Microserfin serves more than 17,000 people in Panama who improve their living standards through their own businesses. According to BBVAMF’s 2016 Social Performance Report, around 4,000 entrepreneurs from its Panamanian entity increased their surpluses and among them, almost 500 have crossed the poverty threshold.
“Microserfin stands out for serving vulnerable entrepreneurs from a wide range of sectors who have proved to be capable of generating new jobs, sustainably, over time”, declared Stephanie G. Van Gool, director of the Foundation’s Impact Assessment and Strategic Development, during the presentation celebrated today in the capital city. Moreover, as their enterprises prosper, the amount of productive loans disbursed increases with time, especially after four years of permanence with the entity.
“Microserfin stands out for serving vulnerable entrepreneurs from a wide range of sectors, who have proved to be capable of generating new employment, sustainably, over time”
The viceminister of Panama’s Association for Micro, Small and Medium Enterprises (Ampyme), Nedelka Navas, highlighted the impact of Microserfin in the country’s development: “We are pleased to highlight the efforts by the Foundation towards financial inclusion and development. Its entity leads within the national territory”. She also enumerated some of the future challenges of the country, given the context of economic slowdown which has been going on for five years. One them has to do with the housing deficit, which in September 2016 was close to 150,000 residences.
This is why Microserfin conceived the “Casafin” credit, destined to facilitate progressive home improvements. Almost 10% of the entrepreneurs use this product, which offers not only economic support but also technical aid to help them plan and improve their dwellings. “We have to design products that support the entrepreneurs’ growth- those that have impact in job creation, in poverty reduction and in Panama’s sustainable development”, affirmed Luis Germán Linares, Microserfin’s managing director.
The BBVA Microfinance Foundation, 10 years of commitment in Latin America
The Foundation is an institution independently managed, not for profit, and is specialized in promoting the sustainable and inclusive economic and social development of vulnerable people.
With proprietary methodology, Productive Finance, the BBVAMF goes where others don’t reach to offer a complete range of financial products and services to microentrepreneurs, as well as skills training and counselling to mentor them in their productive activities and help them improve over time. “Those who are excluded from the financial system are also excluded from education and progress. The path to reach them must be paved with efficiency“, noted Claudio González-Vega, chairman of the Board of Trustees of the BBVAMF.