Headquartered in Managua, Financiera Fama is a market leader in Nicaragua’s microfinance sector. Initially established as an NGO in 1991 with the support of Accion International, Fama transitioned into a regulated financial institution in 2006. Today, the entity operates a network of 29 regional branches, serving over 41,000 active clients, of which more than 70% are female borrowers. The average loan size per client stands at $1,190, equivalent to 62.2% of Nicaragua’s GDP per capita.
Fama offers a comprehensive suite of financial products catering to the diverse needs of its client base. Beyond its core microfinance offerings for the base of the pyramid, the company also provides SME loans, housing finance (for microentrepreneurs operating from their homes), consumer loans, vehicle financing, and home improvement loans. In recent years, Fama has expanded its portfolio to include remittance processing, currency exchange services, micro medical insurance, funeral expenses insurance, and utility bill payment processing. Fama’s impact-driven approach combines the provision of loans with high quality non-financial services, including education and technical assistance. Moreover, the institution is well-positioned in terms of digital transformation and social and environmental risk mitigation and adaptation for its customer base.
My business idea arose as an income opportunity for my family in 2018. I was always driven by the desire to improve myself and take advantage of my knowledge about our artisan work, such as saddlery, specializing in the manufacture of horse saddles. Part of our success has been the great acceptance of our work in the local market across different departments, where we have a wide variety of clients. This has been thanks to the quality of the products we produce. I started working with Financiera FAMA in 2019. My first loan was for an amount of C$ 10,000, which I used to acquire raw materials and grow my business. To date, I have taken out more than 5 loans, which has allowed me to expand my business and improve the well-being of my family. I feel grateful to Financiera FAMA because since I started my business, they have always supported me. They have attended to my requests with agility and great kindness. This support has allowed me to grow my business and employ 9 people to help run the operation and support their families.
“I started my business more than 15 years ago. I remember that I began with a capital of C$ 30,000, which arose from the need to have an income to support my family. My business consists of wholesale and retail grocery sales, located in the Ernesto Fernández market. The first loan I requested at Financiera FAMA was for an amount of C$ 60,000 in 2016, to invest in my business. I have worked with more than 7 credits and I feel grateful for the attention always provided by all the staff who have assisted me. Today, my last loan was for an amount of C$15,000 in the SME segment. I feel very grateful to Financiera Fama, because they have always been willing to help me in each of my projects and have been an important part of this growth. Thanks to the credits acquired at Financiera FAMA, my business has fostered, and I have been able to employ 5 people with the aim of providing an excellent service to my clients.”
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