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Nancy Turos She has been president of Mibanco for six months, an entity specialized in microfinance that is part of the Peruvian financial group Credicorp.
She is an administrator and accountant from the University of the Pacific and holds a Master’s degree in Administrative Sciences from IESE Business School in Spain. He has worked for 26 years in companies belonging to the Credicorp Group. She is the first woman to serve as president of a group company.
(farther: A report shows that 63% of micro-entrepreneurs are financially unstable).
How did 2024 begin for banks?
The bank’s performance and strategic work plan has been ongoing since last year and I accompanied strategic initiatives in Peru and Colombia that have led us to different results. We took advantage of centralized intelligence and this year we have launched our own model in the microfinance sector; the admissions model is important. Unlike Peru, here it is a closed bureau and it took us longer to build these models. We launched this model in February after two years of collecting information from our clients. We have our own admissions model and with the intelligence we have developed, Mibanco Perú is the second largest microfinance company in the world in terms of portfolio as a microfinance product line, so there is a lot to learn from them through exportable microfinance models, adaptable in other countries.
What is their strategy?
One is the model and the other is the focus on improving productivity, where we had a significant reduction in the number of business advisers last year. This year, we started hiring more business advisers after we launched a revised model and a tool that allows us to evaluate our connections with clients. Another related theme is the efficiency program. We are preparing for a bank that can perform well in other economic conditions. Last year was very complex, like a perfect storm: funding costs rose sharply due to macro reforms, there were also usury issues that affected the system, and the portfolio deteriorated because there was a complicated economic condition.
(Lea: JPMorgan warns of inflation, raises reserves).
What will this year look like?
With all these changes, we are looking forward to a much better year. Last year we lost $20 million, this year we hope to break even, no losses, which is already an important recovery for us. We are building a technology platform that will allow us to take advantage of the open data and open finance initiatives that are being driven by the state, which we believe is powerful for the bank because we are smaller. This is crucial because it provides information that is not available as a bank alone. We have to provide the means to leverage ourselves and enhance this possibility.
In addition to CDT, which we do very well, we also launched Mujeres Pa’lante, which is a credit product but comes with Miraculous Savings.
Financial inclusion is achieved through microfinance…
We transform lives, but financial inclusion is more than just credit and more than just access: it is the use and quality of the services we provide. We look at inclusion not only in terms of direct credit, but also in terms of services such as life and health microinsurance.
In addition to CDT, which we are doing very well, since Mibanco is the only microfinance institution with a triple-A classification, we also have savings products, and we are launching Mujeres Pa’lante, which, although it is a credit product, is combined with a product called Miracle Savings, where the interest rate is reduced if the requirement is met.
(Via: Interest rate war: a threat to inflation?).
What is Mibanco’s involvement and what is its weighting in the portfolio?
Our direct credit participation is 14% (although we still have to adjust for the entry of Banco Contactar) and a $2.8 billion portfolio.
What is the quality of this portfolio?
At the end of 2023, we have a growth rate of 8.2%, and this year we want to reduce it to 6.9% or 7%.
How does the loan portfolio perform in terms of gender?
I feel proud that we are majority women in the bank as well as in management.
Also in credit, what happens is that there is an issue that needs to be addressed in terms of financial education and so on, which is the amount of credit, because women are getting less loan amounts than men because those are the criteria that the credit counselors give, even though the women are agreeing to it. It’s like a psychological score.
(farther: Colombian banks have announced a rate cut).
Credit recovery is comparable for both genders, but women remain the best payers in meeting their obligations.
Holman Rodriguez Martinez
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