Washington D.C., May 26, 2021- Banco Solidario joins the SME Finance Forum as the newest member of our global membership network. Our members are SME Financing experts from 80+ countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation.
“When we started in 2012, we were in an exploratory phase for the first few years. Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 220 active member institutions, which operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome Banco Solidario to further grow our mission.” said Matthew Gamser, CEO of the SME Finance Forum.
Aiming to contribute to the improvement of the living standard of microentrepreneurs and workers in Ecuador, Banco Solidario has been offering financial products and services designed according to its customers’ needs for more than 27 years. Banco Solidario maintains a solid financial structure, with high portfolio diversification that gives maximum security to investments.
“When the small ones grow, big future arises. Thus, we believe in people for who they are rather than for what they have. To grow and continue supporting microentrepreneurs, we join SME Finance Forum to nourish ourselves with up-to-date industry knowledge and create alliances with peer institutions,” said Edison Raúl Viteri Paredes, the Deputy Vice-President of Banco Solidario.
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About Banco Solidario
Solidario S.A. is the result of integrating two successful models: Solidario and UniBanco. Solidario was created in 1996 to provide services to micro entrepreneurs, a segment neglected by traditional banks and of enormous importance for sustainable development. It became the first bank in Latin America specialised in microcredit with 100% private capital, and the first in Ecuador to focus exclusively in this type of financial operation. It has been recognised as a clear innovator in microfinance due to its methodology, evaluation practices and risk management tools. Unibanco was established in 1994 to serve large segments of the working population with no prior access to the financial system. Since then, it incorporated over 1.2 million salaried workers to the formal financial system, offering them products and services designed to help them organise and solve their daily needs. This model was likewise a pioneer for its specialization and reach. It demonstrated that financial inclusion of low income households can be done in a responsible and sustainable manner, thereby improving their quality of life. In 2013, both banks merged. The resulting bank- Solidario S.A.- integrated employees, clients, assets, liabilities and equity with a AA+ credit rating. In line with its mission, Solidario has disbursed more than USD 11.5 billion in productive and consumption microcredit loans, to over 580,000 micro entrepreneurs and 1.4 million salaried workers. Solidario is the first bank in Ecuador with a social rating (A) and the first member of the Global Alliance for Banking on Values GABV. It is also certified by the Smart Campaign in Client Protection.
Read more info at https://www.banco-solidario.com/
Media Contact
Carina Carrasco