rel="noopener noreferrer">with support from MetLife Foundation</a>, Caja Bienestar created a revolving credit line for microentrepreneurs, purposefully designed to help their clients stay resilient in times of hardship and improve their financial well-being. Caja Bienestar partners with trusted local distributors like Materiales San Francisco and <a href="/this-tool-puts-financial-health-first-for-microentrepreneurs-in-mexico" target="_blank" rel="noopener noreferrer">extend credit to the distributors’ small merchant customers so that they can get the inventory they need</a> for their stores and repay once they sell the products. María Olga learned about Caja Bienestar at exactly the right time, and the rotating credit line they provide has helped her out of a hole. “Now, I can tell Bienestar when I need capital to make purchases. I can help others in the community that need credit.”

She notes that the Bienestar team goes above and beyond to help her. Her shop is located far from an Oxxo, a popular convenience store chain where other customers deposit their credit repayments. Instead of forcing her to make the onerous trip, her Bienestar agent Mauricio comes to her shop to pick up her payments, so she doesn’t have to close her shop and lose sales. “I don’t feel a lot of pressure with Bienestar. I can schedule my repayment date when I have the money. They understand the ins and outs of running a small business.”

María Olga is relieved to have found a trusted partner that can help her maintain her financial health and that of her business, saying, “These days, there isn’t anyone to trust or who trusts you. I thank God that Bienestar came along and that they had confidence in me.”

Watch Maria’s story here:

[embed]https://vimeo.com/648737573[/embed]

A family hardware store stays in business with the right financial tools

Caja Bienestar empowers microentrepreneurs in Mexico with tools to recover from the pandemic, grow their businesses long-term, and build their financial health 

In Mexico, <a href="http://www.inegi.org.mx/" target="_blank" rel="noopener noreferrer">99 percent of all businesses are micro, small, and medium enterprises (MSMEs)</a>. They make up 52 percent of GDP and generate 72 percent of jobs in the country. Although MSMEs play a crucial role in Mexico, <a href="https://read.oecd-ilibrary.org/industry-and-services/financing-smes-and-entrepreneurs-2016_fin_sme_ent-2016-en#page334" target="_blank" rel="noopener noreferrer">less than 10 percent of them have received a bank loan</a>. For many entrepreneurs, the size of their business, a lack of documentation, and a low or non-existent credit score are the barriers to access; for others, it is simply more convenient to access informal lending, where there is no need for collateral or a track record of sales. Many microentrepreneurs obtain financing directly from their suppliers, who they know and trust. However, these distributors would prefer not to take on the risk of offering financing directly.

COVID-19 has made the challenges that microentrepreneurs face more urgent than ever. Due to reduced sales and revenue, MSMEs today are facing greater liquidity shortages than ever before. As entrepreneurs attempt to restart their businesses and demand slowly picks up, their need for credit to stock their shelves has never been more critical.

Located in the heart of central Mexico, Caja Bienestar is the largest socially focused financial institution in the country, and it's experienced in solving the problems that MSMEs face. Now entering its 25th year, the institution has more than 80,000 active microentrepreneur clients. Since its inception, Caja Bienestar has offered a variety of low-cost, high-quality financial services to its clients — both for personal and business purposes.

Working with Accion, Caja Bienestar is tackling the lack of access to credit by building a revolving credit line for microentrepreneurs called Bienestar por tu Negocio. This credit product will not only help small merchants more easily access capital and replenish their inventory, but also provide financial advice to improve inventory turnover and help entrepreneurs develop the capabilities to meet their goals and smooth their income during difficult times. Distributors also benefit as they can optimize their sales and transfer the risk of giving credit to Caja Bienestar.

[caption id="attachment_22611" align="alignnone" width="598"]<img class="wp-image-22611 size-full" src="https://content.accion.org/wp-content/uploads/2020/10/incrementar-tus-ventas-graphic.png" alt="Bienestar por tu Negocio credit tool" width="598" height="324" /> Bienestar por tu Negocio helps clients to increase their sales by providing credit needed to purchase inventory, tools, and machinery.[/caption]

Bienestar por tu Negocio launched in January 2020 in partnership with trusted, local distributors that provide goods to MSMEs. In the pilot, six distributors from different segments — from textiles to construction materials — were selected to participate. Using information and recommendations from these suppliers, Bienestar pre-approved groups of microentrepreneurs for access to credit to replenish their inventory of these products. As many of these businesses experienced a significant drop in sales due to the pandemic, the product had less usage from March until September. However, we are now seeing an uptick in use as these distributors are accessing credit to grow their inventory and rebuild.

This revolving credit product is meant to support business owners like Cristobal Sarabia in Santiago de Querétaro. His industrial lumber business, Grupo Crisar, opened in 2010. Cristobal told us that onerous documentation requirements prevented him from taking out a loan from a traditional bank, and that he was not able to obtain a line of credit when he most needed it. Unlike larger businesses that have easier access to credit, his options were limited to credit cards, making it difficult to grow his small business.

