“Development agents” in the financial system are key in linking banking with economic stakeholders

In February 2017, two senior executives from CIDRE attended a meeting on Best Practices with Banco do Nordeste do Brasil (BdN), to search for ways to improve access to CIDRE’s services. BdN is one of the largest and most successful microfinance entities in Latin America, in part because of Development Agents it has created to investigate the needs of each economic sector it serves and adapt financial products to the specific requirements of each. This has allowed BdN to link directly with key players from each of the sectors, and contribute significantly to the local economies.
Analyzing the BdN experience, and how they managed to connect with the fishing and fish farming sectors, will serve CIDRE IFD in its efforts to scale up its services. Linking complementary activities of applied research and financial services, and maintaining this knowledge-sharing partnership will allow CIDRE to develop financial products which are more appropriate for the economic stakeholders it serves.

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