Banco ADOPEM was named the “Most Innovative Microfinance Institution of the Year” by Citi for its innovative and groundbreaking products and services, and for its commitment to the microfinance sector.
Banco ADOPEM received the prize for the “Most Innovative Microfinance Institution of the Year” in the ninth edition of the 2013 CITI Micro-entrepreneur Awards awarded by Citi and the Council of American Development Foundations (Solidarios).
“We are very pleased to award this prize to ADOPEM, a committed and pioneering institution offering innovative facilities at the forefront of the micro-entrepreneurial sector”, said Máximo Vidal, general manager of Citi Dominican Republic.
The jury based its decision on the technological innovations developed by Banco ADOPEM such as ATA-Móvil, a technological tool that allows credit advisers to charge and assess customers in their businesses or in their homes, and the implementation of the Citi Mobile Collect platform.
They also rated very highly the production and emission of the financial soap opera entitled “Contracorriente” (“Against the flow”), and the educational slots broadcast on nationwide radio and television channels with over 1 million viewers.
Another aspect valued by the jury was the design of financial products and projects suited to the needs of its customers, and particularly to the poorer sectors of Dominican society; these include new agricultural products for small farmers, children’s savings programs, regular savings plans, and loans for home conversion and business improvements.
During the event several of ADOPEM’s customers also received awards in several categories, in acknowledgment of their achievements.
The award was accepted by Ricardo Canalda, member of the ADOPEM Board of Directors, at a ceremony in the Hilton Hotel.
Banco Adopem was set up in 2004 as a regulated financial institution designed to serve micro, small and medium-sized enterprises.
It currently has a credit portfolio of DR $3.527 billion, and serves over 272,000 customers through its 52 branch offices distributed around the country.
Its customers are engaged in activities in several different sectors, particularly commerce, services and production. Their activities include mainly the sale of food products, garment and footwear manufacturing, arts and crafts, mechanic services, the carpentry sector and the service industry.
74% of its customers are women aged between 30 and 50, leading the bank to be known as the “Woman’s Bank”.
Banco ADOPEM supports micro, small and medium-sized enterprises through its Productive Finance initiative -its own specialty and methodology-, aimed at fostering the sustainable and inclusive economic and social development of underprivileged sectors of Dominican society.