Since the start of its transformation process into a MFI in 2014, the entity continued to evolve and successfully became a bank specialized in microfinance in 2016, bringing in formalization and growth.
Banco VFE is part of the network of World Vision International, NGO dedicated to working with children, families and communities to overcome poverty and injustice. Visionfund International is the microfinance subsidiary of World Vision, mother company of VFE and other MFIs in Africa, Asia Pacific, Middle East, Latin America and Eastern Europe.
BIO's investment will support the further growth of VFE’s microfinance portfolio, facilitating the company to continue reaching the bottom of pyramid in Ecuador and promoting financial inclusion.
Banco VisionFund Ecuador is a bank specialized in microfinance focusing on the base of the pyramid with a rural outreach. The average individual loan amounts to USD 1,100, which is very low compared to other institutions.
BIO’s funds will support a growing institution to reach more clients in underserved areas and support the financial inclusion in Ecuador.
More than 50% of VFE’s clients are in rural areas and 49% of the portfolio is deployed in agriculture sector.
VFE targets primarily women microentrepreneurs which represent 65% of its client base.
Location: Ecuador, Imbabura, Ibarra