A. M. 
Alonso Zuniga / Photographer / Producer
In an exclusive interview for Dinero.com.sv, Marcelo Escobar, President of ASOFIN, the Association of Financial Institutions Specializing in Microfinance, emphasizes that microfinance is much more than just loans. It is an industry that promotes financial inclusion, facilitating access to banking products and services for microenterprises, small businesses and entrepreneurs in general.
Escobar emphasizes that the main objective of microfinance is to achieve the financial wellbeing of clients, providing not only credit, but also financial education and access to services that were previously exclusive to traditional banking.
Microfinance, according to Escobar, plays a crucial role in poverty reduction by offering financial tools that allow people to freely decide how to manage their income and earnings. This process, he says, contributes to the progress of small businessmen and entrepreneurs, helping them to overcome the state of economic survival and to achieve an expanded accumulation of capital.
Escobar points out that microfinance institutions are now incorporating sustainability as a fundamental pillar, integrating governance, social and environmental responsibility strategies into their operations. This approach not only ensures the economic viability of the institutions, but also reinforces their commitment to the community and the environment.
Asofin’s president also stresses the importance of digital transformation in the microfinance sector. Technology, he says, is a key tool for reaching more people and making financial services more accessible and efficient. However, he warns that the challenge lies in including more clients from the base of the socioeconomic pyramid, which requires innovative and sustainable strategies.
In the salvadoran context, Escobar recalls his experience on the board of a microfinance institution that is now in the process of becoming a full-fledged bank. Despite the challenges the country faced, such as crime, he highlights the entrepreneurial spirit of Salvadorans and the opportunity for the microfinance sector to contribute significantly to economic growth.
Finally, Escobar emphasizes the need to offer products and services tailored to the needs of microentrepreneurs, provide financial and digital education, and encourage the creation of support networks. These pillars, he says, are essential for microfinance to continue to be an engine of growth and development in the region.
