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MODEL FINANCIAL SERVICES FOR RURAL DEVELOPMENT Ambato-Ecuador

MODEL FINANCIAL SERVICES FOR RURAL DEVELOPMENT Ambato-Ecuador. www.mushucruna.com mushucruna@andinanet.net. MUSHUC RUNA. As in Bangladesh, micro-financing has contributed to the development and growth of Rashida Begum.

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MODEL FINANCIAL SERVICES FOR RURAL DEVELOPMENT Ambato-Ecuador

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  1. MODEL FINANCIAL SERVICES FOR RURAL DEVELOPMENT Ambato-Ecuador www.mushucruna.com mushucruna@andinanet.net

  2. MUSHUC RUNA As in Bangladesh, micro-financing has contributed to the development and growth of Rashida Begum. In Ecuador the Mushuc Runa does the same thing with 56,000 members belonging to our institution and who inhabit the Ecuadorian Rural Moun-tains.

  3. ECUADOR Area: 256.370Km2 Population: 12,000,000 inhab. Currency: US dollar Per capita GNP: US$ 1338 National poverty: 45 % Rural poverty: 61 % Unemployment: 12 %

  4. MEMBER PROFILE • Young men and women - average age 35; • Their activities: agriculture, animal rearing, handicrafts, day labourers and small traders; • They reside in the rural area, • Their income level: 50% of the members earn below the basic family subsistence wage (US$ 285) • 65% of the members have a formal primary education.

  5. PRODUCTS andSERVICES Acquisition: • Savings • Fixed-term savings Credit: • Micro-loans • Group loans • Mortgage loans Complementary financial services : • Cost-free remittance to the USA.

  6. HOW IS IT FUNDED?

  7. MEMBERS June

  8. ACQUISITIONS (In ‘000 USD) 21.085 15.457 8.727 4.477 1.713 553 95 18 11 2005 2002 2003 2004 2001 1997 1998 2000 1999 June

  9. PORTFOLIO (In ‘000 USD) Junio

  10. ASSETS (In ‘000 USD) June

  11. CHALLENGES • Bank supervision • IT system • Increase No. of offices in rural areas • External institutional base • Broaden the migrantfund transfer service

  12. “WE HAVE UNDERSTOOD THAT THERE IS NOTHING MORE IMPORTANT AND SATISFYING THAN FISHING, INSTEAD OF HOLDING OUT OUR HANDS AND WAITING TILL SOMEONE GIVES US A FISH” MUSHUC AYLLU, MUSHUC LLACTA, MUSHUC CAUSAY NEW FAMILY, NEW COUNTRY, NEW FUTURE

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