Por Irani Arraiz
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FOMIN’s project sought to financially support the implementation of the tool in four financial institutions in the region; our final goal was to increase access to credit for micro and small enterprises.
In addition to providing financial support, we also studied the effectiveness of the tool. And the EFL tool did was it was set to do: increase access to credit without increasing the risk of the portfolio.
Since September 2011, EFL has grown its operations to more than 27 countries and has processes over US$1 billion credit decisions around the world. It constantly garners attention from major news outlets.
Recently, FICO announce a strategic partnership with EFL Global to make EFL technology available to FICO clients, unlocking economic opportunities for lenders and access to credit for more than 3 billion unbanked or underbanked people worldwide. Talk about scale!