On September 1, 1990, Asociación Programa Compartamos I.A.P (Compartamos Program Association, Private Assistance Institution) was founded to influence various sectors of the Population through a number of different programs (Food, Health and Microfinance).
In the summer of 1993, a group of employees visited microfinance institutions in Asia, where they adopted a vision of bringing services to the masses. That same year saw the consolidation of the Income Generators (IG) methodology, as well as initial growth in Chiapas and Oaxaca.
Boulder, in Colorado, USA, is a venue where experts from all over the world have been meeting since 1995 to provide training courses in microfinance. Carlos Danel, Deputy Chairman, was given the opportunity to teach classes at this course in the summers of 1998, 1999, 2000, 2001 and 2005. This venue has connected us with the world of microfinance, and has helped us obtain several contacts. Compartamos Banco has been a pioneer in these courses, since our employees have been attending since the very first course and we are the only company that, every year, sends employees that need further specialization in this subject matter.
In 1997, we became financially self-sufficient; i.e. our income earned from interest covered not only our operating costs, but also our real and attributed financial costs, including adjustment funds and the cost of inflation. The profitability level of Compartamos made bringing services to the masses in Mexico a real possibility. Compartamos started getting ready for its transformation from an NGO (Non-Governmental Organization) to a Regulated Financial Intermediary.
NUMBER OF CUSTOMERS: 37,254
NUMBER OF BRANCHES: 10
On October 30, 2000, its bylaws as an SFOL (Non-bank-regulated Financial Institution) were signed, thus giving rise to Financiera Compartamos, S.A. de C.V. SFOL, which allowed access to sources of business financing. It formally began operations on January 2, 2001, enabling our vision of bringing our services to the masses to become a reality, as we reached out to more people.
NUMBER OF CUSTOMERS: 64,000
NUMBER OF BRANCHES: 25
In July 2002, Compartamos made incursions into the stock market, with its first bond issue being well received by investors. This proved the strength and confidence that our institution showed in terms of the outside world. The operation was conducted for a sum of 200 million pesos for a three-year period. Compartamos was the first microfinance institution in the world to issue self-secured debt on the stock market.
NUMBER OF CUSTOMERS: 144,000
NUMBER OF BRANCHES: 52
In February 2004, a bond program was approved for a sum of up to $500,000, with 3-year duration and flexibility over whether bonds should be secured or otherwise. On July 30, the first issue was released as part of this second bond program for a sum of $190 million pesos, with July 2009 as expiration date and a partial IFC guarantee of 34%. This program was acclaimed as Deal of the Year by Latin Finance.
NUMBER OF CUSTOMERS: 300,000
NUMBER OF BRANCHES: 100
In 2008, we overhauled our image to exemplify how we function as a team, working like a school of fish that strives to reach its objective, with simplicity, trust, honesty and transparency. That same year, we fulfilled our dream of serving one million customers.
NUMBER OF CUSTOMERS: 1,000,000
NUMBER OF BRANCHES: 314
We obtained figures of 500 million active insurance policies and 100,000 Home Improvement Loans, thus helping our customers improve their families’ quality of life. hese achievements are proof of our employees’ dedication and their adherence to our methodology.
NUMBER OF CUSTOMERS: 1,500,000
NUMBER OF BRANCHES: 325