Over 33,000 of Financiera’s female entrepreneurs rose out of poverty in 2015 by running an enterprise with the support of the bank. This represents 31% of its female clientele and an increase of 6% in this indicator compared to 2014.
For Martín Naranjo Landerer, general manager of Financiera Confianza, this result is “evidence of the social impact of our mission”, which seeks to create opportunities for the development of low-income families, improving their income and quality of life through Productive Finance.
In 2015, the bank served almost 162,000 female customers in the 25 regions in Peru, representing 51% of its total clientele. Thanks to this support, over 22,000 female customers joined the financial system in the last 12 months.
“On Women’s Day we wish to highlight the efforts of our female entrepreneurs from all over Peru, who face so many challenges and yet –thanks to their hard work– manage to contribute to their families’ development. Financiera Confianza seeks to make a real impact on the underprivileged, and particularly in rural areas. This is why we are so satisfied that each year we can help more women rise out of poverty”, said Martín Naranjo.
Financiera Confianza is the micro-finance institution with the most extensive national rural network. In 2015 it served over 20,300 entrepreneurs from rural sectors in the country.
The group credit “Palabra de Mujer” (“A woman’s word”) helped 50,000 women to advance in 2015
In 2015, the group credit entitled “Palabra de Mujer” (“A woman’s word”) helped 49,500 women from different regions in the country to advance, bringing to 83,000 the number of female entrepreneurs supported by the bank with this product in the last three years.
This group credit is aimed primarily at women in a state of vulnerability or poverty and has a component of financial literacy, which further enhances the social impact achieved: 49.3% of “Palabra de Mujer” customers rise out of poverty after two years with the bank.
This product promotes financial inclusion for women who individually would not be able to access loans (generally productive) in a financial institution. It works with groups of between eight and 25 women who receive training in the advantages of having a formal loan, and are taught how to organize a business plan according to their income.
80% of the rural customers of “Ahorro para Todos” are women
Another Financiera Confianza program that has a major impact on women in rural sectors is called “Ahorro para Todos” (“Savings for all”), and represents the first initiative by the private sector to promote financial literacy and encourage formal savings in rural areas in the country.
Its innovative methodology is based on the prior knowledge of the customers, and an understanding of their experiences, customs and language before the training strategies are designed (which are taught in Quechua). “Ahorro para Todos” took financial literacy to 8,672 people in 80 communities in Apurímac and Cusco between April 2014 and December 2015.
Of these, 1,889 decided to open a formal savings account in Financiera Confianza, of which 80% were women. In addition, 20% of these active accounts maintain a balance of over S/100, entitling these customers to free life insurance with a coverage of S/2500.