Please list any other measures of the impact of your innovation.
- 1,800 direct jobs and 400 indirect were created.
- 6 community micro-enterprises were created
- 1,000 youngsters were trained
- 100 women living at risk have their lives change
The unnourished child index was reduced in 76% (source: Centro de nutrição do Conjunto Palmeira);
Local commerce increased sales by 30%, and became one of the main trade points in the poor areas of Fortaleza (source: Commercial Census - Federação do Comércio de Fortaleza-2007);
Consolidate, original and effective methodology for using microcredit to fight poverty (source: sustainability analysis of Banco Palmas- DIKAIOS/Fundação Brava- jan-2007)
International expansion to Venezuela. 200 community banks created in that country. (source MINEP-Venezuela – Memorandum de Entendimiento para la Cooperación Económica y Social entre el Ministerio del Poder Popular para la Economía Comunal de la República Bolivariana de Venezuela, y el Banco Palmas de la República Federativa del Brasil.
Does your innovation address and/or change banking regulations?
Banco Palmas has been influencing the practices of the financial and banking system in Brazil. The partnerships with Banco do Brasil and with the Ministry proof the recognition of this approach by the financial system and by the general public. Besides that, there is a Bill in the Brazilian National Congress (law 97/2007), from Federal Deputy Luiza Erundina, that proposes the creation of the legal concept of community bank of development. Another important fact is the progressive negotiation with the brazilian Central Bank (BC). In 2005, the BC installed a legal process against Banco Palmas, claiming the social currency system is irregular. After Banco Palmas was considered innocent by the judicial court, it submitted to the Central Bank a petition to legalize and regulate the social currency system. At the moment, the BC recognizes there is no illegal fact in the alternative currency system, and has also invited Palmas Institute to write articles for their specialized magazines as well as give lectures in several seminar organized by the Central Bank