Banco del Exito, ex FINDESA

Mission:

To be the leader bank by providing financial services to the short and long term in a profitable way.

Background and Main Challenges:

Banex has its root in FINDESA. FINDESA was born as an NGO providing microfinance services. The challenge of becoming a regulated financial institution was accomplished in 2002 and the new Limited Company “FINDESA” started to be regulated by the Banks Superintendence of Nicaragua. In September ... Read more

Address:

Pista Juan Pablo II. De Rotonda El Periodista 300 mts. Este

Managua

Nicaragua

Phone:

(505) 2255-8822

Fax:

(505) 2222-6623

Email:

bertha [dot] silva [at] banex [dot] com [dot] ni

Website:

www.banex.com.ni/

Main Funding Sources:

Loans

Savings

Shareholder Capital

Products and Services:

Loans

Voluntary Savings

Insurance

Fund Transfer Services

Products:

Banex's clients are microentrepreneurs that belong to the informal sector. According to statistical data, this sector represents 58% of the economically-active population. Banex has designed a large variety of products adapted to the necessity of the sector: revolving lines of credit (for ... Read more

Services Provided:

Full-scale Financial Services

Looking for (Investment Types):

Loans in Local Currency

Guarantees

Capacity Building Grants

Equity investments

Loans in US$

% Operations Comprised by MF:

91 - 100

Date established:

Jan 1 1993

FYE:

31-Dec

Current Legal Status:

Bank

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
+ Development goals (ranked by importance)
+ Poverty targets
Low income clients	1
+ Governance
Has trained members of its board on social performance management	Unknown
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises	1
SME loans
Loans for education	1
Housing loans	1
+ Savings products offered
Checking accounts
Voluntary savings accounts
Fixed term deposits
Special purpose savings accounts
+ Compulsory insurance products required
+ Voluntary insurance products offered
+ Other financial products and services offered
Debit/credit card	1
Savings facilitation services
Remittances services	1
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
+ 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.	Unknown
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.	Unknown
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.	Unknown
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.	Unknown
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).	Unknown
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.	Unknown
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.	Unknown
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.)	Unknown
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.	Unknown
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Protection at work (safety, anti-harassment)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
+ Social responsibility to the environment
This institution trains/educates clients regarding environmental improvements
This institution includes specific clauses in its loan contracts to mitigate specific environmental risks
This institution identifies enterprises with environmental risk
This institution offers lending lines linked to alternative energies
+ Poverty measurement tools in use
Own proxy poverty index

Partnerships

Former
Name	Relationship
DID Fonidi	Funding

Current
Name	Relationship
Fern Software	Vendor
Fitch Ratings - CHL	Rating
I&P Developpement	Funding
MicroBanx Systems, LLC	Vendor
MicroRate	Rating
MicroVest I	Funding
MIF	Funding
MIF	Funding
Oikocredit	Funding
The Rating Fund	Partner
Triodos-Doen Foundation	Funding