Mexico has been at the epicenter of microfinance news since the initial public offering (IPO) of Mexican microfinance institution (MFI) Banco Compartamos in 2007. One of the first of its kind, Compartamos put Mexico’s microfinance industry on the map. However, while Compartamos has enjoyed positive notoriety and Mexico on a global platform is considered an “advanced middle-income country” (World Bank, 2007), more than 14 million Mexicans continue to live in conditions described as extreme poverty by Secretary of Social Development, Beatriz Zavala Peniche in the fall of 2007. Mexico maintains steady economic performance, but poverty rates remain high, as does income inequality. Even though its 2002 to 2005 poverty-reduction trends were encouraging—particularly rural poverty—Mexico is still focused on reducing urban poverty and improving its social programs to provide better coverage for the working poor.
The Entrepreneur and the Solution
The Finsol group is focused on just this: providing financial services to the working poor as a means of working out of poverty. A microfinance institute in Mexico, Finsol is unique in that they don’t just provide micro-credit, they intend to be a one-stop-shop for their clients. Innovating the way that financial products and services are marketed to the working poor, Finsol is committed to offering a broad range of loan products including life insurance and remittances, savings, housing improvement loans, and other financial products. The sky is the limit for Finsol. Through innovative technology, Finsol is introducing new products across geographies in more efficient ways than ever before. Already exporting products and technologies developed and tested in Mexico to other partners in key markets throughout Latin America, they see opportunities for remittances and micro-insurance abroad and plan to continue reaching hard-to-access regions through wireless technology.
Edgardo Salomón Barredo, Director General of Finsol has more than 30 years of experience in international banking and stands out as someone who brings a rare combination of commercial and development expertise to microfinance. Edgardo is passionate about microenterprise as a proven and effective means to promote economic and social development. Highly professional in his approach, he demonstrates a unique vision of the microfinance industry and its potential. His vision has attracted some of the industry’s top performers to Finsol. A growing organization, Finsol has aggressive plans for its business and for its clients for whose potential is limitless with its support.
Edgardo Salomón shares with Global X his secret to success:
1. "Capital is always available for good projects. The main problem is talent."
2. "There is no success without scale, and that’s why networking is so important and that’s where Unitus can help us."
3. Don’t rely on consultants!
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