Banco Palmas


Banco Palmas is a Brazilian community bank founded in 1998 in Conjunto Palmeiras, a neighborhood of 32,000 inhabitants located in the suburbs of Fortaleza - Ceará, Brazil operating under the principle of the "Solidarity Socio-Economy."


from Wikipedia

Front View of Banco Palmas
Banco Palmas

It is the first of currently 52 similarly structured community banks - also known as "community development banks" (CDBs) - throughout Brazil. It is managed locally by the Association of Residents of Conjunto Palmeira (Associação dos Moradores do Conjunto Palmeira), known by its acronym ASMOCONP, the staff of which is mostly volunteer. Its mission is to implement programs and projects for work and income generation using solidarity economy systems primarily focused on overcoming urban and rural poverty. Its objective is to ensure micro-credits for local production and consumption with low interest rates and no requirements for registration, proof of income, or guarantor, (the neighbors guarantee the borrower's reliability). Its mission is also to provide access to banking services to residents of poorer communities who generally would not otherwise have access to them in traditional banks, based on lack of credit history or financial collateral and/or physical distance.


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