Contigo to Address Mexico's Quality Housing Shortage
Business Call to Action
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July 11, 2015
With a focus on improving the lives of women entrepreneurs and their families, Contigo offers financial products to communities that lack access to formal banks. (Contigo Mexico)
Contigo, a major financial services provider in Mexico, has joined the Business Call to Action (BCtA) with a commitment to launch a home improvement loan product aimed at reaching 25,000 under-served families by 2019.
With a special focus on improving the lives of women entrepreneurs and their families, Contigo offers an array of financial products to communities that lack access to formal banks. With its complete range of lending products, the company estimates it will assist a total of 644,000 customers by 2019 – 90% of them women. As its product line and customer base continue to grow, the company plans to create a professional career track for 4,500 trained employees in Mexico by 2019.
BCtA is a global initiative that aims to support the private sector’s efforts to fight poverty through its core business; it is supported by several international organizations and hosted by the United Nations Development Programme (UNDP).
Contigo is dedicated to changing lives by offering financial services that improve clients’ lives and livelihoods while generating positive employee, shareholder and supplier relationships. Unlike many lending providers, Contigo’s mission is focused on customers: its services are specifically aimed at women entrepreneurs who provide support for their families. The average household income of this customer base is below $650 per month, or a per-family-member an average of $5.40 per day.
In Mexico, where there is a severe shortage of housing, many bottom-of-the-pyramid families’ homes are built illegally and are structurally unsound. Overcrowding results in unhealthy living conditions, heightens the risk of domestic violence and contributes to a range of health problems. Recognizing that women at the bottom of the pyramid are underserved by the financial sector, Contigo provides affordable financial services in 22 states across Mexico, with plans to reach 30 of the country’s 32 states in the next five years.
For more information contact Tatiana Bessarabova of BCtA/UNDP at firstname.lastname@example.org, or Juan Ahedo of Contigo at email@example.com
Read the rest at The Guardian
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