“This financing strengthens our vision of generating fairer conditions for women to prosper in traditionally neglected regions within the national territory,” said David Arana, founder and CEO of Konfío in the report.
The National Survey of Financial Inclusion (ENIF) 2021 showed that there is a gender gap in financial products in the country. For example, while 25% of men have a formal savings product, only 18% of women do.
Regarding the use of mobile banking, while 29% of men use their phone to carry out operations, only 20% of women do so.
The financing that Citibanamex will give to Konfío is part of a commitment made by its parent company, Citigroup, with sustainable finance in 2030.
In addition, it seeks to meet the Sustainable Development Goals such as eliminating poverty, promoting gender equality and promoting the expansion of teaching work and economic growth.
Since 2014, Konfío has granted more than 45,000 loans to more than 27,600 small and medium-sized companies. The firm has achieved growth in SME clients by 25% year over year.
“Konfío is creating a much-needed solution to advance financial inclusion in Mexico. We are delighted to support their work and look forward to seeing the direct impact it will have on women and small business owners in traditionally underserved communities,” said Christine Looney, deputy director of Mission Investments at the Ford Foundation.
