As part of its sustainability strategy, the Bank has developed and released a microfinance line covering financial services and solutions developed for social and professional segments with specific needs, difficult access to bank credit and with entrepreneurial profile. The main products of the microfinance line are micro-credit (based on flexible loans) and Micro Savings products(short, medium and long term) .
Addressing the current socio-economic context and in line with its strategy for entrepreneurship, NOVO BANCO Group offers Microcredit in its branch network. In 2017 the NOVO BANCO Group financed 159 projects, corresponding to a total amount of credit of circa €3.2 million, which allowed the creation of 253 jobs. Microcredit has earned the distinction of the United Nations as one of the most effective tools to combat poverty.
Currently, NOVO BANCO Group's Microcredit portfolio holds 1,513 financed projects, corresponding to total loans of €26.6 million (of which 24% were granted under the Microcrédito NB solution) that permitted the creation of more than 2,400 jobs.
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NOVO BANCO's micro saving solutions permit to adjust savings to the extent of one's possibilities, namely through the regular deposit of small amounts or the rounding up of payments, or others, therefore gradually changing the Clients' behaviour and frame of mind with regard to saving.
In 2017, the Poupança Programada (Planned Saving) Micro Poupança (Micro Saving Poupança) and Smart app (saving goals) solutions continued to be strongly promoted by the commercial network during 2017, allowing the Bank to help its customers hoard savings amounting to circa €102 million.
|Planned Saving||The Planned Saving permits to build up savings from as low as 10 euros per month through the subscription of a monthly plan in which the client sets the amount and the time of month of deposits, thus adjusting the savings to the family budget.||- 287,00 clients using the service
- €1,117 million euro in savings
|Micro Saving solution||The Micro Saving solution allows any client to start saving money by small amounts through the rounding up of debits of day-to-day expenses (such as residential mortgage loan instalments or personal loan repayments, insurance premiums, or direct debits), which are transferred to a savings account.||- Used by ca. 37 thousand clients
- €9.4 million euro in savings
(Saving for goals)
|The 'Saving for Goals' product launched in September 2017 is exclusive for Clients who have installed the NB smart app: once the Client has defined his/her saving objectives (how much and for how long he/she wants to save) the smart app traces the path to reach this objective.||- 1,168 Contracts
- 364 thousand euro in savings in 3 months of production
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