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Cooperativa de Ahorro y Préstamo Tosepantomin wins the 2017 European Microfinance Award in Luxembourg

Published Thursday November 30 2017

On 30 November, the 2017 European Microfinance Award ceremony was held at the European Investment Bank in Luxembourg, in the presence of Their Royal Highnesses the Grand Duchess and the Hereditary Grand Duke.

37 microfinance institutions from 23 countries were competing for this year’s Award under the theme of « Microfinance for Housing”, with the aim to highlight the role of microfinance in supporting access to better quality residential housing for low income, vulnerable and excluded groups, who have no or limited access to housing finance in the mainstream sector.

The 2017 jury, chaired by H.R.H. the Hereditary Grand Duke Guillaume, awarded this year’s prize of €100,000 to the “Cooperativa de Ahorro y Préstamo Tosepantomin” of Mexico.

Tosepantomin started operations in 1999. The cooperative offers savings, deposits, insurances and remittances as well as nonfinancial services to rural communities in the states of Puebla and Veracruz. Tosepantomin targets rural communities living in marginalized municipalities to which it offers savings and loans for housing improvement and house building. The cooperative mainly applies the solidarity group methodology and uses a holistic approach to its housing program, with technical support that includes architecture planning, elaboration of housing project budgets, and oversight of the construction processes. The program also promotes ecological and sustainable housing through eco-friendly building techniques, recycling, renewable energy and energy efficiency.

The two other finalists, Mibanco from Peru and The First MicroFinance Bank-Afghanistan, each received €10,000.

The European Microfinance Award was created in 2005 by the Luxembourg Development Cooperation to encourage new thinking in the sector of microfinance. It is organized jointly by the Luxembourg Ministry of Foreign and European Affairs, the European Microfinance Platform (e-MFP) and the Inclusive Finance Network Luxembourg ( InFiNe.lu ).

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