MiCrédito in Nicaragua is one of the country's top 10 microfinance institutions (MFIs), providing financial services to 4,500 clients with small businesses.
MiCrédito has a successful and storied past that reaches back to 1990. It has been involved in microlending in Nicaragua since 2004, when MEDA established the financial organization to improve financial services to rural markets. MiCrédito’s mission is to create business solutions that bring hope to micro and small businesses and provide them with a better future.
The company offers loans, life insurance, currency exchange and remittance services, government check cashing and mobile phone top up and recharging services. Having been converted from a foundation to a corporation in 2012, MiCrédito is owned by North American shareholders, including MEDA, and the company management team.
MiCrédito's loan portfolio has grown to 6,100 loans totalling $6.8 million with the addition of new branches and loan officers. The company is working with a new cell phone technology that enables credit officers to run credit checks in the field – a huge benefit to both MiCrédito and its clients – saving them time and money. They are looking into opportunities to offer more construction and renovation loans to clients.