Corporate Social Responsibility Press Release
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9.05.2008 - 12:41pm ET
News from:
ACCION International
ACCION Network Celebrates Compartamos in Reaching 1 Million Clients with Microfinance
Compartamos Banco Achieves Latin American Milestone in Building Inclusive Financial Systems for the Poor
(CSRwire) BOGOTA,COLOMBIA. - September 5, 2008 – The ACCION Network today
recognized and congratulated long-time partner Compartamos (BMV: COMPART)
in its quest to build inclusive financial systems for Mexico's working
poor. Compartamos announced on August 28th that it had reached its
millionth microentrepreneur with financial services – working capital
loans, savings, insurance, and more – thereby achieving an historic
milestone for both Mexico and Latin America.
ACCION Network directors from Latin America and Africa have widely praised
the achievement. "What a great feeling to see you reaching this
well-deserved milestone," wrote Pierre-Marie Boisson, head of Haitian
microfinance institution Sogesol. "What a clear demonstration that
Compartamos and your own personal dedication and patient efforts are
helping the working poor."
A member of the ACCION Network of microfinance institutions (MFIs),
Compartamos's goal is to create social value for the working poor of
Mexico by providing financial services to the greatest number of people in
the least amount of time. Since 1999, it has grown from a modest NGO,
funded by philanthropy and multilateral development banks and servicing
approximately 60,000 clients, to a bank of international stature capable
of tapping the global capital markets. In April of 2007 it issued a highly
successful IPO that demonstrated how a commercial approach to microfinance
can provide the resources to scale even more quickly and reach more
working poor.
ACCION has been a close partner of Compartamos for much of the bank's
history, having invested in it in 2000, helped provide governance, and
assisted in the development of individual and solidarity-group loan
products for urban clients, who number some 100,000 of the bank's million
customers.
About the ACCION Network
Since its inception in 1984, the ACCION Network and its members have
dedicated their efforts to serving microentrepreneurs worldwide by
providing financial services, continuously improving these services and
systematically developing strong microfinance institutions through
investment and governance. Together, the Network and its members are
active leaders in the commercialization of microfinance, integrating
microfinance institutions into the international capital markets to
harness their considerable financial power to alleviate world poverty.
ACCION International provides its support as convener and coordinator of
this Network. For more information, visit www.accionnetwork.org.
For more information please contact:
Martha Lucía Rojas, ACCION Network Coordinator
ACCION International
+571 7 48 07 07
www.accionnetwork.org
Bruce MacDonald, VP, Communications
ACCION International
+1 617 616 1546
www.accion.org
www.accion.org
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