Julio M. Herrera Velutini is an international banker who has had a major influence both in banking and in microfinancing in Latin America. Julio Herrera Velutini has worked with an international bank based in Puerto Rico to partner with organizations to make credit accessible to underserved Latin American populations.
According to MicroCapital a website specializing in microfinance news, such partnerships can grow the microfinance sector in the Latin America, allowing people with limited or no access to financial services to gain access.
Financial services are typically provided to the owners of small and medium businesses, who help grow local economies by creating jobs, MicroCapital says. These services include access to credit, savings accounts, secure money transfers, and microinsurance, a newer service product that, like its mainstream counterpart, protects clients against risk.
Microinsurance was the topic of a March 2016 event held in Miami, Florida. MicroCapital announced the event — the Hanson Wade 7th Annual Latin American Microinsurance Summit — and provided a summary of summit topics. These included teaching business owners to create organizational strategies based on microinsurance, making microinsurance programs sustainable over the long term, and developing partnerships among microfinance companies in Latin America.