Corporación para el Fomento de las Microfinanzas y el Microcrédito

Mission:

Somos una organizacion social, que ofrece programas de economia solidaria, en especial servicios financieros solidarios, a hombres y mujeres de comunidades excluidas urbanas y rurales, para alcanzar su dignidad y lograr su inclusion economica y social, promoviendo practicas basadas en la ... Read more

Address:

Calle 53 N° 42-52

Medellín

Antioquia

Colombia

Phone:

(514) 216-5255

Email:

fomentamos [at] une [dot] net [dot] co

Website:

www.fomentamos.com.co

Main Funding Sources:

Loans

Products and Services:

Loans

Insurance

Training and Consulting

Services Provided:

Full-scale Financial Services

Looking for (Investment Types):

Equity

Capacity-Building Grants

Donations

% Operations Comprised by MF:

91 - 100

Date established:

Apr 28 2003

FYE:

31-Dec

Current Legal Status:

NGO

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in urban areas	1
Women	1
+ Development goals (ranked by importance)
Health improvement	1
Gender equality and women's empowerment	1
Water and sanitation	1
Youth opportunities	1
Improvement of adult education	1
Poverty reduction	1
Employment generation	1
Growth of existing businesses	1
Increased access to financial services	1
+ Poverty targets
Poor clients
Low income clients
+ Governance
Has trained members of its board on social performance management
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
+ Compulsory insurance products required
Compulsory credit life insurance
+ Voluntary insurance products offered
+ Other financial products and services offered
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
Financial literacy education
Basic health/nutrition education
+ Health services offered
+ Women's empowerment services offered
Leadership training for women
Women's rights education/gender issues training
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
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
Transparency on salary (a clear salary scale based upon market salaries)
Benefits (medical insurance, pension contribution)
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
Ability to attract new clients from target market
Quality of interaction with clients based on client feedback mechanisms
Quality of social data collected
Client retention/drop-out rate
Portfolio quality
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
This institution trains/educates clients regarding environmental improvements
+ Poverty measurement tools in use

MFI Report

Corporación para el Fomento de las Microfinanzas y el Microcrédito

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Social Performance Profile

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