Thursday, 30 November saw the long-awaited ceremony at the European Investment Bank for the European Microfinance Award 2017 which was won by Cooperative Tosepantomin. The Award of €100,000 granted by the Luxembourg Ministry of Foreign and European Affairs – Development Cooperation and Humanitarian Affairs is jointly organised by the Ministry, the European Microfinance Platform (e-MFP) and the Inclusive Finance Network Luxembourg (InFiNe.lu).
Cooperative Tosepantomin is a Mexican cooperative that offers housing savings and loans combined with technical assistance to rural clients living in marginalised areas. Notable for its holistic approach to technical support, involving architecture planning, budgetary support and ongoing oversight of building processes, Tosepantomin was also recognised for its outstanding promotion of environmental responsibility through eco-friendly building techniques, recycling, renewable energy and energy efficiency.
The High Jury reported a close decision, with outstanding applications from the two other finalists, Mibanco of Peru for its three housing products, including a long-term, collateralized mortgage, an incremental home improvement loan and a water and sanitation connection product; and The First MicroFinance Bank (FMFB) Afghanistan, for its home improvement loan, provided with construction technical assistance offered through a network of partner experts.
Visit the European Microfinance Award website
To learn more about the topic see our blog Launch of European Microfinance Award 2017 on Microfinance for Housing and NextBillion's blog Home Sweet Home: Mobilizing Microfinance for Housing.
Our video Why the European Microfinance Award? explains more about the aims and benefits of the Award: