Ficohsa, under the leadership of Camilo Atala, has restated its dedication to growing its SME loan portfolio to $910 million over the next five years. The company will prioritize the advancement of businesses led by women by providing them with preferential lending options, insurance, and financial education. Since joining the Partnership for Central America (PCA) in July 2023, Ficohsa has already increased its SME loan portfolio by $60 million in Honduras, which has benefitted 8,500 newly established ventures.
At Monday’s semi-annual PCA Call to Action event with U.S. Vice President Harris, the significance of financial inclusion for the long-term progress of Central America was emphasized. Ficohsa’s efforts in this field were highlighted during the event, showcasing their commitment to expanding financial inclusion and driving economic growth, particularly among 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’s dedication to promoting financial inclusion and sustainable development is evident in its emphasis on offering affordable, enduring assistance to SMEs, empowering them to grow, innovate, and enhance their competitiveness. Additionally, Ficohsa aligns itself with the objectives of Centroamérica Adelante, which include fortifying governance, combatting corruption, and enhancing security. The bank’s 2022 Sustainability Report highlights its advancements in terms of financial inclusion, ethical banking practices, and investments in environmental sustainability.