Bancolombia Mi Negocio - Segmento Microfinanzas

Mission:

Somos el mejor aliado de los clientes en la satisfacción de sus necesidades financieras. Proveemos una amplia gama de productos y servicios con innovación, eficiencia y amabilidad, y generamos valor a nuestros clientes, colaboradores, accionistas y a la comunidad.

Background and Main Challenges:

El ingreso al mercado de las Microfinanzas era una necesidad para Bancolombia, en materia de competitividad y gestion social. Bancolombia Mi Negocio nace con el objetivo de hacer accesibles los servicios financieros a sectores de la población que aún no cuentan con ellos, direccionar a estas ... Read more

Address:

Carrera 48 No. 26-85

Medellín

Antioquia

Colombia

Phone:

01800 09 12345

Fax:

(4)5763510

Email:

servicli [at] bancolombia [dot] com [dot] co

Website:

www.bancolombia.com.co

Products and Services:

Préstamos

Capacitación y consultoría

Ahorro voluntario

Seguros

Looking for (Investment Types):

Donaciones

Garantías

% Operations Comprised by MF:

91 - 100

Date established:

Mar 1 2004

FYE:

31-Dec

Current Legal Status:

Bank

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in urban areas	1
+ Development goals (ranked by importance)
Growth of existing businesses	1
Employment generation	2
Increased access to financial services	3
Poverty reduction	4
+ Poverty targets
No specific poverty target
+ Governance
Has trained members of its board on social performance management	Unknown
Has a formal board committee that monitors social performance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
+ Savings products offered
Voluntary savings accounts
+ Compulsory insurance products required
Compulsory credit life insurance
+ Voluntary insurance products offered
Voluntary life insurance
Voluntary health insurance
+ Other financial products and services offered
Debit/credit card
Mobile banking services
Remittances services
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target the poor:	Cuentas de bajo monto
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
A mechanism to handle customer complaints is in place, has dedicated staff resources, and is actively used. (Suggestion boxes alone are generally not considered adequate.)
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
+ Social responsibility to staff
+ Human resources
+ Basis of staff incentives related to social performance
Ability to attract new clients from target market
Client retention/drop-out rate
Portfolio quality
+ Social responsibility to the environment
+ Poverty measurement tools in use

MFI Report

Bancolombia Mi Negocio - Segmento Microfinanzas

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Social Performance Profile

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