Organization Profile & Updates

Overview
Mibanco offers many types of traditional financial services for low-income people. Among these services it offers loans, credit cards for micro businesses, ATMs, online banking, money transfers nationally and abroad, and all financial services at a network of Mibanco branches.

The following table gives an overview of the loan services offered by Mibanco for the last five years.

Year	Active Portfolio	Amount Disbursed	Active Clients	Average Loan Balance	% of Women Clients
2000	$36,925,607	$83,764,363	58,088	$636	58%
2001	$61,330,000	$106,542,000	77,942	$787	57%
2002	$92,294,000	$153,400,000	99,121	$931	55%
2003	$114,119,000	$114,119,000	120,830	$944	64%
2004	$110,956,000	$79,902,460	113,604	$977	55%

As depicted in the following bar chart, the average loan size is quite small-the majority of loans under $1,000.

Services
Mibanco is a private commercial bank that began as a non-governmental organization (NGO) set up to change socio-economic conditions. Because of senior management's vision, microfinance products and services were introduced to low-income clients in 1969. At present, services are offered through a fully integrated operation to both rural and urban clients. Mibanco provides the following services to its low-income, entrepreneurial clients:

• Installment loans
• Working capital loans
• Start-up loans
• Financial advice
• Lines of credit
• Passbook savings
• Term deposits
• Group savings
• Remittances
• Exchange

The Mibanco Story
In 1969, ACCION International assisted in founding Mibanco's predecessor, Acción Comunitaria del Perú (ACP) as a private, nonprofit community development organization. In 1982, with the backing of Banco Wiese, one of the largest banks in Peru, ACP began microlending in the southern section of metropolitan Lima. At present, services are offered through a fully integrated operation to both rural and urban clients.

In May 1998, ACP became the majority shareholder and operative manager of a new venture called Mibanco (Banco de la Microempresa S.A.), Peru's first for-profit, fully-regulated commercial bank dedicated to microenterprise. Mibanco's initial $16 million in capital came entirely from the private sector. Sixty percent came from ACP's client base and loan portfolio. Other investors included ProFund, the ACCION Gateway Fund, Banco Wiese Sudameris, Banco de Crédito del Perú. In November 1999, the Corporación Andina de Fomento became a shareholder of Mibanco. The nonprofit ACP continues to offer non-financial social services