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.
Ficohsa has reaffirmed its pledge to invest $50 million in digital services in order to expand financial inclusion and ensure that a larger portion of remittances are directed towards 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 part of the PCA in July 2023, the financial services company has already onboarded 60,000 individuals onto its mobile payments service, TENGO, resulting in $8 million worth of digital transactions.
In collaboration with Glasswing International, an NGO focused on empowering young people and communities to address poverty, violence, and migration, Ficohsa has provided bank accounts to 3,500 young individuals. The bank’s goal is to increase this number to over 7,000 young Hondurans over the course of 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.