The Foundation for Rural Financing (Fundefir) is a civil association nonprofit founded in April 1996, aimed at promoting economic and social development of communities and their residents through the implementation of a comprehensive financial literacy program, providing advisory tools for the development of skills in the field of finances, family, business, and community associations.
During the first years of life, Fundefir was dedicated to the development of a methodology to provide quality financial services to communities and individuals excluded from formal financial systems. As a result of this work, Fundefir created a financial management model called “Bankomunals” with K, based on the exclusive use of funds from members of community groups as a source of funding. This model has demonstrated that it meets efficiently and economically the financial needs of these communities, while generating organizational capacity to stimulate the, individuals initiative, through the development of small private economic projects of the members themselves, accessing to quick credits and encouraging community initiatives and organization.
Currently, there are about 150 groups or Bankomunales, in 9 states of Venezuela, and the model has been replicated in more than 10 countries on 4 continents: Spain, Senegal, Brazil, Bolivia, Colombia, Bolivia, Dominican Republic, Haiti, Argentina, Peru, Indonesia, Italy and Portugal. Based on the success shown by the model Bankomunales, Fundefir has identified the need to structure a comprehensive financial education program, aimed essentially at popular sectors, convinced that financial education is fundamental to reducing poverty levels in society. In this regard, Fundefir is devoting its efforts at expanding the methodology Bankomunales, and the creation of financial tools, innovative and practical training, aimed at the family, nano-entrepreneurs, communities and associative groups.