MFIC enters into strategic partnership with El Salvador-based Banco Agrícola
Microfinance International Corporation (MFIC) has entered into a strategic partnership with Banco Agrícola, a commercial and consumer bank in El Salvador, to jointly serve transnational families in El Salvador.
The partnership will allow Salvadorians in the US 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 US 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.
MFIC president and CEO Atsumasa Tochisako said they hope this partnership will allow them to extend more value-added services to Salvadorians and improve the productivity of remittances.
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