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Suma Financiera and PALIG Panama Launch SUMA MUJERES: Innovative Credit with Specialized Microinsurance for Women Entrepreneurs
Panama
November 19, 2024
Estimated Reading Time: 4m
- This partnership’s vision focuses on creating a profound impact on women’s lives and providing access to a specific framework for microfinance, while offering protection and security.
- The financial company values the capacity that continues to be shown by women from vulnerable sectors to contribute to Panama’s growth and development.
Panama, October 23, 2024. Suma Financiera, a company with over a decade of presence in the country, specializing in microcredit solutions to empower this emerging market, has launched Suma Mujeres as part of its commitment to bolster women’s financial independence, strengthen their small businesses, and foster development for equity and financial inclusion.
As of April 2024, the gender distribution of Suma Financiera’s customer portfolio already reflects this trend, with 55% of loans granted to men and 45% to women. This new financial solution opens an array of opportunities for women entrepreneurs and offers financial resources to launch their life‑changing projects.
According to the 2023 Global Entrepreneurship Monitor Report, published by the Global Entrepreneurship Monitor (GEM), Panama has the fourth highest level of female entrepreneurship in the world, with 28.5%.
SUMA Mujeres delivers comprehensive services for women to promote the development of their businesses, fostering positive changes in their communities and families.
Eduardo Iribarren, President of Suma Financiera, commented, “Suma Mujeres is a credit product designed with gender intelligence, which means that it is based on quantitative and qualitative research and is focused on creating value for women. Our goal in launching this product is to create a significant social impact by promoting the equity and well‑being of women entrepreneurs in Panama.”
Based on an understanding of women’s unique needs, this product complements an insurance product that provides medical coverage tailored to their specific needs. Through our partnership with Pan‑American Life, we offer an essential added value and an element that sets the SUMA Mujeres product apart, with the backing of Pan‑American Life Insurance of Panama.
In this spirit, Tony Eleta, Country Manager of PALIG Panama, said, “Women are a vital force in the economy. We are honored by this new partnership that supports the Suma Financiera vision, making a difference in the lives of more women entrepreneurs in our country. We are committed to providing coverage in line with this sector’s needs.”
In addition, thanks to the work of Lilibeth Rojas Corbetti, a consultant specialized in Bancassurance and Mass Marketing Channels, this added value product has been created to meet specific needs and to provide coverage such as: compensation for a women’s cancer diagnosis; access to general practitioners, gynecologists, and pediatricians; medication; laboratory discounts; and more.
Suma Mujeres’ actions for women’s access to financing, knowledge, and financial autonomy also include the promotion of a productive, inclusive financial ecosystem, through our joint work with Voces Vitales Panamá (Panama Vital Voices). This non‑profit non‑governmental organization (NGO) supports women’s participation, education, health, and equal access to opportunities, in order to achieve profound social transformations.
“We admire the noble work of Voces Vitales to provide women entrepreneurs from vulnerable sectors with tools to create a positive impact for themselves and, in so doing, to build a better quality of life for the people they love,” concluded Eduardo Iribarren, President of Suma Financiera.
Suma Mujeres aims to become a financial solution providing comprehensive protection against unforeseen circumstances and. If these circumstances occur, Suma Mujeres will offer a financial lifeline for women who today are the breadwinners for Panamanian families.
About Suma Financiera
Suma Financiera was founded in 2013 with a vision to focus on the “Panamanian microfinance sector,” which is growing fast and needs products and services to facilitate its expansion. Its founding partners’ microcredit experience in multiple Latin American markets has given them knowledge of their target market and the best business practices to carry out this ambitious undertaking. Over time, they have established an organization that understands ideologies and beliefs, based on mutual respect and a strong culture that focuses on its people first. Visit www.sumafinanciera.com.
ABOUT PAN‑AMERICAN LIFE INSURANCE GROUP
Pan‑American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, has been delivering trusted financial services since 1911. The New Orleans‑based Group is comprised of more than twenty‑member companies, employs more than 2,100 worldwide and offers top‑rated individual and/or group life, accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin Islands, and throughout Latin America and the Caribbean. The Group has affiliates and branches in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan‑American Life website at palig.com, follow us on Facebook @PanAmericanLife, Twitter @PanAmericanLife, Instagram @panamericanlife.latam, and connect with us on LinkedIn at Pan‑American Life Insurance Group.