Set up in 1993 as the Ecuadorian affiliate of a global network of microfinance institutions, Banco FINCA grew out of a foundation that supports social enterprises and other initiatives aimed at empowering disadvantaged people, allowing them to take charge of their own future. A fully-licensed bank since 2008, Banco FINCA offers its clients a full suite of services, including savings accounts, insurance products, money transfers and, of course, microcredits.
From its headquarters in Quito, Banco FINCA operates a network of twelve branches and representative agencies. The bank’s nationwide presence ensures close proximity to its target demographic. Banco FINCA believes in the transformative power of small business and actively supports budding entrepreneurs who seek to set up shop. Thanks to the bank’s microcredits, thousands of people have been able to open small factories, shops, and social enterprises, significantly improving their livelihoods in the process.
Banco FINCA helps its clients successfully navigate the local bureaucracy and offers workshops on business administration. The bank acknowledges the importance of entrepreneurial skill development as an essential component of its social impact. Banco FINCA also puts in considerable effort to discover and plot the needs of its clients in order to offer products and services that are relevant and dovetail with demand.
The CFI.co judging panel recognises the importance of encouraging and supporting small and micro enterprises for they are the engines of sustainable growth. The judges unanimously agree to offer Banco FINCA the 2017 Best Social Impact Bank Ecuador Award.