Microfinance Focus, July 24, 2012: Accion, a Global Microfinance Conglomerate has invested US $1.9m in CrediConfia, an east-central Mexico based Microfinance Company, according to an official release. The investment provides Accion with a nine percent stake in CrediConfia, a board seat, and the opportunity to engage in a three-year service contract providing governance, management and technical support to the MFI.

A key element of that support will include deployment of Accion’s credit technology to expand and improve the scope of CrediConfia’s products, improve loan quality and profitability and, in turn, help position CrediConfia as a leading provider of microfinance products and services in Mexico.

CrediConfia’s goal is to serve the economically active poor in Mexico’s informal economy by offering microcredit loans to help expand their businesses and improve their living standards.  Currently, CrediConfia serves 21,500 clients through a network of 25 branches covering the states of Mexico, Puebla, Hidalgo and Michoacán.