Small loans, big ambitions

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Providing credit to low-income consumers Reminiscent of the 'Small is Sundara' business idea, which was all about selling consumer goods in smaller doses and packages to low-income consumers (Springwise Newsletter January 2003), Mexican Banco Azteca, which launched in December 2002, is applying this 'less is more' approach to 16 million Mexican households who make too little (from $250-$1300 a month) to attract the interest from established financial institutions. These Mexican consumers, even those without a bank account or without solid proof of income, can now apply for a savings account, wire transfers, mortgages, or small one-year loans (sometimes purely based…

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