Brief Overview of Organisation
On February 10, 1992 BancoSol became the first microfinance bank in Bolivia and the first regulated microfinance bank in the world with the mission of creating opportunities for small and micro businesses in Bolivia. Giving access to microcredit to thousands of Bolivian families excluded from the formality of the financial system has allowed it to become a case study in the main training centers in the world. It currently assists and accompanies more than 1 million entrepreneurs in the micro and small business sector in their growth, leading multiple banking in Bolivia and focusing efforts on sustainable organizational growth.
Summary of Sustainability Strategy
Since its creation, BancoSol has had a strong social component related to financial inclusion and financial education, given that its business model stems from the granting of microcredit and microfinance management. Over the years, BancoSol has opened the doors of the financial system, creating opportunities, for a sector that has been commonly relegated to these services. Under this same line of inclusion and creation of opportunities, the Bank has promoted other issues such as inclusion and gender equity, and digital inclusion more recently. Therefore, as of 2022, BancoSol has taken on the task of developing its first Sustainability Strategy in order to integrate these initiatives, with a social and environmental impact, that were already being carried out to maximize and properly manage their impact, as well as identify and develop new initiatives based on international best practices.
BancoSol is currently determining its dual materiality: impact and financial, as a first step toward the development of its Sustainable Strategy. For the impact materiality, a consultation process is being carried out with a selection of stakeholders, as well as with the Bank’s senior management to identify and include its strategic vision. On the other hand, for the financial materiality, the topics indicated by the standards of the Sustainable Accounting Standards Board (SASB) were considered. Furthermore, the Sustainable Development Goals (SDGs) will be determined based on the identified material impact topics, the critical issues of the Bank in relationship with the environment and society.
The ESG priorities defined by the materiality will serve as the basis for the elaboration of BancoSol’s Sustainability Strategy, which design is expected to be finished in the last quarter of this year (2022).
“We are more than a bank, we are committed to generating value through financial and non-financial services, which is why we have adapted and improved our business strategy, to get to be closer to our stakeholders, allowing us to generate a shared value. BancoSol’s purpose is to transform lives, accompanying in an inclusive way those who believe in a better future, contributing to the reduction of poverty and sustainability” Marcelo Escobar, CEO Banco Solidario S.A.