In a historic milestone for financial inclusion in Peru, a momentous agreement was made official between Huancayo Box and the Inter-American Development Bank Invest (IDB Invest), where IDB Invest will acquire shares in the financial entity, marking a milestone in the microfinance in the country.
A pioneering commitment
The president of Caja Huancayo, Jorge Solis, highlighted the opportunity to deepen financial services with an equitable approach towards the most vulnerable sectors of society. Furthermore, he called on the government to pay attention to the financial sector, considering it a key factor for the national economy.
“This is a historical fact and an opportunity to further deepen financial services with equity criteria and serve the vulnerable sectors of society.”he exclaimed.
For its part, James Scriven, General Manager of IDB Invest, commented on his pride in becoming a shareholder and strategic partner of Caja Huancayo. He highlighted IDB Invest’s commitment to improving social and financial inclusion in Peru and expanding the positive impact of Caja Huancayo in the country.
“In this case, we are signing an agreement to become shareholders and main partners, with great pride, we are going to help Caja Huancayo to continue growing and increase its impact in the country”, he expressed.
Boost for financial inclusion
The Municipal Savings and Credit Banks (CMAC) are essential pillars in Peruvian financial inclusion, particularly in rural and peri-urban areas, facilitating access to financial services. The modification of the Municipal Savings Law in 2017 allowed the entry of strategic partners such as IDB Invest, opening possibilities for greater growth and transformation of the sector.
IDB Invest becomes the first entity to invest capital in the CMAC system since the law change, supporting Caja Huancayo’s focus on micro, small and medium-sized enterprises (MSMEs) and vulnerable communities, strengthening its capital and expanding its portfolio of credits to promote greater financial inclusion in Peru.
Advice and contributions
With the association of IDB Invest, Caja Huancayo reaffirms its commitment to corporate governance practices aligned with international standards and strengthens its Environmental and Social Management System (ESMS). In addition, Caja Huancayo will receive advice through the Women Entrepreneurs Financing Initiative (We-Fi), to develop an impact measurement system integrated into financial services and design gender and diversity strategies led by women, thus promoting development. of MSMEs.
This collaboration is expected to contribute to several United Nations Sustainable Development Goals (SDGs), including poverty reduction, gender equality, sustainable economic growth, reducing inequalities and promoting responsible consumption patterns.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral bank committed to economic development in Latin America and the Caribbean through the private sector. With an asset portfolio of US$16.33 billion and 394 clients in 25 countries, IDB Invest provides innovative financial solutions to promote economic, social and environmental development.
About Caja Huancayo
Caja Huancayo, with 35 years of experience, stands out for its contribution to financial inclusion in Peru. With a national presence through 227 offices and the trust of more than 2.5 million clients, it focuses on supporting MSMEs and vulnerable communities, promoting strategic alliances and empowering women entrepreneurs with programs such as “Emprende Mujer.”
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Source: Larepublica
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