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Edgardo Salomon - FINSOL

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Published on Feb 20, 2008

Global X interviews Edgardo Salomón, a Mexican professional banker who discontinued his banking career in 2003 to work for social impact. He launched a micro-finance institution, FINSOL, which now serves 250,000 clients in Mexico and just opened a branch in Brazil.

Edgardo Salomón's secret to success? Hiring both NGO social workers and commercial bankers to work together in his management team.

"The most important challenge is access to managerial talent. The reason we launched new operations in Brazil is not only because there is high demand there, but also because there is access to very good talent." He adds: "Capital is always available for good projects. The main problem is talent."

Another priority: "There is no success without scale, and that's why networking is so important and that's where Unitus can help us."

A final piece of advice: don't rely on consultants! Edgardo Salomón initially hired a team of expensive international advisors. "Then we decided to do just the contrary to what they advised us to do!" Instead, Edgardo Salomón simply asked a lady working on a street corner what kind of financial services would help her, and that's how he found out what FINSOL had to do.

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