Accion announced its purchase of a 10% stake in Peruvian MFI, Credinka from majority stake holder Diviso Grupo Financiero. The objective of this acquisition is to expand financial services to the rural unbanked in Peru. The country's labor force lacks access to credit and other financial services, with only about 20% of the population holding an account at a financial institution. Credinka, headquartered in Cusco and with 10 regional offices throughout the country, has performed well by prioritizing Southern rural areas and cities with a low degree of market penetration. Accion will use its over 40 years of financial industry experience in Peru to build on Credinka’s mission and its goal to become the largest rural MFI in the country.
“Accion’s roots are in Latin America, so we are excited by the opportunity to help build a rural market in the region, especially one in which the need for financial services is so acute,” said Michael Schlein, President and CEO of Accion. “Focusing on the rural sector and converting Credinka into a bank are the main points of convergence for Accion and DIVISO, both of which are committed to continue to expand financial inclusion in Peru,” said José Fernando Romero, DIVISO’s Managing Director and Credinka’s Board Chair.