Please describe the goal of your initiative; outline what you are trying to achieve
We take the bank to your grocery’s door, with all the services you need
Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)
Physical and other accessibility obstacles that prevent communities from reaching financial services, The lack of affordable financial products tailored to the needs of underserved and excluded communities,.
If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
The Project is focused on the micro-enterprise segment, particularly on grocery stores. They need to finance their products and get investment and insurance for their business, that allows them to grow and generate more final income to support their families.
Each segment has its own special features, but when this Alliances Model shows it success, we will be able to expand it to other micro-enterprise such as cattle farming, forestry and harvesting. We are talking of reaching millions of entrepreneurs.
Could your solution work in other geographies or regions? If so, where?
There are massive product companies and financial services providers almost everywhere. If the Model is successful, those two elements can make it work at a global level.
We have talked with people of three different countries, interested in the model, but we are still in a pilot stage and it needs some adjustments to operate at global level.
If your solution is dramatically successful, how will things be different in 10 years?
It will allow a great number of Latin America and the rest of the world’s micro-entrepreneurs access to financial services and products according to their needs and business growth. It will allow not only access, but also a quality value offer.
Ad hoc financial services and products suitable for everyone is our dream and this Project can make it true.
What will have had to have changed to make this happen?
This Project doesn’t need technologic or law changes, it needs great companies willing to work as a team, to offer the best services to low income’s segments.
What has been the impact of your solution to date?
To date, more than 3,000 clients have received products through these alliances. We are now offering a complete services portfolio.
What is your projected impact over the next five years?
Reach 100,000 grocers clients.
What barriers might hinder the success of your project? How do you plan to overcome them?
There are two main business’ barriers:
- Project’s implementation between two different companies: the bank and the product’s providers. Each one has different business culture and different operating ways, so they have to make an agreement for an ad hoc solution to every single client.
- Most of the clients don’t access to banking services, so they need financial education to accept and trust financial companies and services.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Since January to June 2013 will visit 40,000 grocers and expecting that 80% of them will show interest in the program.
Now think bigger! Identify your 12-month impact milestone
Since January to December 2013, we expect that every grocer in Chile has received an offer of “the Bank at your grocery’s door”