Second-Party Opinion Download

Banco Compartamos has developed the Banco Compartamos Social Bond Framework dated July 2025, under which it intends to issue social bonds to fund projects in Mexico within three social categories.  

We have assessed the overall Sustainability Contribution of the Framework as Significant, based on the average Sustainability Contribution of the Framework’s three use of proceeds categories. As per our methodology, we have applied equal weighting across categories. 

The Bank intends to finance social expenditures in Employment Generation—Microfinance and Entrepreneurs Financing; Socioeconomic Advancement and Empowerment—Programs to Support Men and Women with Small Businesses; and Access to Essential Services—Financial.  

Regarding microfinancing, the Bank will extend loans to underserved individuals. The Bank will also provide microfinancing to entrepreneurs and micro, small and medium enterprises (MSMEs), with a primary focus on women-owned businesses. Both types of financing are offered at below-market interest rates and are accompanied by other financial advantages, although there is a lack of clarity regarding the degree of interest rate concessions that might be offered. Such expenditures will significantly contribute to improving access to finance among the target populations in Mexico.  

In addition, the Bank intends to finance assets that enable the provision of microinsurance and transactional banking products and services to individuals and communities that have little or no credit history and face significant barriers to accessing financial services for the first time. The financing will facilitate access to financial operations, service payments, multi-level payments and top-ups with no transaction fees to such individuals. Collectively, such expenditures will notably contribute to improving access to financial services among the target populations.  

We have assessed the Framework as Aligned with the Social Bond Principles 2025.