Business Overview
The community bank of Cañazas was established officially in October 2019. It is one of the newest community banks in Eastern Panama with a strong executive board and a motivated membership.
Community Bank of Cañazas - Cañazas, Panama
Economic Challenge
The Caja Rural of Cañazas is located in East Panama. It had a remarkable start with 17 members at the creation of the bank and they are aiming to grow not just in terms of membership, but in terms of performance and relevance in their community. One of the main challenges of the community bank is that the community of Cañazas is quite spread out, which makes it hard to reach out to people strategically. There is a lot of opportunity for growth, given that access to financial services in the region is very scarce. Here is where they find their challenge: how can they make the community bank be inclusive in a big and spread out a community like Cañazas? How can they develop a plan and a strategy to become more robust while also increasing in terms of membership?
The Business
The community bank of Cañazas has 17 active members and has rapidly grown in terms of capital and savings. This bank has already $1540.00 USD in the capital, raised within the last 4 months and over $300.00 USD in savings. They are soon to start their loan (credit) activity, but they are still going through the training process before reaching that next stage.
Competitive Advantage
The community bank of Cañazas has a very strong group of motivated members. In addition, the affordable community banking services that it offers in a city where access to savings or loans are scarce makes this bank a great opportunity for the people of Cañazas to join the community bank and benefit from it.
Obstacles
Being a brand new community bank, there are many dreams and hopes. Even though they have started to plan for the future, this community bank would benefit from business consulting in order to develop a business plan that helps them set specific goals for the future and clear steps to achieve them within the determined time period.
Business Snapshot
Next Steps
The tasks thatCommunity Bank of Cañazas has prioritized are:
The tasks that Community Bank of Cañazas has prioritized are:
Page Last Updated:February 28, 2020