Inclusion Program for Raising the Economic Income of the Wholesale Market Traders of Riobamba, Ecuador

Abstract

The problems seen in the Riobamba Wholesale Market are related to the concentration of the financial system in urban areas. Large sectors in need have been relegated, either because of their economic condition or their place of residence. The difficulty for traders to get loans restricts them from taking steps toward business improvement and undertaking new projects. This study aims to propose a financial inclusion program to promote an increase in the economic income of wholesale traders in Riobamba. The study uses a qualitative and quantitative approach. The information was collected through structured surveys with multiple choice questions directed toward the sectoral distribution of traders. A representative sample was extracted from the total population of the traders registered in the Riobamba Wholesale Market. The results showed that traders are agents of entrepreneurship and require loans to expand or manage new businesses with the capacity to repay. Furthermore, there is a willingness for partnership and adoption of policies of a social and solidarity-based inclusive economy following the principles of plural economy, reciprocity, social sustainability, ecological sustainability, and social efficiency. In addition, they rely on cooperative work. The greatest interest in the Financial Inclusion Program is seen in the tomato, fruit, corn, and potato trades, which include the largest number of merchants. They expect the new program to include ATM services, mobile banking, and savings plans. In conclusion, the financial inclusion program acts by offering services that are related to the banks or credit unions, the ones that offer the greatest advantages. It is a great alternative to improve the economic incomes of traders in the Riobamba market.

Keywords

• financial inclusion, social and solidarity economy.