MICROCAPITAL BRIEF: Argentina’s Banco Macro Launches “Alumbra” Business, Mortgage Loans for Micro-, Small Enterprises via Fundacion Macro

Banco Macro, a private bank in Argentina, recently announced that it has launched “Alumbra,”[1] a lending vehicle for micro- and small enterprises. Alumbra, which will be operated by Fundacion Macro, Banco Macro’s charitable arm, will offer loans in amounts ranging from USD 250 to USD 6,000. Alumbra will be launched in Salta, one of Argentina’s poorest regions. It will use the microfinance banking software of Mambu, a Germany-based technology company that offers cloud-based banking solutions.

Mr Jorge H Brito, the president of Banco Macro, said that “working together in collaboration with Banco Macro, Fundacion Macro, Mambu and our wider community, Alumbra enables our vision for greater financial inclusion in Argentina”[1]. He added that “with Mambu’s help, we will deliver a complete set of loan and financial products customized to the needs of microenterprise, including mortgage loans and credit cards. Alumbra will also offer non-financial products such as financial education, health education and microinsurance”[1]. Mr. Euguen Danilkis, the co-founder and CEO of Mambu, added that “as innovative banks such as Banco Macro seek to reach underserved markets, they are turning to new technology that offers them greater flexibility, agility and ease of use, than ever before”[1].

Banco Macro’s goal is to disburse USD 3.5 million and reach 6,000 individuals by 2017 via six branches. It is anticipated that by offering loans to low-income people in underserved areas of the country, Alumbra will contribute to economic activity and job creation.

Banco Macro has approximately 8,700 employees, 1,170 automated teller machines and approximately 500 “attention points”[1]. Banco Macro reported total assets of USD 9.8 billion in 2012. Mambu serves approximately 100 MFIs in 30 countries.

By Alíz Crowley, Research Associate

About Banco Macro

Banco Macro is a domestically-owned private bank in Argentina. Banco Macro was founded in 1976 as a brokerage. In 1988, the organization became a commercial bank. In 1995, the bank’s business strategy changed to focus on retail banking. Between 1996 and 2006, the bank acquired majority shares of local and regional financial institutions and increased its presence in the northern and central areas of Argentina. In 2006, the bank was listed on the New York Stock Exchange. In 2007, it merged with Nuevo Banco Suquía. As of 2014, the organization includes Banco Macro and Banco Tucumán Grupo Macro. Banco Macro has a charitable arm, called Fundacion Macro. As of 2014, Fundacion Macro launched “Alumbra”, a lending vehicle for micro- and small enterprises. As of 2014, the organization has approximately 8,700 employees, 1,170 automated teller machines, 890 self-service terminals and approximately 500 “attention points.” Banco Macro reported total assets of USD 9.8 billion in 2012. Further financial information is available on the bank’s website in Spanish.

About Mambu

Mambu is a company that offers a cloud-based software application for microfinance institutions (MFIs). It provides functionality such as portfolio management, client tracking, transaction auditing and reporting. Mambu, which is located in Berlin, Germany, serves approximately 100 MFIs in 30 countries reaching 1 million clients as of 2014. The company also has offices in London, England; Lausanne, Switzerland; and Iasi, Romania.

Sources and Additional Resources

[1] Press Release sent to MicroCapital by Articulate Communications Inc.

MicroCapital, July 24, 2014, Mentors International Implements Mambu’s Cloud Banking Software to Support Lending to Small, Medium-sized Enterprises in El Salvador, Guatemala, Honduras, Peru, Philippines

MicroCapital, May 29, 2014, Chinese Unit of Opportunity International (OI) Buys Mambu Cloud Banking Software to Support Lending to Small, Medium-Sized Enterprises (SMEs)

MicroCapital, May 16, 2014, Mambu Sells Software to Nigeria’s One Credit, Premier Kenya, Angola’s Mão Solidária Microfinança

MicroCapital Universe Profile: Mambu

MicroCapital Universe Profile: Banco Macro

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: