Leveraging Non-Banking Correspondents to Bring Financial Services to Unbanked Businesses in Ecuador
Microenterprises and small businesses account for more than 90 percent of companies and jobs in Ecuador, yet these entrepreneurs have little access to credit or financial services. Only about 12 percent of formal credit is extended to these small firms.CREDIFE Desarrollo Microempresarial, a subsidiary of Ecuadorian Banco Pichincha C.A. operating since 1999, provides financial services to small and micro entrepreneurs at the base of the pyramid (BOP), enabling them to access the country's formal financial system. CREDIFE's 617 loan officers are located in 126 offices of Banco Pichincha throughout the country.