Banco Palmas is a Brazilian community bank founded in 1998 in Conjunto Palmeiras, a neighborhood of 32,000 inhabitants located in the suburbs of Fortaleza – Ceará,Brazil operating under the principle of the “Solidarity Socio-Economy.”
The origin of the Palmeira neighborhood dates back to the 1970s. Due to redevelopment initiatives along the coast of the city enacted by the municipal government, fishing communities and other inhabitants were uprooted and forced to move inland. The inland district, known today as Conjunto Palmeira, was devoid of basic infrastructure such as water, roads, and electricity, thereby leaving the neighborhood vulnerable to floods and other natural and economic stability problems. Furthermore, the move inland left the primarily fishing-based community without a stable source of income. In 1981, the residents came together to improve their community, thereby creating ASMOCONP.
More information in www.bancopalmas.org