FINCA Ecuador was founded in 1993 as a non-profit organization devoted to providing financial services to low-income entrepreneurs. In its early days the bank focused on supporting rural entrepreneurs, providing group loans through the village banking model. Since then, it has expanded to offer a greater range of services while delivering a double bottom line of profitability and positive social impact.
In 2008, the organization became Banco FINCA Ecuador, a full-service bank regulated by the government of Ecuador and authorized to accept deposits. Adapting to the needs of a growing market, FINCA Ecuador now provides individual and group loans as well as savings products and money transfers. The bank currently has a loan portfolio of more than USD 64 million and holds total deposits of roughly USD 45 million.
Banco FINCA Ecuador new serves more than 47,000 clients through 12 branches, a network of banking agents located throughout the country and expanding digital channels. The bank uses its diverse delivery channels to expand financial inclusion to those sections of society that need it most.
More than two-thirds of Banco FINCA Ecuador clients live in rural areas, and roughly 60 percent of borrowers are women. While the bank has evolved over the years, it has continued to serve rural families and communities through group loans, which currently make up more than half the bank’s total loan portfolio.
In April 2018, Banco FINCA Ecuador became the first bank in the country to receive SMART certification, a recognition of its long-standing commitment to robust client protection principles.