We've received an exciting update from MIFEX on their evolving organization in Guayaquil, Ecuador.
MIFEX is in the final stages of transitioning to a Credit Union (savings and credit cooperative), which is a very important change for the organization and their clients. Ongoing, every MIFEX borrower will have the ability to hold savings in their accounts, and will be legally obligated to own some part of the Credit Union. This will serve as an additional source of capital for lending, and provides a very necessary service to MIFEX's clients.
We applaud MIFEX for their work on this transition - which should be complete in the coming weeks - to further build their organization into a strong financial institution. MIFEX is serving a population ignored by the formal banking system and providing an invaluable service to their community.