Banco Codesarrollo

Location Quito, Ecuador
Impact story


We are a financially solid bank with Christian inspiration and social vision that supports the sustainable and comprehensive local development of Ecuadorian population; in particular, in popular areas, rural and urban ones. Through the provision of high-quality financial products and services and the strengthening of the popular finances of the Popular and Solidarity Economy, we try to help to reduce poverty, create hope, justice, peace, and more humane living conditions.


Codesarrollo is a financial institution that aims, through microfinances and other services, the improvement of people’s living conditions; in particular, of the most vulnerable ones.

The institution was founded during the decade of 1970s as the first Ecuadorian credit fund. The institution focused its roles on supporting rural communities with limited access to the traditional financial system. Due to its success promoting saving local systems and conceding appropriate loans to the poor, the entity continued its geographic expansion in the following years.

In 1998, the fund began a conversion process into a credit and saving cooperative. The renovated structure permitted to aid and develop small local financial structures and integrate the work of several organizations (NGOs, agricultural local markets, and others).

The trust of our clients, their commitment and our professionalism were key factors for the achievement of this project. In 2014 the cooperative was transformed into a bank. The new legal structure of the institution brings new ways to boost different productive sectors, diversify our financial products and services, include new equity investors and, due to the partnership with local financing structures, been able to reach sectors that are located far from the economic centers of the country.


Codesarrollo Bank is a private Ecuadorian institution with 482 national and foreign shareholders. Our more significant investor is the Populorum Progressio Ecuadorian Fund, a quinquagenarian Christian NGO that works with poor and rural inhabitants. There is a relevant participation coming from the Italian and French cooperative credit banks or social institutions. Finally, an important part of our shareholders are our own workers, who believe in our mission.

The bank has a board of directors and management team in charge of ensuring our sustainability through the fulfilment of our expected positive financial results and, simultaneously, ensuring a social role, respecting the environment, and complying current regulations.

The management and administration of the bank are in high qualified hands. Technicity is the most important part of our sustainability; however, we care that our workers have also a human or social background to supports our mission.

The bank is managed by several committees such as retribution, audit, risk management, ethics, compliance, asset risk rating and social performance ones. Their main objective is to facilitate our job and verify the compliance of the bank’s objectives.

Board of management 

Codesarrollo’s Board of Directors is made up of a group of professionally qualified people with a high social commitment attached to the bank’s ideology and reason for being.

Giuseppe Tonelllo, President Board of Directors

Luis Hinojosa, Vice President Board of Directors

Another Members of the Board of Directors: Giancarlo Villa (representing BCC Italian cooperative banks), Patricia Camacho (representing SIDI French NGO and international shareholders), Sagrario Angulo (representing several organizations of Social and Solidarity Economy, fairtrade and organic farms) and Fabián Cando (representing Local Financial Structures).

Senior management is made up of:

Geovanny Cardoso, CEO

Diana Gallegos, Deputy Chief Executive Officer

Sandra Andrade, Finance and Administration Manager

Nestor Aragundi, Technology and Operations Manager

Alexis Silva, Business Manager

Francisco Garcés, Innovation and Development Manager

Homero Viteri, Organizational Development Manager

Raúl Navas, Strengthening of Popular and Solidary Organizations Manager


Market focus, products, services 

Codesarrollo is microfinance specialized institution. The bank has a particular market focus on small farmers, artisans, and manufacturers. We support mainly agricultural, manufacturing, and commercial economic activities through financial products and services that are designed to attend most of our client’s needs.

We have 20 agencies around Ecuador, which are strategically located in 14 provinces of the country. Those agencies allow us to decentralize our work and attend to the population that is living in the peripheral urban and rural areas. Usually, our clients are unattended by the financial system.

Our investment options are remarkable due to the operational feasibility, attractive interest rates and the investment security. We have a significant experience managing international investments from Italy, France, Austria, Colombia, and others.

We offer a range of savings products. We have adapted them to the requirements of our clients. In that sense, we have site deposits, term deposits, and savings accounts for children, young people, and adults, with a good interest rate and minimum requirements.

Our loans are focused on the mentioned target, seeking to be their financial support in the development of their economic activities. Our loans have been designed with adequate financial conditions such as good terms (adapted to the source of income), interest rates or guarantees. Our main objective is to improve the quality of life of our clients and support the sustainable development of Ecuador. For instance, we have “Crediecológico”, a specialized loan which funds environmentally friendly projects with an exceptional financial condition.

Also, we closely work with local financial structures (mainly Cooperatives). So, we have designed special financial products and services for them.

Our approach is not exclusively financial, we accompany our clients, giving them financial education, assistance, and the required support to develop their economic activities.

Benefits of being part of the GABV 

Being part of the GABV represents a recognition of our work, trajectory, and mission. Banco Codesarrollo has been known as the popular and solidary finances bank in Ecuador due to its compromised job for the development of rural, peri-urban areas and the support to excluded economic activities.

Being a member of the GABV gives us the opportunity to share our experiences and impart our knowledge in the development of ethical financial activities. For us, one of the most important characteristics of microfinance is the inclusion based on values. For this reason, we want to share our experiences and learn about the international best practices that have been developed during the last years.

Also, through the representativeness of the GABV, we expect to enforce our mission and being close to international organizations that can support us, know about our work and its influence on the lives of the people we serve.