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| We fulfilled our goals in 2005 |
Program for sending remittances from USAround 1 million Ecuadorians who live in the US can now send their remittances to Ecuador at a cost of $5, which will be debited from their account. Emigrants who want to take advantage of the alliance need to open a savings account in one of the bilingual branches of the Queens Citigroup in New York and present some form of personal identification, a utilities bill and a conventional or cell phone number. The maintenance cost is $3 a month and users can send between $1 and $3000 a day. According to Santiago Ribadeneira, former Executive President of Banco Solidario (until December 15, 2006), "by working together Citigroup and Banco Solidario… can use the respective strengths of each institution to contribute to the improvement in the quality of life of Ecuadorians by offering them financial alternatives." Further support for the rural sectorAlong with Fundación Alternativa, Banco Solidario successfully concluded the financial services project for the rural sector sponsored by the Belgian Technical Cooperation (CTB): it covers specific products for the rural sector, and development and support for quality management models for productive chains. In all Banco Solidario branches close to the rural sector we offer specific products for farmers and rural microentrepreneurs. |
Alliances: the Regional Alliance is progressing with two of the most important microfinance banks in Latin America: Mi Banco in Peru and Banco Sol in Bolivia. Together they have acquired the new banking Core system. Mi Banco supports the Solidario in the implementation of the collection model. In addition Mi Banco will follow the transfer model of Banco Solidario Ecuador. Banco Sol continues to use Banco Solidario Ecuador’s transfer model.
The program to send remittances from the US is underway with Citigroup, with lower costs and greater benefits.
New international investors: Credit Suisse Microfinance Fund Management Company, through the Responsibility Global Microfinance Fund, administered by Blueorchard Finance S.A.; and Incofin, through the Impulse Microfinance Investment Fund N.V.
Current investors and/or strategic allies who have increased their investment and backing: Oikocredit, Dexia Micro-credit Fund (Sub-fund Blueorchard Debt), Blueorchard Microfinance Securities ILLC, AECI, Triodos, Acción Internacional, Microvest Fund.
Sharing our experience representatives of 12 institutions in Africa, Latin America and the US visited the Bank to learn from our experience.
Sustainability: with the support of Triodos Bank and Global Reporting Initiative (GRI), together with five leading microfinance banks in Asia, Africa and Latin America, we have drawn up the first Sustainable Annual Report which shows the impact of activities on social and environmental fields, in addition to offering financial information.
Rating: continues to have an "A" risk rating in PCR and an "A+" for Equability.
Rural sector: Along with Fundación Alternativa, Banco Solidario successfully concluded the project for financial services for the rural sector sponsored by the Belgian Technical Cooperation (CTB): it covers specific products for the rural sector, and development and support for quality management models for productive chains.
In all Banco Solidario branches close to the rural sector we offer specific products for this sector.
Internationals Awards: received a mention of honor in the CGAP Financial Transparency Award 2005, and was a finalist in the Felaban Award for advertising.
New image: the process to revitalize the corporate image with a change of logo and development of graphics across the board is almost complete. A new Image Commission has been set up to monitor it.
First Summit of Microentrepreneurs: to celebrate the tenth anniversary of the foundation and to promote union, 1,100 microentrepreneur clients were invited to a day of learning and fun, with top level national speakers and artists.
The Bank
