WASHINGTON, DC, March 28, 2011 – Microfinance International Corporation (MFIC) has entered into a strategic partnership with Banco Agrícola, the largest commercial and consumer bank in El Salvador, to jointly serve transnational families in El Salvador. The partnership will allow Salvadorians in the U.S. to send money back home at a low cost. Salvadorians will then be able to apply the funds towards financing a home purchase in their home country.
Banco Agrícola will pay out remittances sent through ARIAS, MFIC’s money transfer solution, that are originated by U.S. institutions. Originators will also include Alante Financial, MFIC’s wholly-owned retail financial service centers targeted at immigrants. Alante will collaborate with Banco Agricola to offer financing for a home purchase or improvement by the remittance senders and their family members in El Salvador.
“We are very excited to partner with Banco Agrícola, a leader and trusted financial institution in El Salvador,” said Atsumasa Tochisako, President and CEO of MFIC. “We hope this partnership will allow us to extend more value-added services to Salvadorians and improve the productivity of remittances.”
Banco Agricola’s Remittance Manager, Claudio Gochez, said, " As leaders in the remittance market in El Salvador, we are fully committed to continue serving our fellow countrymen in the United States by allying with professional partners, such as MFIC."
MFIC has offered transnational loans and remittances to El Salvador for the past years, supporting immigrants who strive to improve life in their native country while working in the U.S. The transnational program is part of MFIC’s effort to facilitate the productive use of remittances by linking them to other financial products such as savings accounts, micro-loans, mortgage loans or business loans, thereby dramatically improving the capacity of remittance senders and recipients.
Banco Agrícola offers a complete range of products and services to more than a million customers and has the largest branch network, more than 600 service points, in the country to connect remittance senders and receivers.
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About MFIC
MFIC is a Washington D.C.-based company that aims to expand affordable and professional financial services to markets where such services have previously been unavailable or overpriced. The Company offers a line of products and services including ARIAS, money transfer solution that enables financial institutions and payment providers to offer competitive remittance services. ARIAS provides “Account-to-Receiver” service for the FEDGlobal ACH payment. MFIC also operates Alante Financial, a financial service centers targeted to unbanked immigrants, and helps remittance senders and their families back home to enhance their economic wellbeing.
About Banco Agrícola
Banco Agrícola is the largest bank in El Salvador with a market share of 30 percent in terms of assets and 2,600 employees as of year-end 2010. Banco Agrícola is a universal bank that offers (eliminate what follows here) a full range of banking products and services. Bancolombia S.A., the largest banking institution in Colombia, through Bancolombia Panamá S.A., is the majority owner of Banco Agrícola.