These awards are considered the most important in the region
Reaching small farmers from the four corners of the Dominican Republic through microcredits and financial education is Banco Adopem’s daily work. The Dominican entity of the BBVA Microfinance Foundation promotes the development of rural areas with its “Agro-Crédito Adopem” program. This is a product adapted to the productive cycles of farmers, a feature which enables them to comfortably pay their loans.
The Inter-American Development Bank (IDB) has acknowledged this initiative as a tool to enhance financial inclusion and strengthen both the productivity and the resilience of farmers in the region. The recognition was made through the Inter-American Awards for Financial and Entrepreneurial Innovation, granted by the Multilateral Investment Fund (MIF) within the Foromic framework.
This event is the biggest in the region in terms of financial inclusion, microfinance and entrepreneurship. And in the event’s inaugural ceremony, the executive president of Banco Adopem, Mercedes Canalda, received the “financial services for small farmers” award, one of the two established categories for this edition. Luis Alberto Moreno, president of the IDB, handed the award together with Mauricio Macri, president of Argentina, the country host for this year’s edition.
Mercedes Canalda, executive president of Banco Adopem, receives the award from IDB president Luis Alberto Moreno and the president of Argentina, Mauricio MacriThis year marks the fifth time the IDB has acknowledged Banco Adopem’s contribution to the Latin-American microfinance sector. For this occasion, the institution also recognizes the role of technology in improving the efficiency of processes and the initiatives oriented towards serving more vulnerable people. These awards, given annually in Foromic, are considered the most important in the region.
Financial inclusion in the Dominican Republic, a challenge in the region
Nationwide, hardly half of the adult population has a bank account. Because of this, financial inclusion remains one of the biggest challenges in the Dominican Republic and a priority for Banco Adopem. The BBVAMF entity promotes the development of almost 400,000 entrepreneurs through financial services for the progress of their productive activities.
The bank focuses its efforts in serving vulnerable people, especially in rural areas, through the “Agro-Crédito Adopem” program. Women are also a central part of its endeavors, as they represent almost 70% of credit clients. More than half of the poor entrepreneurs succeed in abandoning poverty after three years with the entity. This is an achievement that encourages Banco Adopem and the rest of the entities of the BBVA Microfinance Foundation to continue working for those who have less, aware of what they are able to achieve when given an opportunity.