Aequitas, a financial inclusion fund launched by Desjardins International Development (DID), recently issued a USD 2 million loan to Ecuador-based microfinance institution (MFI) Faces Microfinanzas to boost its lending in southern Ecuador. Established in 1991 and headquartered in the city of Loja, Faces Microfinanzas is a NGO offering training as well as group and individual microcredit. The organization has 24 branches and serves approximately 26,000 customers, of whom roughly 14,000 are female. Faces Microfinanzas reports a loan portfolio of USD 41 million and USD 55 million in assets as of 2020.
Founded in 1970, DID is a unit of the Canadian cooperative Desjardins Group that seeks “to promote the economic empowerment of disadvantaged communities around the world by facilitating access to secure, diversified financial services.” It specializes in providing technical support and investment for the inclusive finance sector. The NGO is active in 30 nations across Africa, Asia, Latin America and the Caribbean. Desjardins Group serves 7.5 million people with services such as retail banking, wealth management, securities brokerage, venture capital and asset management.
By Renata Samadova, Research Associate
Sources and Additional Resources
Direct contact with DID
Faces Microfinanzas homepage
https://faces.org.ec
Previous MicroCapital article on DID
https://www.microcapital.org/microcapital-brief-microfinance-institution-fundeser-of-nicaragua-borrows-1m-from-aequitas-marking-funds-1st-disbursement/
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