Financia Credit S.A.

Mission:

Establecer, tramitar y llevar a cabo negocios financieros y de inversión

Address:

Vía España y Calle Elvira Mendez, PH Delta piso 10, ofic. 2

Panama, Provincia de Panamá

Panama

Phone:

507-2146221

Email:

vrodriguez [at] versatec [dot] biz

Main Funding Sources:

Loans

Shareholder Capital

Products and Services:

Loans

Services Provided:

Other

Looking for (Investment Types):

Loans in Local Currency

Date established:

Jul 11 2008

FYE:

31-Dec

Current Legal Status:

NBFI

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in urban areas	1
Clients living in rural areas	2
Women	3
Adolescents and youth (below 18)	4
+ Development goals (ranked by importance)
Growth of existing businesses	1
Development of start-up enterprises	2
Increased access to financial services	3
Youth opportunities	4
Employment generation	5
Gender equality and women's empowerment	6
Children's schooling	6
Poverty reduction	7
Improvement of adult education	8
Health improvement	9
+ Poverty targets
Low income clients
+ Governance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Préstamos personales
+ Savings products offered
+ Compulsory insurance products required
+ Voluntary insurance products offered
+ Other financial products and services offered
+ 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:
+ 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.
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).
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
Flat interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
+ Basis of staff incentives related to social performance
+ Social responsibility to the environment
+ Poverty measurement tools in use

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Social Performance Profile

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