BANEX provides financial services to clients who find it difficult and sometimes impossible to access traditional means of credit. Through 28 offices, BANEX provides micro-, small-, and medium-sized business loans to over 35,000 non-traditional clients. Sixty-six percent of BANEX's clientele live in rural areas that are not served by traditional financial institutions, making BANEX's work essential to provide them with financial services otherwise unavailable.
- We provide credit for a variety of economic sectors, including commerce, industrial activities,
agriculture and cattle farming. In each of these sectors we provide financing for working capital
for periods of up to 84 months. We also provide housing lending in two different forms: (a) as
collateral so that the client can buy a home or (b) as a loan to be used for home improvements.
The range of terms go from 36 up to 72 months. Our "Credit under Agreement" program provides
financing for those who would like to start their own businesses. These kinds of loans are useful
for those who want to buy a taxi to become a taxi driver or start their own beauty parlor, among
other things. We provide our clients with all traditional financial loans including credit card
and a special credit card for business clients called Pinolera.
- We offer financial services
that include public savings accounts, current accounts and fixed credit certificates of deposit
summing more than USD 43M in deposits. We also offer complementary services such as remittances,
local and international money transfers, currency exchange, etc.
BANEX currently has 36,307 microloans, 61,260 savings accounts, 2,151current accounts and 1,366 CDs in our 28 offices throughout Nicaragua. Typically, each loan creates between three and six new jobs, depending on the size of the borrower. The majority of our clients live in rural areas, where we are first place in providing accessible financial services. Our main market niche of micro-, small-, and medium-business loans, has been growing in Nicaragua.
The official start of BANEX operations on October 15, 2008 marked a milestone in the history of our institution. This was a significant step forward on the path of institutional transformation from a non-governmental organization, to a financial institution regulated by the national financial system, and into the country's leading bank specialized in microfinance. FINDESA's evolution into a bank has created new opportunities for our customers. As part of BANEX, they have become part of a banking institution's portfolio of customers in a country where low-income sectors have been traditionally neglected by commercial banks.
With the increase in the price of petroleum, public transportation is becoming harder every day. This is how Mr. Guillermo Montiel Paredes talks about the situations and expectancies of the “Cooperativa Cocibolca”, an inter-urban public transportation cooperative located in Granada. With the loan that we obtained from FINDESA we were able to purchase eleven units of work (buses), therefore, this loan was essential to ensure the stability and quality service of our business. Full Story