Fifty-four percent of the population neglected regarding financial services make banks and cooperatives rethink access new markets. They seek to reach people from vulnerable sectors that, although have few resources, represent an attractive proposal for their profitability and development.
These groups include entrepreneurs, disabled people, the elderly or those who live in rural areas. Andrés Freire, the representative of the Network of Financial Institutions of Development of Private Banks and Credit Cooperatives, says that the bank sector has high possibilities to continue growing.
“60% of Ecuadorians do not have formal jobs. That means they have their own businesses, but 92% do not access credit. They must start with their own resources or informal loans,” explains Freire. (I)