With the aim to contribute to financial inclusion and reduce poverty in Colombia, Bancamía facilitates access to financial services for microentrepreneurs, as well as training and advice regarding their projects. The microfinance institution (MFI) is present in most of the prioritized post-conflict municipalities collaborating to peace-building in the country.
To prove that financial services could transform realities, the Foundation’s MFI in Colombia participated in the ‘Macroround for reconciliation’, a gathering where different stakeholders are encouraged to join and take part in the country’s reconstruction in the wake of the concluded armed conflict.
Margarita Correa, president of Bancamía’s Board of Directors, took part in the Macroround and explained that the MFI serves members of the low-income population, microentrepreneurs who rise from poverty thanks to their productive activities, women who use their capacity and exert great effort to move forward and also victims of conflict who see a new opportunity in enterprising.
“A microcredit gives livelihood to the entrepreneur, it creates employment and provides growth to the community”
“Reconciliation is achieved when we are able to generate opportunities that allow people to overcome challenges, creating well-being, confidence and security. A microcredit gives livelihood to the entrepreneur, it creates employment and provides growth to the community”, she said.
In its 9 years of activity, the MFI has distributed almost 2 million productive loans to more than 1 million low-income Colombian microentrepreneurs. “Under the leadership of the BBVA Microfinance Foundation, Bancamía has developed a social performance measurement system that shows almost 80% of the people we serve belong to the economically vulnerable segment and 55% are women. This is how we can find ways to raise them out of poverty and find their way towards progress”, she added. Bancamía’s support is reflected in the economic growth of the entrepreneurs it serves: after two years of relationship with the entity, more than half of them abandon poverty and improve their quality of life, as well as that of their families.
BBVAMF and Bancamía contribute to meet the SDG 16 that consists in promoting peaceful and inclusive societies for sustainable development. Present in 247 out of the 322 prioritized post-conflict municipalities, low-income citizens who live in these areas have the possibility to access credit, savings and insurance.