Bolivia’s largest microfinance institution, Banco Fie, has joined the Global Alliance for Banking on Values (GABV)
Banco Fie has become the 22nd values-based bank to join the GABV. The Bolivian grass-roots organisation was founded as a non-governmental organisation by five women in 1985 and operates through 150 branches across the country lending to close to 200,000 entrepreneurs, and serving over 500,000 depositors, many of them in rural areas.
The microfinance institution joins the network at a time of growing interest in the sustainable banking movement, and a broader discussion about robust banking models that could provide a more sustainable future for the global banking industry. A recent GABV report makes the business case for a resilient approach to banking that focuses on the needs of people, and finds an economically viable way to meet them.
‘Banco Fie joins two existing Latin American members of the Global Alliance for Banking on Values, and we are delighted to welcome them,’ said Peter Blom, GABV Chair and CEO of European sustainable bank, Triodos Bank. ‘There is much to learn from the impact of values-based Latin American banks. Banco Fie is one of the leading examples in the region and will bring welcome new perspectives to our expanding network. Together we plan to build more momentum for a movement that offers important lessons for the conventional banking industry.’
Announcing their membership Banco Fie CEO, Elizabeth Nava, said: ‘We are very pleased to join the GABV. We want to share our experience of building a successful bank in Bolivia, and learn from the diverse banks that share our passion for a more inclusive financial sector, capable of safeguarding the long-term future of people and the environment they depend on.’