BAC Credomatic

Costa Rica
Latin America & Caribbean

https://www.baccredomatic.com/

Industry:Banking
Date joined:19 February, 2021
Initiatives:Net Zero Banking Alliance and Principles for Responsible Banking

BAC Credomatic is the leading financial services in Central America. With over 65 years of experience, BAC Credomatic is #1 in assets, deposits, and receivables in the region, and also the leader in digital banking. The bank offers financial services to over 3.6million clients across Central America and employs over 21,000 people. In 2010 the bank was acquired by the Colombian holding company Grupo Aval. This has allowed BAC Credomatic to expand its products offerings and bring best practices to the region, while retaining the focus on continuous improvement, excellence, and innovation.

Summary of Sustainability Strategy

BAC Credomatic fosters a vision focused both on our customers and the development of Central America as a whole. They achieve this by offering products and services designed to open up new opportunities to customers, while generating positive impact on the local communities.

The bank’s sustainability covers three dimensions: economic, social and environmental. These three dimensions are aligned with the United Nations Sustainability Development Goals (SDGs) as laid out in 2015.

  1. Economic dimension: BAC Credomatic has developed a series of partnerships designed to support SMEs, and also to serve unbanked segments of the population. Through training and empowerment programmes, the bank has supported more than 100,000 SMEs, many of which are led by female entrepreneurs.
  2. Social dimension: BAC Credomatic is focused on financial literacy and human development. Over the last 15 years, the bank has educated over one million people in financial literacy. This effort allows more people to access financial services, make informed decisions, and utilize the products and services that the bank offers in a responsible and productive manner. To extend this reach, BAC Credomatic has been operating an online portal called Aprendiendo (Learning) since 2007, and has implemented public-private partnerships with the ministries of education across the countries within the bank’s footprint.
  3. Environment: The bank promotes best practices through an environmental management system, as well as a systemic analysis of the social and environmental risks associated with the bank’s operation.

In 2014, BAC Credomatic launched a fundraising platform called Yo Me Uno (I’m In!) that supports NGOs and non-profits by enabling links between private enterprise and the wider society in Central America. The Yo Me Uno online platform offers an opportunity for NGOs to showcase the work that they do. Most importantly, Yo Me Uno allows citizens to select their cause of choice and donate their time, money or other benefits in kind, directly through the web portal. As of November 2020, Yo Me Uno had raised over $2.6 million, through 40 fundraising campaigns in five different countries. Furthermore, the platform houses over 200 active entities, equipping them with tools and resources that ease their day-to-day operation and expand their network and reach.

At BAC Credomatic, support and commitment towards sustainability is ongoing and enduring. The journey towards achieving the United Nations’ Sustainable Development Goals is embedded within the organisational culture and cuts across all the business units and core operating processes.