November 14, 2016 |
Home to one of the world’s most advanced microfinance industries, Bolivia has become a model for other Latin American countries looking for ways to help low-income earners start their own businesses.
Ten years ago, the Andean nation was one of the first countries in the world to commercialize microfinance when BancoSol, once a non-governmental organization but now the biggest microfinance institution (MFI) in the country, started to offer loans to the poor.
Today, the industry is flourishing, with more than a million clients.
“Bolivia would be a very different country if the microfinance industry did not exist,” says Néstor Castro, president of the country’s Association of Development Finan
For years, Bolivia has pushed to make microfinance a part of the country’s financial mainstream. Now, several Latin American nations are trying to follow in its footsteps.