Her Signature is Enough
Emancipation LoanPowerful, independent and free.
In Peru, machismo reigns supreme. Women are expected to fulfill their roles as a mother and stay-at-home wife, before considering their own dreams. And with every single bank in Peru requiring both the husband and wife to sign for a loan, women face a cultural roadblock to a life of independence. Where others accepted and reinforced that status-quo, Mibanco decided to break national banking policies and take on the country’s patriarchal mindset - giving women a chance to pursue their aspirations.
16.8 million Women,
When Mibanco discovered that more women were paying back their loans and building up savings than men, they wanted to make a stand and empower those that had previously been denied financial liberty. The Emancipation Loan, removed the need for a second signature from a woman’s husband in order to access lines of credit, enabling women to pursue their entrepreneurial dreams, without asking for permission. Achieving 45 million media impressions, and an online conversation with almost 2 million interactions, including voices of influencers and opinion leaders - Mibanco called for other banks to sign on the dotted line and join them in empowering Pervian women across the country.
Most importantly, Mibanco gave women a chance at a better future. And with this new opportunity, a year-on-year increase of 80% in the number of women entering the banking system was seen. And while Mibanco started 2022 with less than 16% of female customers receiving credit loans, by May 2022 this jumped to over 49%. Finally, and best of all, Mibanco flipped the gender gap, from 52% of our customers being male to 53% being female. Female empowerment, signed, sealed, delivered.
Women asking for loans
Value of loans granted
Million media impressions