01.01.2018

Bolivia, Chile, Ecuador, Colombia, Peru | Sustainably improving access to financial services


Countries
Bolivia, Chile, Colombia, Ecuador, Peru

Local project partners
Bolivia: FinRural,
Chile: SERCOTEC,
Ecuador: UCACSUR, UCABANPE,
Colombia: ASOMICROFINANZAS, ASOBANCARIA,
Peru: Banco de la Nación (BN), FEPCMAC, ASOMIF, SBS

German project partner
Ostdeutscher Sparkassenverband (OSV) (East German Savings Banks Association)

Donator
German Federal Ministry for Economic Cooperation and Development (BMZ)

Duration
1 January 2018 to 31 December 2020
(Overall project term)


Around fifty per cent of the South American population has an account with a formal financial institution. But only few deposit their savings there. At the same time, over-indebtedness in Latin America’s microfinance sector has been a serious risk for many years now. The best way for financial institutions to counter these tendencies and the risk of excessive debt is to employ well-trained customer advisors who, for example, adhere to responsible lending procedures and foster the use of savings products. The support that associations give their member institutions helps them become more professional while also stabilising the financial sector as a whole.

As for the customers, it is essential to promote their financial literacy in order to sensitise them to the responsible use of financial products. In a consumption and credit-oriented culture, many people are not aware that they should only take out a loan they can actually afford to repay. They are unable to make informed financial decisions and not able to determine which terms and conditions are appropriate. The project aims to improve access to financial services and to make them more sustainable by strengthening education and association structures. It is seeking to achieve this objective using the following four priority areas of action:

  • Introduce a dual vocational training scheme for banking clerks in the microfinance sector 
  • Establish and expand further training services and advise partner institutions
  • Strengthen microfinance associations’ capacity to represent their members’ interests and deliver key services
  • Raise the level of financial literacy amongst the general population

Sparkassenstiftung für internationale Kooperation e.V.
Simrockstraße 4, 53113 Bonn

Phone: +49 228 9703-0
Fax: +49 228 9703-6613 or -6630

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