Oikocredit, a cooperative investor based in the Netherlands, has agreed to loan EUR 4.5 million (USD 4.9 million) for five years to Paraguay-based Financiera Ueno, aiming to promote microenterprises as well as small and medium-sized enterprises (SMEs) that are owned by women in Paraguay. Ueno launched its app in 2022 as part of its rebranding of the traditional financial institution Financiera El Comercio, in which Paraguay’s Grupo Vázquez acquired a controlling stake in 2021.
Carolina de Bestard, Director of Ueno, said, “Ueno arrived with the purpose of breaching the gap between a dream and reality, proposing a profound transformation of traditional banking services with a new digital banking model; reaffirming its commitment to the development of the national economy and supporting the growth of SMEs.”
Ueno offers in-person and online services for individuals and small businesses such as savings, loans, payment cards and checking accounts. The institution reports having earned net income of PYG 14.6 billion (USD 2 million) during 2022, ending the year with total assets of PYG 1.8 trillion (USD 250 million).
Grupo Vázquez was established in 1947 and is active in areas such as finance, commerce, agribusiness, entertainment and technology.
Oikocredit was established in 1975 and is active in Asia, Africa, Latin America and the Caribbean. As of March 2023, the coop reports capital of EUR 1.0 billion (USD 1.1 billion) outstanding to about 500 partner organisations active in financial inclusion, agriculture and renewable energy.
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/364438/9049/oikocredit-and-ueno-join-forces-to-promote-paraguayan-women-s-empowerment.html
Ueno homepage
https://www.ueno.com.py
Ueno financials
https://www.ueno.com.py/documents/20123/103830/Balance%2BDiciembre%2B2022%2Bv2.pdf
Grupo Vázquez homepage
https://www.grupovazquez.com/
Oikocredit homepage
https://www.oikocredit.coop
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