WWB Bank: Colombia’s development motor

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In 1980 the WWB Foundation in Colombia started a project with the objective to incorporate the women who were head of the household and from scarce resources to the economic activity through credit.

The WWB foundation

After several decades of experience in business financing and strengthening of women and men from disadvantaged social sectors, in 2011 there is a new step for the new identity of the WWB Bank, a bank from Cali associated with the international network of Women’s World Banking.

Banco WWB © Solkes

Considering the expectation of access to financial products that have million freelancers, entrepreneurs and people who are engaged in some productive activity.

The time and sum of the experiences from other clients, are the inspiration and the base of the expertise of the WWB in the microcredit sector.

The WWB Bank facilitates money for the Colombians who are contributing to building the country, practical, timely and innovative products in the field of microcredit, savings and micro insurance. They are allowing to improve the quality of life of thousands of people and their families.

Nowadays, the WWB bank has a network of 136 offices at nationally. It is present 26 departments and 545 municipalities of the country; it has partnerships with correspondent banks. They also own 18 correspondent banks, it has 13,000 pay points through agreements with Efecty and Baloto. Further more, it has with 200 commercial links that allows them to reach to remote populations.

Within the short term expansion plan, it is projected the opening of more offices with a light and effective structures in order to reach more places within the country. This is how they are doing important investments for the development of new products and implementation of better technologies.

Banco WWB © Solkes

 

Why did we transition from being a foundation, to becoming a Bank?

The impact of Savings: In the WWB Bank they are convinced that savings have a higher impact in the quality of life of the people than the microcredit. This constitutes an important capital for reaching our goals and the acquisition of a house or apartment and the creation and strengthening from the small and medium size enterprises that streamlines the generation of sustainable employment.

In order to capture and manage the saving resources, it was necessary to have a bank license. A license like the one they acquired in 2011 and since then hand in hand with the WWB Colombian foundation.

Banco WWB © Solkes

They have focused to provide a labor for financial education to the Colombian entrepreneurs, with the means of promoting business growth, with the proper and prudent money management, the importance of saving and the insurance culture among others.

Saving, credit and microinsurance products:

Credit: Microcredits, I save “Yo Construyo” and I save money while paying “Pagahorro”.

Savings: CDT, I Save “Yo Ahorro,” I Save For “Yo Ahorro Para”, Holiday Savings account “Cuenta La Natillera”

Insurance: I am insured “Voy Seguro”, My Family is Insured “Voy Seguro Familia”, and my house is insured “Voy Seguro Hogar”.

Deposit products with social Character: With the CDT investments they support Colombia’s entrepreneurs. They transform the investors money in quality of life for themselves and their families, while our customers get a very good return in their investment.

Requirements to access the microcredit and fast disbursement: Customers are freelancers, entrepreneurs and people who are engaged in various productive activities in different economic sectors. Normally, without access to traditional banking for lack of guarantees or requirements that these institutions oblige. So that’s why the entrepreneurs choose them. They give credits in an agile manner and with a single requirement: a photocopy of the national identity card.

Banco WWB © Solkes

People can go to any office of the bank or contact us without leaving their house or business through a toll free customer line: 018000515656. One of their analysts will be assigned to visit the potential client and do a personalize analysis of their surroundings. The same day the application is approved or within the next 24 hours, the disbursement of the money will be done. Loans are given to those from a minimum wage.

Are micro entrepreneurs are responsible for paying their obligations?

At the bank they work towards the creation of products that generate a great social and economic impact, since betting on providing conditions and facilities for customers to replace informal credit.

Banco WWB © Solkes

As a result they will substantially reduce the financial cost of its obligations, will facilitate building a credit history, financial inclusion and advice to encourage a culture of saving and insurance.

The challenge of the bank is to innovate in products and services focusing in supporting the growth of the population, who energize the economic landscape of the country by contributing 35% of share of GDP and creating jobs and strengthening entrepreneurship.

There are no bad clients, but bad loans originated that being granted.  Loans that exceed the customer’s payment capacity and will generate indebtedness and therefore poorly on the credit history. This excludes the financial system, forcing them to turn to informal credit with terrible implications it has. Banking micro finance does not compete with traditional credit but with informal credit schemes handled as the “drop by drop” or “pay day”, which instead of strengthening the businesses of micro entrepreneurs, it will leave them bankrupted.

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