Specialized Banking Products and Services for Micro and Small-Scale Entrepreneurs: Mibanco, a microfinance institution with 74 offices nationwide, was the first commercial bank in Peru and the second in Latin America focused on providing financial services to lower-income households and their micro and small enterprises. Since launching operations in 1998, Mibanco has loaned more than $1.6 billion, in amounts ranging from $100 to $1,500. Starting from a base in Lima, Mibanco spread nationwide, including to rural areas.
Responding to growing competition in the lower-income market, Mibanco continues to offer new credit products. The company reports a healthy bottom line, with a 23.2% return on equity and earnings of more than $5 million in 2002. The case examines the challenges Mibanco faced in offering credit to people who had never had access to the formal banking system—and the innovations contributing to success. Click here to read more…
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