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Macario Armando Rosales Rosa, President and CEO of FEDECRÉDITO. Courtesy
The Vice President of the Republic, Félix Ulloa, accompanied by the President and CEO of FEDECRÉDITO, Macario Armando Rosales Rosa, and the President of the Federation of Municipal Savings and Credit Banks of Peru (FEPCMAC), Jorge Solis Espinoza, inaugurated SUMMIC 2024 in El Salvador The three-day conference will feature dialogues, expert panels and keynote speeches focused on microfinance.
This space is perfect for initiatives to promote business between Peru and El Salvador, relying on the help of luminaries such as Elizabeth Galdo Marin, Peru’s Minister of Foreign Trade and Tourism, and Jorge Rose La Torre, Peru’s Ambassador to El Salvador.
The conference is part of a cross-border alliance between the Federation of Urban Savings and Credit Banks of Peru (FEPCMAC) and the FEDECRÉDITO system, the second Latin American and Caribbean Microfinance Summit (abbreviation in English) SUMMIC 2024 is held for the first time in El Salvador, with the motto “Reinventing financial inclusion for a greater purpose”, and aims to explore and address key challenges and be a space for dialogue and reflection on the challenges and opportunities currently facing microfinance institutions in the region.
During the three-day conference, more than 400 financial leaders from Latin America and the Caribbean will participate and discuss topics related to financial inclusion in the current context, including innovations in cybersecurity, technology services, user experience, corporate governance and other services and user services.
“We are honored to be the co-organizer of such an important event that calls for addressing an important and relevant issue in Latin America and the Caribbean, such as reinventing financial inclusion in pursuit of a larger goal that goes beyond simply providing financial services, as it seeks to create an inclusive and equitable environment for all, bringing together hundreds of financial leaders from the region for this purpose”
Mr. Macario Armando Rosales Rosa, President and CEO of FEDECRÉDITO.
Jorge Solis, President of FEPCMAC, commented: “SUMMIC El Salvador 2024 is a unique opportunity to strengthen regional cooperation and jointly address current challenges by promoting the exchange of knowledge and best practices among industry leaders, thus contributing to the strengthening of the strength and adaptability of the microfinance sector.”
During the three-day conference, more than 400 financial leaders from Latin America and the Caribbean will participate and discuss topics related to financial inclusion in the current context.
The microfinance sector in El Salvador
Microfinance in the region has made important progress, but it is not enough to meet the challenges of financial access and poverty reduction.
MYPES in Central America and the region are still considered one of the main sources of employment and income. In El Salvador, MYPEs and self-employed workers account for 85% of the population’s jobs, according to the Salvadoran government.
However, financing to this market niche through traditional formal means (including microfinance institutions) is only 13% in El Salvador and is often replicated across the region. Therefore, we still have a lot of work to do to continue to contribute to the issue of banking and financial inclusion.
The pandemic has forced various industries to reinvent themselves, and microfinance entities have had to innovate in a variety of ways to enhance the digitization of financial services provided to customers, thereby promoting financial inclusion. According to research conducted by Mastercard in the region, people have more access to savings accounts and digital payments, while transaction costs for services and products are lower.
In 2019, the National Financial Inclusion and Education Commission was established, and more recently in 2021, the National Financial Inclusion Policy was officially launched. Overall, as of 2021, El Salvador’s banking index is above 36%, a figure that has increased by nearly 6% since the last measurement in 2017. However, major challenges remain in reaching the base of the population pyramid, as well as micro and small businesses.
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