Fundación ECOPETROL para el Desarrollo de Magdalena Medio

Mission:

Trabajamos solidaria y participativamenten para propiciar el desarrollo social y económico del Magdalena Medio a travéz de procesos de formación integral, gestión social y empresarial, centrando nuestra acción en el mejoramiento de la calidad de vida de nuestros clientes.

Background and Main Challenges:

La Fundación Ecopetrol Para el Desarrollo del Madalena Medio - FUNDESMAG, nace en 1986 por voluntad y aportes de sus socio fundador ECOPETROL, como una entidad sin ánimo de lucro, organizada bajo las leyes Colombianas de derecho privado, abierta a la cominidad y orientada a la promoción del ... Read more

Address:

Carrera 27 Nº 44 - 41 Barrancabermeja

Bucaramanga

Santander

Colombia

Phone:

6220031

Fax:

6224565

Products and Services:

Loans

Training and Consulting

Services Provided:

Full-scale Financial Services

Looking for (Investment Types):

Equity

Loans in Local Currency

% Operations Comprised by MF:

91 - 100

Date established:

Feb 4 1997

FYE:

31-Dec

Current Legal Status:

NGO

Regulated:

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Women	1
+ Development goals (ranked by importance)
Employment generation	1
Poverty reduction	2
Development of start-up enterprises	3
Growth of existing businesses	4
Increased access to financial services	5
+ Poverty targets
Very poor clients
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
SME loans
Loans for agriculture
Loans for education
Housing loans
Calamidad domestica, vehículo, estudio.
+ Savings products offered
+ Compulsory insurance products required
Compulsory credit life insurance
Seguro por invalidez permanente
+ Voluntary insurance products offered
+ Other financial products and services offered
+ Non-financial services offered
+ Enterprise services offered
Enterprise skills development
Business development services
+ Education services offered
Educación Sexual y reproductiva
+ Health services offered
+ Women's empowerment services offered
Coheción grupal, trabajo en equipo, cabe aclarar que las Capacitaciones también son impartidas a Hombres y Jovenes.
+ Products and services targeting the poor
Products and services specifically designed to target the poor:	Linea de crédito para Grupos y Parejas Solidarias.
+ 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).
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
Declining balance interest method
+ 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
Client retention/drop-out rate
Portfolio quality
Capacitación de nuevos clientes
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
This institution includes specific clauses in its loan contracts to mitigate specific environmental risks
This institution identifies enterprises with environmental risk
+ Poverty measurement tools in use
USAID Poverty Assessment Tool (PAT)
Estudio Socio Económico que levanta el oficial de crédito en el negocio del cliente.

MFI Report

Fundación ECOPETROL para el Desarrollo de Magdalena Medio

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Social Performance Profile

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