Remittances in Your Own Language
GUATEMALA
Hundreds of thousands of Central Americans have migrated to the United States in recent years looking for a better life. Their remittance flows not only support their families, but also promote the development of their respective countries. A project executed by FOMIN seeks to improve the financial system in Guatemala, by creating the right financial products to channel the flow of remittances into productive activities.
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Facts and Stats
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The project benefits low-income people in rural communities in Guatemala, mostly women
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The Cooperative offers interest rates of 18% to 24% compared to rates ranging from 50% to 60% for its competitors.
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3,851 women have received information on financial products linked to remittances.
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There has been a 12% increase in the volume of transfers and the number of clients has reached 21,845.