MiCrédito was founded on July 1st, 2004. The current management team and its partner, the Mennonite Economic Development Associates (MEDA), have been involved in micro-lending in Nicaragua since 1990 through Fundación CHISPA. This foundation became one of the most successful programs in micro-lending during the 1990’s. In 2000, it partnered with other investors to establish the first regulated MFI in the country, named CONFIA, which included CHISPA’s loan portfolio and a 10-branch network with 70 trained and experienced staff members as the core components for the new financial institution. Through this partnership with outside investors, MEDA and the Management Staff at MiCrédito were able to obtain knowledge on how to function in a demanding regulatory environment in Nicaragua. In November 2002, MEDA decided to sell its shares in CONFIA to one of the other partners in order to help recapitalize CONFIA and bring in new funding to grow the institution. In 2004, MEDA established a new financial organization called MiCrédito to provide an improved level of service and to target the underserved rural market in Nicaragua. Some of the key staff that participated in the original CHISPA have been instrumental in creating MiCrédito.
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History
MiCrédito was founded on July 1st, 2004. The current management team and its partner, the Mennonite Economic Development Associates (MEDA), have been involved in micro-lending in Nicaragua since 1990 through Fundación CHISPA. This foundation became one of the most successful programs in micro-lending during the 1990’s. In 2000, it partnered with other investors to establish the first regulated MFI in the country, named CONFIA, which included CHISPA’s loan portfolio and a 10-branch network with 70 trained and experienced staff members as the core components for the new financial institution. Through this partnership with outside investors, MEDA and the Management Staff at MiCrédito were able to obtain knowledge on how to function in a demanding regulatory environment in Nicaragua. In November 2002, MEDA decided to sell its shares in CONFIA to one of the other partners in order to help recapitalize CONFIA and bring in new funding to grow the institution. In 2004, MEDA established a new financial organization called MiCrédito to provide an improved level of service and to target the underserved rural market in Nicaragua. Some of the key staff that participated in the original CHISPA have been instrumental in creating MiCrédito. |
DID YOU KNOW? The World Bank estimates that there are now over 7000 microfinance institutions, serving some 16 million poor people in developing countries.
MEET MICREDITO CLIENTS...
Six years ago Eneyda started a small seamstress business. She soon found out there was a demand for children's wear. Read more. |