- Bancamía has come to life as a result of the fusion of Fundación Microfinanzas BBVA, Corporación Mundial de la Mujer Colombia and Corporación Mundial de la Mujer Medellín.
- The new organization will strengthen its leadership attending Colombian micro-entrepreneurs and reaching more people with suitable and easy services.
- Bancamía surges with a platform of customers consisting of more than 170 thousand micro-entrepreneurs, 195 thousand current loans and a $336 thousand million portfolio.
- The organization relies on a network consisting of 71 agencies in 31 cities in the country, whence it attends the needs of more than 212 municipalities.
- Bancamía is a bank exclusively focused into microfinances and into productively extending banking services in the country.
- President Álvaro Uribe Vélez will be attending the inaugural event of Bancamía.
With the firm purpose of productively extending banking services the country, Banco de las Microfinanzas (a.k.a. Bancamía) will begin its operations in Colombia starting today.
Bancamía believes and knows those great clients, who with their micro-business projects impel the country’s economic development every day. “We shall be an inclusive banking organization, exclusively focused into serving and allowing Colombian micro-entrepreneurs access to banking services”, quoted María Mercedes Gómez de Bahamón, President of Bancamía.
Bancamía incorporates the microcredit experience gained by Corporación Mundial de la Mujer Colombia and Corporación Mundial de la Mujer Medellín. Together with its strategic partner, Fundación Microfinanzas BBVA Bancamía, Bancamía is ready to accomplish its Mission: “To be a bank that contributes to improve the quality of life of lower-income populations who have limited access to financial services.” As well as it’s Vision: “To be acknowledged in Colombia as the main bank with social purpose, leader in innovation and access to specialized financial products and services for micro-entrepreneurs, especially for women, and more generally for lower-income population.”
Bancamía, the new microfinances bank, will be a corporation subject to the inspection of Superintendencia Financiera de Colombia, exclusively concentrated into giving assistance to male and female micro-entrepreneurs, applying a specialized microfinance methodology, allowing them an easy access to banking products and services, especially conceived for these population segments.
“We will be an organization dedicated to serving enterprising individuals of the productive base of the country. We will also promote social and economic development in Colombia, democratizing banking services”, remarked Bancamía’s President.
“Bancamía will have the permanent support of Fundación Microfinanzas BBVA, which will supply the resources it’s strengthening requires. The microfinance Network that is being consolidated by the Fundación Microfinanzas BBVA will provide Bancamía with the technological and management capability, the growth potential, the economies of scale and reach, that only a project of this size and nature may offer” remarked Manuel Díaz del Río, President of Fundación Microfinanzas.
President Álvaro Uribe Vélez will be attending Bancamía’s inaugural event. In line with this celebration and as a way to acknowledge its customers, Bancamía has organized the EXPOMIA trade fair in its headquarters. The fair will serve as an opportunity to showcase the development of the clients of the new microfinance bank.
The organization in numbers
Bancamía surges with a platform of customers consisting of more than 170 thousand micro-entrepreneurs and 336 thousand million pesos in portfolio, (data from September 30th 2008). It is important to remark that credit resources are destined to micro-entrepreneurs, with their own businesses in production, trade, agriculture and services.
“New microfinance bank’s credit portfolio is composed by 52% trade, 30% services, 16% production , and 2% rural. Our portfolio reflects Colombian microenterprise composition, as well as the projects of hundreds of men and women who work day after day to grow and make of this a better country”, according to Margarita Correa Henao, Executive Vice President of Bancamía.
“Evaluating the portfolio index, Bancamía records a default rate lower than 2%, standing in a lower position than Colombian financial system. Our customers are people who through hard work and great responsibility have instated their businesses; they are consolidated with credit as great entrepreneurs of small businesses. Through their credit history with us they have kept punctually paying their obligations (that is one of their main strengths), whence their business and indebtment capacity grow in an organized and responsible way. Colombian micro-entrepreneurs, our customers, pay always on time”, remarked Margarita Correa.
The organization relies on a network consisting of 71 agencies in 31 cities in the country, from where it attends the needs of more than 212 municipalities, among them are Chinciná, La Dorada, Tunja, Sogamoso, Duitama, Chiquinquirá, moniquirá, Soacha, funza, Mesitas del Colegio, Fusagasugá, Girardot, Zipaquirá, Facatativá, Andes, Turbo, Apartadó, Rionegro, Cladas, Itaguí, Envigado, Niquía, bello, marinilla, Copacabana, and Caucasia.
Relational banking, essence of it’s development
Bancamía’s main purpose is giving impulse to Colombia’s productive sector, by means of creating microenterprise credits, based on a model supported in a deep knowledge of the customers and their needs.
Based on experience and knowledge in the market of micro-finances and taking into account the business capacity of our customers, Bancamía will offer products and services adapted to the needs of micro-entrepreneurs, maintaining a personalized long-term relationship which guarantees its progresive growth.
The profile of Bancamía´s customers is 70% female entrepreneurs. In general they are customers who don´t have accounting records and require fast loans- easy to obtain and at short term. They appreciate personalized attention and a well-established culture of on-time payment.
Microcredit is the hope of many people trying to provide for their families. “Our commitment is to assist them during the entire process in order to make their dreams and goals of entrepreneurial growth and development come true“, declared Margarita Correa.
María Mercedes Gómez de Bahamón, Bancamía´s President also remarked, “In this way, today we introduce Bancamía to the country, the microfinance bank whose exclusive model is conceived to develop small businesses that day by day transform and strenghten the country’s development.”