Ficohsa, under the leadership of Camilo Atala, announced yesterday its dedication to doubling its SME loan portfolio to $910 million within the next five years. The focus will be on supporting the growth of businesses led by women through preferential lending, insurance, and financial education. Since becoming a member of the Partnership for Central America (PCA) in July 2023, Ficohsa has already increased its SME loan portfolio in Honduras by $60 million, aiding 8,500 new entrepreneurial ventures.
The significance of financial inclusion for the long-term progress of Central America was emphasized during Monday’s semi-annual PCA Call to Action with U.S. Vice President Harris. At the event, Ficohsa’s endeavors in this area were showcased, emphasizing its commitment to expanding financial inclusion and fostering economic development, particularly within women-led SMEs.
In addition, Ficohsa reiterated its commitment to invest $50 million in digital services to expand financial inclusion and ensure that a greater proportion of remittances are earmarked and invested in local assets, savings and businesses.
Ficohsa aims to include 200,000 more vulnerable people in the financial system over the next five years. Since joining the PCA in July 2023, the financial services group has added 60,000 people to its mobile phone-based payments service, TENGO, resulting in $8 million worth of digital transactions.
In collaboration with Glasswing International, an NGO that empowers youth and communities to address the root causes of poverty, violence, and migration, Ficohsa has provided bank accounts to 3,500 young people. The bank intends to increase that number to more than 7,000 young Hondurans over the next five years.
Ficohsa’s commitment to financial inclusion and sustainable development is reflected in its focus on providing long-term, low-cost support to SMEs, enabling them to expand, innovate, and become more competitive. Ficohsa also supports Centroamérica Adelante’s goals of strengthening governance, fighting corruption, and improving security. Ficohsa’s 2022 Sustainability Report highlights the bank’s progress in terms of financial inclusion, ethical banking, and investments in environmental sustainability.