Steady economic performance and government responsiveness to poverty have contributed to rising income levels in Mexico. However, poverty rates remain high, as does income inequality. Even with commercial banks introducing microfinance products, access to financial services is still limited for certain sectors of the population. We're working to strengthen microfinance institutions and expand access to services throughout the country.
Accion is proud to partner with two institutions in Mexico, Compartamos Banco and CrediConfia.
We have worked with Compartamos Banco to expand its product offerings for urban clients, improve operational efficiency and develop a strong brand identity in order to become a successful, regulated microfinance institution. Compartamos is now the largest microfinance bank in Latin America and a publicly traded company with more than two million borrowers.
More recently, Accion began working with CrediConfia, a microfinance institution providing financial services to microentrepreneurs and low-income households in rural and semi-urban areas in east-central Mexico, through a 2012 investment totaling U.S. $1.9 million. Accion provides management and technical support to CrediConfia, including deployment of Accion’s credit technology to expand and improve the scope of CrediConfia’s products, improve loan quality and profitability and, in turn, help position CrediConfia as a leading provider of microfinance products and services in Mexico.
Accion is supporting partners Compartamos Banco and CrediConfia with management and technical assistance services, investments and strategic direction.