Question 1

What is SERFIGSA?

Accepted Answer

SERFIGSA (Servicios Financieros Globales Nicaragua, S.A.) is a regulated microfinance institution operating in Nicaragua. Founded as a Sociedad Anónima (corporation), SERFIGSA specializes in providing financial services to low and middle-income Nicaraguan families, focusing on microcredit, consumer loans, housing finance, and agricultural credit. The institution operates across multiple departments in the Pacific, Southern, and Northern regions of Nicaragua.

SERFIGSA is regulated by the National Microfinance Commission (CONAMI), Nicaragua's regulatory body for microfinance institutions under Law No. 769.

Question 2

When was SERFIGSA founded?

Accepted Answer

SERFIGSA was founded on October 9, 2009, with the objective of offering financing and opportunities for wealth creation to Nicaraguan families through diverse financial products. The institution began operations in the third week of December 2009 with one branch in Managua and its main headquarters (Casa Matriz).

The institution was created to address the financial needs of underserved populations in Nicaragua, providing access to credit for small businesses, entrepreneurs, and families seeking to increase their income and assets.

Question 3

Where is SERFIGSA headquartered?

Accepted Answer

SERFIGSA's headquarters (Casa Matriz) is located in Managua, Nicaragua, specifically at Reparto Bolonia, 3½ blocks west from the National Port Enterprise (ENAP) traffic lights. The main office operates Monday through Friday from 8:15 AM to 4:30 PM, and Saturdays from 8:15 AM to 12:00 PM.

Question 4

Where does SERFIGSA operate?

Accepted Answer

SERFIGSA operates across 7 departments in Nicaragua, with presence in the Pacific, Southern, and Northern regions of the country. The institution initially began with one branch in Managua and expanded to multiple locations including:
• Managua (multiple branches including Rubenia)
• Estelí (Northern region)
• Masaya (Pacific region)
• Matagalpa (Northern region)
• Chinandega (Pacific region)
• Jinotepe, Carazo (Pacific region)

According to CONAMI data, microfinance institutions in Nicaragua maintain a significant national presence, and SERFIGSA contributes to serving underserved communities across these regions with multiple branch offices.

Question 5

What services does SERFIGSA offer?

Accepted Answer

SERFIGSA provides a comprehensive range of microfinance products designed to meet the needs of Nicaraguan families and small businesses:

Credit Products:
• Microcredit - Small loans for production, commerce, and service activities
• Housing Credit - Mortgage financing for home purchases and improvements
• Consumer Credit - Personal loans for household needs
• Agricultural Credit - Financing for farming and livestock activities
• Business Development Credit - Support for entrepreneurial ventures

Digital Services:
SERFIGSA maintains an online presence with a loan calculator tool that allows potential clients to estimate monthly payments. The institution provides customer service through digital channels and maintains regular communication with clients through its website.

Additional Services:
SERFIGSA also operates as an insurance commercializer, offering microinsurance products including daily income insurance for temporary disability and individual life insurance through its registration with SIBOIF (Nicaragua's Superintendency of Banks and Financial Institutions).

Question 6

What makes SERFIGSA unique?

Accepted Answer

SERFIGSA distinguishes itself through several notable achievements and characteristics:

Regulatory Recognition:
In September 2013, SERFIGSA achieved first place among 21 microfinance institutions regulated by CONAMI. This ranking was based on a weighted score evaluating the institution's use of the Unified Chart of Accounts (accounting procedures regulated by SIBOIF) and information security and communication systems, following a diagnostic study conducted by KPMG with Inter-American Development Bank (IDB) financing.

Strong Regulatory Compliance:
SERFIGSA received its official registration certificate from CONAMI in December 2012, granting it the rights and benefits under Nicaragua's Microfinance Promotion Law (Law No. 769). The institution maintains audited financial statements and demonstrates strong adherence to regulatory standards.

Social Commitment:
The institution emphasizes core values including efficiency, transparency, gender inclusion, social responsibility, teamwork, and environmental respect. SERFIGSA's mission explicitly focuses on enabling clients to increase their income, grow their assets, and improve their overall well-being.

Ownership Structure:
SERFIGSA is majority-owned (99.80%) by Prodel Microfinance Fund, S.A., a Panamanian entity that provides strategic support and backing to the institution.

Question 7

What type of financial institution is SERFIGSA?

Accepted Answer

SERFIGSA is a Microfinanciera (Microfinance Institution or MFI) in Nicaragua, which is a specific category of financial institution recognized under Nicaraguan law. This classification is formally established under Law No. 769, "Ley de Fomento y Regulación de las Microfinanzas" (Microfinance Promotion and Regulation Law), approved in July 2011.

As a registered microfinance institution, SERFIGSA is regulated and supervised by CONAMI (Comisión Nacional de Microfinanzas), the National Microfinance Commission. This classification distinguishes it from traditional banks and positions it as a specialized financial services provider focused on microcredit and financial inclusion for underserved populations.

In Nicaragua, microfinance institutions like SERFIGSA play a crucial role in financial inclusion, serving approximately 43% of the total credits granted by the country's Banking and Financial System while maintaining a gross portfolio equivalent to 8.3% of the traditional banking sector. This regulatory framework allows MFIs to operate with specific benefits, including freedom to set competitive interest rates and access to the Credit Risk Center maintained by CONAMI.

Question 8

How is SERFIGSA regulated?

Accepted Answer

SERFIGSA operates under the regulatory framework established by CONAMI (National Microfinance Commission), Nicaragua's autonomous regulatory body for microfinance institutions. The institution received its official registration certificate in December 2012, published in La Gaceta (Nicaragua's Official Gazette).

As a registered MFI, SERFIGSA must comply with several regulatory obligations including:
• Annual contributions to CONAMI's operating budget (three per thousand of total assets)
• Submission of financial statements following the Unified Chart of Accounts
• Adherence to credit limits and operational standards set by CONAMI
• Regular reporting and transparency requirements
• Maintenance of minimum capital requirements

The regulatory framework was significantly reformed in November 2023 with Law No. 1168, which strengthened supervision requirements. SERFIGSA's early achievement of first-place ranking in regulatory compliance demonstrates its commitment to meeting and exceeding these standards.

Question 9

What is SERFIGSA's mission and vision?

Accepted Answer

Mission:
"We drive the economic development of Nicaraguans by providing agile, inclusive, and sustainable microfinance services that allow them to increase their income, grow their assets, and improve their well-being."

Vision:
"We envision ourselves as a leading microfinance institution in the Nicaraguan market, distinguished by our dedication to quality, continuous improvement, and optimization of all aspects of the business."

These statements reflect SERFIGSA's commitment to financial inclusion and sustainable development, positioning the institution as a catalyst for economic empowerment among Nicaraguan families and small businesses. The focus on sustainability encompasses both client financial health and the institution's own operational viability.

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About SERFIGSA in Nicaragua