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.
Furthermore, Ficohsa restated its commitment to investing $50 million in digital services to expand financial inclusion and ensure that a larger portion of remittances is allocated and utilized in local assets, savings, and businesses.
Ficohsa aims to integrate an additional 200,000 vulnerable individuals into the financial system within the next five years. Since becoming a member of the PCA in July 2023, the financial services group has successfully onboarded 60,000 individuals onto its mobile phone-based payments service, TENGO, resulting in $8 million worth of digital transactions.
In partnership with Glasswing International, an NGO that empowers young people and communities to address the underlying causes of poverty, violence, and migration, Ficohsa has provided bank accounts to 3,500 youths. The bank plans to increase this number to over 7,000 young Hondurans in the next five years.
Ficohsa demonstrates its dedication to financial inclusion and sustainable development through its emphasis on offering affordable and lasting assistance to SMEs, empowering them to grow, innovate, and enhance their competitiveness. Moreover, Ficohsa actively supports the objectives of Centroamérica Adelante, which include bolstering governance, combating corruption, and enhancing security. The bank’s 2022 Sustainability Report showcases its advancements in the realms of financial inclusion, ethical banking, and investments in environmental sustainability.