Bank of the Year 2018 -- Honduras: Ficohsa
November 8, 2018
One of the country’s leading banks is investing in mobile access as it steps up efforts to reach underbanked customers
Ficohsa, the second largest bank in Honduras, has carved out a niche for itself in the mobile banking sector, and its investments in technology are reaping dividends, says CEO Camilo Atala.
“We are committed to innovation and creating new products that meet the demands and needs of our clientele,” he says.
The bank grew its assets by 9.3% year-on-year by the end of June this year, the highest rise in the sector, Atala says. “Our assets account for approximately one fifth of the Honduran banking system and an 18.8% market share,” he says.
Ficohsa has recognized the need to improve access for Hondurans with limited access to mobile banking, launching the Tengo app to provide banking services in conjunction with retailers, Atala says.
“We live in a reality where many people have limited access to banks, which is why we created 300 additional points-of service where our customers can perform financial transactions in places such as gas stations, pharmacies, supermarkets, and more,” he says. “Programs like these are fostering financial inclusion in a region that needs it.”
Ficohsa has also invested $1.3 million in cybersecurity over the past year. “We have applied our cybersecurity program to over 6,542 internal devices and are proud to say we have a 78% compliance rate, according to international cybersecurity performance,” Atala says.
The bank has started lending to small businesses and it is keen to expand its presence in the segment in 2019, along with the integration of all of Ficohsa’s services, he says. LF