In Bolivia, only 55 per cent of the poorest 40 per cent of the population have access to a bank account. Many businesses rely on informal financing, especially female-owned businesses, of which only 19 per cent have bank loans.
A bank with a social mission
Through the Danish SDG Investment Fund, Impact Fund Denmark invested DKK 195.3m in BancoSol, which has a clear social mission of serving low-income groups, rural people and small and micro enterprises in the productive sectors. 48 per cent of BancoSol’s clients are women, and 13 per cent are rural
clients. Thus, the investment is in line with Impact Fund Denmark’s impact priorities by providing essential services to underserved groups, such as women and smallholders.
Reducing poverty and improving national economy
With more than 1.1 million depositors and 270,000 microloan clients, BancoSol has sizeable effect on poverty reduction, incomes and the Bolivian national economy.
Financial education programme
By developing new digital products, BancoSol is deepening financial services without turning to exorbitant interest rates. BancoSol has a financial education programme, which provides financial training to tens of thousands of people each year. All new clients receive a welcome folder with important information allowing them to know the benefits and risks that they assume when accessing a loan, and BancoSol also provides tutorial videos on the bank’s services and channels, such as how to use different tools, the ATMs and the BancoSol App.
Emerging microentrepreneur clients are offered technical training in business planning and entrepreneurship, and BancoSol visits clients at markets, universities, neighbourhood councils and institutions of the different cities, giving face-to-face lectures on financial consumer rights and obligations.
Supporting gender equality
With 3,000 employees, of whom 50 per cent are women, BancoSol is a large employer. The bank has comprehensive human resource policies and procedures in place. These include a great extent of job security, staff induction programmes, comfortable and suitable work environment, and scheduled vacations.
The policies also ensure gender equality in the promotion to senior management and in the bank’s talent development programme. As an example, all female
officers in leading positions have received professional coaching in exercising conscious leadership effectively within their work, family and personal environment.
Furthermore, BancoSol supports employee health and has conducted awareness campaigns for early prevention of possible diseases with information, advice and care for various diseases.