GLASGOW, Scotland–Representatives of Sicredi, Brazil’s national credit union network and system, shared some details here around their “CPR Facil” program, the first 100% digital agribusiness product in the country that allows members to take out loans using a mobile phone.
The presentation was made during the World Credit Union Conference here.
“CPR Facil is making such a difference to build a better society and also changing our members’ lives. We hope that this case can be spread to other credit unions down the road,” said Estefane Chaves, a rural credit analyst who accepted an award on behalf of Sicredi from WOCCU for the program.
According to the organization, CPR Facil is totally digital and paperless and is primarily aimed at rural farmers in need of credit.
CPR stands for Cledula de Produto Rural, while “facil” means “easy” in Portuguese.
The application is regulated by the Central Bank of Brazil, the Sicredi representatives said, and is easy enough that the applicant can proceed through the loan app flow in as few as five minutes, they said.
The five steps involved in applying for a loan through the program can be seen in the slide below.
According to Sicredi, the program disbursed 42-million reals since launch in April, representing 800 borrowers. The goal is to disburse two-billion reals in loans in 2023, the Sicredi representatives said.