Building Torre Metrópolis II, Tegucigalpa, Honduras.

Phone: (504) 2270-7090


A financial company in the Central American and Caribbean region, recognized for the quality of its financial products and services, oriented to the needs of microfinance institutions, which serve micro, medium and small enterprises in the region.

Background and Legal Framework

The Central American Microfinance Network (REDCAMIF) with the aim of supporting the development of the micro-enterprise sector in the different areas of economic activity (trade, services and especially production) in the region and, consequently, to contribute to improving the living conditions of the least-favoured layers of the population, undertook the initiative to form a financial institution aimed at providing credit resources that , through the institutions affiliated to the Networks, can reach this sector and bring about important changes that boost their economic activity. This initiative was realized in the development of the Investment Society for Microenterprise in Central America and the Caribbean S.A., SICSA in 2006.
SICSA, marks an important milestone in the history of microfinance in the region, because in addition to being of a different nature to the efforts made and realized to date by its drivers, it has the characteristics and potential of an institution that is an integral to the efforts made by the Central American Network and consolidated as a company that in the medium and long term has an important participation in the development of microfinance institutions (MFIs) , highlighting the importance and right of today’s efforts from a different perspective.

Legal Framework

Social Name: Change of name of the Company in acato to Panamanian laws that limit the use of the name “Investment Companies”. The General Shareholders’ Meeting in March 2012 agreed to establish the company’s new name from the date of registration in the Republic of Panama, as well: Society for the Inclusion of Microenterprise in Central America and the Caribbean S.A., SICSA (the new name maintains the same acronyms that identify the Company). The Company’s domicile remains the Republic of Panama with the power to continue or be reinstated in any other jurisdiction and may open branches or agencies and other offices within or outside the Republic of Panama. Its operational offices are located in Tegucigalpa, Honduras.

Experience in the regional market

SICSA began its credit operations from 2010 with funds from the capital paid by shareholders in that year plus the resources of US$7.3 Million from the financing of the AECID/ICO through its program specialized in microfinance. Since then, SICSA has disbursed more than US$75.0M in no fewer than 80 MFIs at the end of 2018 with 43 active MFIs of which 85% are among the small and medium-sized. Of these, at least 60% of them have rural financing programs and 62% of the clients served in the region that exceeds 70 thousand customers, are women. SICSA has been provided with a solid and consistent corporate governance according to competitive demand and although it is not a regulated entity it serves as an entity under supervision through a self-regulating business scheme. It has the proper operational structure with staff with more than 20 years of experience in the microfinance sector of the region and, in addition, has an advantage position under which it lies in the area of influence in which its programs are implemented.

Management Message

Mr. Anibal Montoya R.
General Manager

The microfinance industry in the region has taken a course of uncertainty in light of events challenging business work within a sector specializing in crisis-tackling in all possible areas. From a political and social perspective, natural disasters and uprisings of forces and ideals that undoubtedly impact the lives of entrepreneurs who face these challenges day by day because “if you do not work, you do not eat”. Thousands and thousands of people within the micro and small business sector must solve their own fundamental needs, with the resources they have left to earn a living and that of those who make up their families, their home, their home, whether they are located in peri-urban areas, areas mined by outlaws who exploit them, extort them and even expropriate their business. They are also located in the slums, in sun-tying communities that steal their energy but that is not enough to take away their dreams, longings and hopes for a better life and thus reach the main goal, which should be no less than to lie down to sleep having generated at least the $3.0 daily that 60% of the customers that our microfinance entities attend in the Region.

In this quest to drive business initiatives where approximately 62% of inclusive financial services recipients are women; in which case, most are located in rural sectors and whose average active loan in small MFIs, served by SICSA ranges from US$300 to US$500; we are being accompanied by SIDI, the partner par excellence that drives social and business objectives to help improve the living conditions of clients receiving special attention from 43 MFIs active in SICSA’s loan portfolio who through a network of at least 200 agencies, branches or outlets are served by nearly 2000 mostly boys and girls who believe in the mandate to serve those who need it.

Under the specialized demand for financial, technical and technical assistance services demanded by end customers and to the extent that efficiency and opportunity are part of SICSA’s value proposition in the provision of these services, through the support of the IDB LAB has managed to consolidate and professionalize a leading technology platform that empowers the entity to compete with a high degree of quality; accompanied by a team of highly trained and trained executives within the microfinance industry; accept the challenge and challenge led by a team of managers and shareholders articulating high-carat corporate governance; for those who make our greetings clear and effusive in the construction of a regional instrument, a reference for microfinance in Central America and the Caribbean.

The financial resources, skills and capabilities that have been made available to the microfinance sector has allowed to establish strategic alliances with recognized and leadership entities in the region, such as REDCAMIF the network that brings together the main networks of microfinance in this part of the continent, among which we highlight: REDIMIF, ASOMIF, ASOMI, REDPAMIF , REDCOM and REDMICROH. These alliances contribute to consolidating the strategic vision and business mission that must allow to carry out inclusion not only financial, but the inclusion of the affections that are generated in good lid for the development of the beloved Central American homeland.

Grateful for the trust that credit agencies have placed in SICSA’s business management, such as BlueOrchard in facilitating resources over the past 5 years for up to $4.0 Million. CORDAID is the entity from which we have received institutional and wealth support, non-reimbursable funds and which over the last 5 years has provided loans worth close to US$4.0 Million and which maintains a line of action and collaboration of great value for the objectives of SICSA.

We have succeeded in moving forward and taking a step forward in including entrepreneurs and entrepreneurs, men and women, patriots of the Central American nation who require an opportunity and also, although this involves high risk, we have included entities that in the financial field; they have not been able to access resources required to increase their credit offering to their own customers. We have a loan portfolio of more than US$10.0 Million, spread over 43 MFIs. In cumulative terms we have served nearly 80 MFIs in the region and about US$75.0M has been disbursed with declining loans and lines of credit with average amounts of US$300.0 thousand. WE ARE SICSA, WE ARE MICROFINANCE; And we’re here.

To my team, thank you for your dedication and total commitment in building a company consistent with the fulfillment of the strategic mission entrusted and the determined effort made available to SICSA. It is this unreserved delivery that must promote a microfinance industry in Central America worthy of better results and worthy of public recognition for the altruistic, supportive and visionary men and women that motivate “good work” in all its actions for the microfinance sector in the region.