CREDIFE: 20 years (only in Spanish)
Attracted by the success of pioneer microfinance institutions, other actors, such as commercial Banks, started posing their sights on the sector and looked for different manners to enter the industry. So, little by little it was observed that long-record banks were implementing different downscaling models aiming at serving the microfinance sector, which until then, was unknown to them. Some of those efforts were successful and some others not.
The herein document describes the experience of Credife in Ecuador, an example of a successful downscaling model. Credife arises in the late 90s, in times when the Ecuadorian economy was facing one of its worst periods. This initiative from the senior management of Grupo Pichincha was able to create a successful Microfinance program oriented to increase the quality of life of the microentrepreneurs and their families. The white paper comprises the main conclusions of the Credife experience and presents considerations on what the future holds for the organization.
Written by: L. Fernando Fernández. November 2020.