Stories like Cristobal’s are the inspiration for this revolving credit product. To ensure that the revolving credit line contributes to microentrepreneurs’ financial health, the Bienestar and Accion teams built a simulator that potential applicants can use to determine what loan terms they would need to finance their inventory. The tool calculates whether the expected profits from the sale of their inventory will be enough to cover the cost of taking out credit. It then guides them to consider different terms or amounts based on their situation. With this tool, Bienestar helps clients consider their options before applying for credit.

[caption id="attachment_22610" align="alignnone" width="632"]<img class="wp-image-22610 size-full" src="https://content.accion.org/wp-content/uploads/2020/10/utiliza-el-simulador-graphic.png" alt="Bienestar's credit simulator tool" width="632" height="320" /> The simulator shows the cost of credit and helps the user to calculate the profits needed from the purchased inventory to cover the cost of the credit line.[/caption]

This tool ensures that potential customers use of credit is beneficial to their financial health, rather than detrimental. It forces applicants to consider their options before acquiring credit, helps them to understand what loan terms will be optimal for their business, encourages greater confidence in taking out the loan through a clear and straightforward process, and provides guidance on how to manage inventory and increase profits.

By offering these entrepreneurs access to credit as well as free use of the digital simulator, Bienestar is providing a way for underserved entrepreneurs to grow their business. With Bienestar por tu Negocio, entrepreneurs finally have access to the credit they deserve and the opportunity to grow their businesses.

This product is a part of our <a href="/accion-and-metlife-foundation-announce-expanded-partnership-to-advance-financial-inclusion/">Building Financial Capabilities and Strengthening Institutions through Customer-Centered Innovations</a> project, supported by MetLife Foundation.

Contributions by Megan Skaggs

This tool puts financial health first for microentrepreneurs in Mexico

Tigres de ahorro: How Mibanco developed a marketing plan to increase savings 

It’s hard to find a downside to encouraging people to save more money.  Savings can help businesses and individuals reach their long-term goals and protect them from economic shocks. Recognizing the need for better savings opportunities among underserved microentrepreneurs, many microfinance institutions in Latin America have <a href="https://www.centerforfinancialinclusion.org/mobilizing-savings-among-microfinance-institutions-in-latin-america#more-20984">launched programs and initiatives</a> to get their customers to save more. These banks often find that they also benefit by boosting savings because they can diversify their funding structure, reduce risk, and generate customer loyalty that comes with offering a comprehensive suite of services.

Despite the win-win opportunity, institutions still encounter barriers to launching a savings product. These accounts are frequently left dormant by customers and driving usage may not be a priority for an institution that’s structured around credit operations. On all sides, savings products face an extra hurdle because everyone wants immediate results. Savings products compete with other services (like credit products) that are more attractive to clients and institutions. Many people prefer getting the funds they need immediately through a loan rather than putting in the time and effort it takes to accumulate savings. For the institution, credit provides them with income as soon as it’s disbursed, whereas savings translates to more long-term yields.

An effective savings product can help customers think more long-term if it’s complemented with a marketing campaign that motivates a change in people’s behavior. And the product itself should also drive the customer to want to use it with both digital and physical channels that create a positive customer experience.  Mibanco, a leading microfinance bank in Peru, has done just that. In 2016, the bank was experiencing low growth rates in new accounts and a high dormancy with its existing savings accounts. The bank initiated a campaign to make sure clients were getting what they needed from their financial services. With the support of Accion’s <a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions/">Global Advisory Solutions</a>, Mibanco used a client-centered design methodology to understand customers’ needs. The institution conducted interviews, developed financial diaries, and mapped the customer journey so that it could develop products and channels that reflected clients’ lives. Based on this research, Mibanco launched “tigres de ahorro” (or <a href="http://tigresdelahorro.pe/">tigers of saving</a>).

[caption id="attachment_18838" align="alignleft" width="500"]<img class=" wp-image-18838" src="https://content.accion.org/wp-content/uploads/2019/06/mibancosavings.jpg" alt="Example of Mibanco's myth busting" width="500" height="524" /> Many people believe that it is safer to keep their money under the mattress. The tiger busts this myth saying, “A Tiger of Savings sleeps on a mattress, but does not keep his money there. Too often are the cases where the mattress is burned, or money is lost. It is safer to keep your savings with MiBanco.”[/caption]

This initiative launched in August 2017 with a new set of products aimed at the underserved. These products include features and functionalities that motivate savings — like tying savings to the clients dreams and aspirations and reminding the user about their goals — while also providing the flexibility and convenience valued by customers. The bank added additional channels — including agents, digital solutions, and a motivational communications plan — to complement the new products and encourage greater savings. The products’ homepage even busts myths about saving.

As of March 2019, more than 280.000 new accounts have been opened and deposits have increased, showing that the product is attractive and useful to customers. Mibanco’s commitment and dedication to the project made this possible — the institution adjusted internal processes, trained its commercial force, and built in monitoring and evaluation mechanisms.

We’re glad to support the work Mibanco is doing because saving money is critical to help microentrepreneurs build a more stable future. We hope that “tigres de ahorro” continues to motivate even more people to save and fosters financial health.

&nbsp;

Leonardo Tibaquira

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