Banco Fie’s mission is to be the preferred financial institution for small and micro-enterprises nationally, based on the bank’s strong solvency position and quality of services, attracting investors committed to equitable and all-inclusive development in Bolivia.
In addition, Banco Fie’s vision is to have world-wide recognition as the microfinance institution of the future, where the international financial system promotes global development based not only on economic growth, but also on human needs, including distributive justice and the defense of the environment
The beginnings of Banco Fie were driven by a commitment to society and to improving the living conditions of the Bolivian people through access to credit, regarded as a right to all who sought a dignified means of subsistence. This commitment, expressed through the will of five women who could not remain indifferent to the profound social crisis that followed economic reforms in the late 1980s, prompted the establishment of “Fie NGO”, as a microcredit financial institution.
In March 1998, in order to expand the impact of its activities and promote greater inclusion and equality in the financial service sector, the organisation created a Fondo Financiero Privado, under the supervision of the Superintendent of Banks and Financial Entities.
As a regulated financial institution, the deposits entrusted to Fie by its savers, were used to finance economic activities of small and micro enterprises throughout Bolivia. This did not just enable the sector to access financial resources, but also to improve living conditions and generate development opportunity for various communities.
In 2010, the organisation transformed into a bank, a turning point that marks one of the most important milestones in Fie’s history, and one which was supported by its clients, its employees and the communities it serves.
In 2012 Banco Fie’s management completed the implementation of a new structure, designed to deliver a decentralized and participatory governance system that promotes innovation and an ethical company culture as the basis of Banco Fie’s operations.
This new structure was developed to allow for organisational growth and geographic expansion. Under this structure, the General Manager function is the responsibility of José Andrés Urquidi Selich who oversees both the sales department and the finance and operations department.
Banco Fie’s highest governing body is its Board, consisting of seven directors and two supervisory syndics – one representing the majority and the other representing minorities. One of the Board’s primary functions is to define and control compliance with strategic guidelines relating to the economic, social and environmental development of the entity. Banco Fie’s governance structure ensures that the Board is independent of executive management functions. All directors participate in specialized committees that support the Board in their analysis of specific issues relating to their supervisory duties.
Ximena Behoteguy Terrazas, President
Ricardo Villavicencio Núñez, Vice-President
Marisol Fernández Capriles, Directora
Héctor David Gallardo Rivas, Director
Carlos Rocabado Mejía Director
Noelia Romao Grisi, Directora
Mery Solares Derpic, Directora
Market Focus, Products and Services
Banco Fie provides credit products geared primarily to micro and small enterprises. It provides finance for working capital, investment, housing, commercial businesses and service providers, employees and – under preferential lending terms – the production sector.
Savings deposited in Banco Fie, are used to raise capital for loans, mainly directed at the microenterprise sector.
It also promotes micro-savings, in order to enhance its banking services and encourage a culture of saving. These savings products help generate a surplus in the amount of credit available and is used to finance children’s projects, among others.