Context: How Bolsa Centroamericana de Valores works, and what it makes issuers disclose · Honduras on the LatAm Power Map
For sixteen years Honduras knew it as FINCA — the microfinance lender that extended credit to small traders and market vendors the banks ignored. In June 2024 it changed its name and its owner; what has not changed is the mission, or the improving profit.
| Full name | Financiera FINCA Honduras, S.A. (now operating as Financiera MiCrédito Honduras) |
|---|---|
| Ticker / Exchange | FINCA.HN / Bolsa Centroamericana de Valores (BCV), Tegucigalpa — bond issuer |
| Headquarters | Tegucigalpa, Honduras |
| Sector | Microfinance / Non-bank financial institution |
| Employees | ~250 (2024) |
| Market value (market cap) | Not listed as equity; bond issuer only — equity not publicly traded |
| Yearly revenue (2023, audited) | HNL 266.7 M (≈ US$9.99 M) — total financial and service income |
| Net profit (2023, audited) | HNL 47.8 M (≈ US$1.79 M) |
| Net margin (2023) | 17.9% (our calculation: net profit ÷ total income) |
| Return on equity (2023) | 30.2% (our calculation: net profit ÷ average equity) |
| Price-to-earnings ratio | Not applicable — equity not publicly traded |
| Dividend yield | Not disclosed in available sources |
| Website | micredito.hn |
What it is
Financiera FINCA Honduras, S.A. began operations in 2008 as a licensed, CNBS-supervised financial institution — one built specifically to lend to the small entrepreneurs, market traders and rural households that commercial banks routinely bypass.
It operates 27 branches across Honduras and offers credit, savings deposits and term deposits, making it unusual among Central American microfinanciers in that it can take customer savings — a full deposit-taking licence that gives it a cheaper funding base than peer-lending-only rivals.
Who owns it
In December 2023, MiCrédito Holding — the holding company of MiCrédito Nicaragua and MiCrédito Costa Rica — acquired Financiera FINCA Honduras after months of negotiations, ending FINCA International’s long tenure as controlling parent. The transfer covered all 2,011,493 shares, of which FINCA Microfinance Holding Company LLC had held 99.9978%.
The majority shareholder of MiCrédito Holding Corp. is MEDA — Mennonite Economic Development Associates, a US-based international development organisation founded in 1953 — with a 37.92% stake.
The acquisition price was set at 1.15 times book value, equivalent to US$7,463,856 at the time of closing.
Who runs it
Klaus Geyer serves as Gerente General (CEO) of MiCrédito Honduras. Veronica Herrera, who built MiCrédito Nicaragua from its inception in 2004, became CEO of MiCrédito Holding Company in 2024, sitting above Geyer as the regional executive.
CFO and board chair names are not disclosed in available sources.
MiCrédito retained the existing leadership team of the Honduran entity and empowered them to initiate changes suited to the local microfinance market.
The money, in plain words
In the year to December 2023 — the most recent audited period, signed off by BDO Audit in April 2024 — the company brought in HNL 266.7 million (≈ US$9.99 million) in total income from interest, fees and services. After paying depositors’ interest, running 27 branches and setting aside provisions for loans that might not be repaid, it kept HNL 47.8 million (≈ US$1.79 million) as net profit — a net profit margin of 17.9% (our calculation), which is strong for a deposit-taking microfinancier.
For every lempira its owners have invested, the company earned back about 30 cents — a return on equity of 30.2% (our calculation), well above what most regional banks achieve. The balance sheet at end-2023 showed total assets of HNL 718.4 million (≈ US$26.9 million) and a loan portfolio of HNL 542 million (≈ US$20.3 million) in performing loans, funded mainly by HNL 478 million (≈ US$17.9 million) in customer deposits.
After two years of losses, the company had already returned to profit in 2022 and reinforced that recovery in 2023.
What it is doing now
Following regulatory approval at end-2023, the entity officially rebranded from Financiera FINCA Honduras to Financiera MiCrédito Honduras on 1 June 2024, completing an ownership transition begun the year before. Unlike the Nicaraguan and Costa Rican sister entities, the Honduran unit accepts customer savings, making it the anchor deposit franchise of MiCrédito’s three-country regional network.
A group-lending programme pushed female-client participation from 34% in 2022 to 50% in 2024, a shift that matters to impact-oriented funders and signals a deliberate pivot toward the demographic that microfinance evidence shows repays best.
What to watch
- Brand conversion costs: Rebranding 27 branches and re-signing a customer base of tens of thousands is not free; watch whether 2024 profit holds above the 2023 HNL 47.8 million (≈ US$1.79 million) line when audited results become available.
- Deposit stability: The balance sheet runs on customer savings, so any confidence shock — political or economic — hits funding directly. Honduras’s financial sector reported a stable loan-portfolio delinquency rate of 2.2% for financial companies (sociedades financieras) at December 2024, a system-wide reading that benefits the entity.
- Regional parent risk: MiCrédito Holding is backed by investors from Canada, the United States and Germany, but it is a small Panama-registered vehicle; any capital need at the parent level would flow straight to the Honduran subsidiary.
- MEDA ownership concentration: MEDA holds 37.92% of the holding company — below majority — so coalition governance among several impact investors is the norm; watch for any change in that shareholder mix.
Sources
- Financiera FINCA Honduras, S.A. — Audited Financial Statements, year ended 31 December 2023 (BDO Audit, April 2024), hosted at micredito.hn
- Financiera FINCA Honduras, S.A. — Audited Financial Statements, years ended 31 December 2022 and 2021 (Deloitte & Touche, May 2023), hosted at micredito.hn
- CNBS Honduras — Audited Financial Statements of Supervised Institutions (Financiera MiCrédito, formerly FINCA)
- Dinero.hn — “MiCrédito Holding de Panamá adquiere Financiera FINCA Honduras por L184 millones: CNBS” (January 2024)
- Dinero.hn — “Organización MEDA controla mayoría de acciones de FINCA Honduras” (January 2024)
- El Mundo Honduras — “Financiera FINCA ahora es Financiera MiCrédito” (May 2024)
- Envest Microfinance — “MiCrédito’s Transition into a Regional MFI” (October 2025)
- Bolsa Centroamericana de Valores (BCV) — exchange home page
- Market data: EODHD. FX rate: 1 USD = 26.7083 HNL (live rate as provided).
This is news, not investment advice.
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