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FINCA Canada

A Partnership Between FINCA and Sisu Global to Save Lives in Ukraine

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The war in Ukraine continues to cause tremendous loss of innocent lives and the destruction of civilian infrastructure. There is a global plea to support the people of Ukraine in these difficult times. In response, FINCA is partnering with Sisu Global to help deliver Hemafuse, a lifesaving medical device, to Ukraine. To date, the first shipment of 500 Hemafuse devices is in the hands of medical personnel on the frontlines to save lives in Ukraine, but more is needed. If you would like to support this campaign, click here.
  Hemafuse is the flagship product of Sisu Global, a FINCA Ventures investee. It enables a surgeon to capture and reuse a trauma patient’s own blood. This product has been saving lives in Africa and other parts of the world, where there is a shortage of donated blood. Due to the war, donated blood is in short supply in Ukraine. Hemafuse can be a lifesaving solution for many trauma patients there. As a matter of fact, medical research indicates that recycling a patient’s own blood reduces the likelihood of complications. Another added benefit is the shortened wait time to perform surgery. A single use of the Hemafuse device can salvage up to three units of blood, which saves the equivalent amount in donor blood for other patients. This helps free up resources and brings down costs when donor blood is in short supply. Sisu Global designed Hemafuse to solve the core challenge of the global donor blood shortage. In Africa, it is distributed through Amref, the continent’s largest health development NGO.
The campaign aims to send a second shipment of Hemafuse units to Ukraine soon. For more information on how to get involved and save lives in Ukraine, visit our campaign to save Ukrainian lives and provide access to blood.

Syrian Refugees in Jordan: The Need for Access to Finance

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Lara Shaheen is a refugee from the war that has engulfed Syria since 2011. In 2014, she settled in Amman, Jordan. With no idea when the war would end, and she could return to Syria, Lara decided to build a business in Jordan. She produces handicrafts – soaps, candles and much more – for sale in local markets. Lara was motivated to be able to take care of herself and her family as well as give back to the country in which she was living. As Lara notes, “We Syrians have many skills. We can use them to support ourselves and support the country we’re in. Instead of becoming a burden, we can be useful.”

The Experience of Refugees in Jordan

More than 1.4 million Syrian refugees – roughly half registered and half unregistered – in Jordan. Most have been in the country as long as Lara. Like people in many other places, they have been displaced by essentially “never-ending” conflicts. In addition to the Syrians, Jordan hosts roughly 150,000 Iraqi refugees and some 2 million Palestinian refugees who arrived (or are descended from people who arrived) in Jordan fifty to seventy years ago. While some refugees live in camps on the outskirts of Jordan’s cities, most (including 85 percent of the Syrians) live in towns and cities across the Kingdom. Like Lara, their goal is to integrate themselves into Jordanian society. Of Syrian refugees who have been in Jordan for more than five years, 97 percent plan to stay in Jordan. Only 6.6 percent of refugees who arrived between 2015 and 2018 have left the country. Many Iraqis have been in Jordan longer. Jordan is their new home.

Refugees Usually Need Financing

While they want to build a new life for themselves in Jordan, there is insufficient formal employment to support these displaced people. Like Lara, they have to rely on informal self-employment. Lara has been more successful than most refugee entrepreneurs. She now employs dozens of other Syrian refugee women to produce handicrafts in their own homes. Despite her success, even for Lara, it is difficult, if not impossible, to access financing to grow a business. FINCA is working to change that. FINCA staff visiting Amman met with Lara in early 2022. The purpose of the visit was to learn more about the plight of these refugees and to work with the staff of FINCA Jordan to develop a strategy to reach this economically active yet vulnerable population. Today, FINCA Jordan is preparing to launch a pilot program to lend to refugees. Outreach will begin after the Ramadan holidays end on May 1. FINCA Jordan expects to disburse loans to more than 800 refugees like Lara by year-end. As Lara – whose story has also been documented by AJ+ – notes, “it is a very difficult decision when you think about leaving everything behind. Your dreams, your friends, your people, your relatives. You basically leave the fruit of 35 years, and you just go.” With hard work and support, entities like FINCA, Lara and other refugees have a chance to succeed.

FINCA Canada’s 2022 IWD Celebration Recap

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This year’s International Women’s Day theme was #BreakTheBias. FINCA Canada commemorated with a month of activities to raise awareness about the importance of financially empowering women, especially those in developing countries. The celebrations ended with FINCA’s 7th Annual International Women’s Day event – an expert panel discussion that focused on lessening the impact of COVID-19 on women entrepreneurs and building a future economy that embraces financial inclusion for women. For the second year, FINCA Canada partnered with Centennial College’s corporate communications public relations (CCPR) students to present a #WhyWomenWednesday social media campaign as well as the 2022 edition of the FINCA Canada’s #empowHER podcast series.

The #WhyWomenWednesday Social Media Campaign

The social media campaign featured four resilient women—FINCA clients in Haiti and DR Congo who run successful businesses in underserved communities amidst systemic and cultural biases, worsened by the ongoing pandemic.
  • Week one featured Rose Syncia JB Rosseau and her entrepreneurial journey as a mom in Haiti trying to make ends meet with a vision to provide for her family and community for generations to come.
  • Week two featured Charlotte Assumani and her story of creating a restaurant and clothing business in Kinasha, DRC, so she could afford to send her daughter to school.
  • Week three featured Nene Pongo Nzila who utilized FINCA’s JUSTpourElle (Just for Her) loan to help her balance her triple burden of household work, supporting her community as well as a job.
  • Week four featured Eugenie Kabeya who pivoted her seamstress business in the DRC from sewing clothing to sewing masks so she could keep business going during the pandemic.

The 2022 #empowHER Podcast Series

This year’s podcast series dove into the extreme levels of biases that women in the Global South encounter each day. There were 4 episodes featuring esteemed guests:
  • The introductory episode featured highlights from 2021—Drew Boshell, the Executive Director of FINCA Canada discussed the organization’s mission, goals, and campaign to prevent more than 120,000 women in Haiti and DR Congo from sliding back into poverty due to the impacts of COVID-19.
  • Episode 2—How Education is Breaking the Bias featured Marc Epprecht, professor of History and Global Development Studies at Queen’s University. The discussion covered the importance of providing proper education to women, the impacts that occur when a girl is denied their right to an education and how FINCA is breaking the bias surrounding gender and education.
  • Episode 3—The Triple Burden on Women featured Mirela Pekmezi, Deputy CEO of FINCA DRC. Mirela explored the impact the triple burden—(work within the family household, supporting initiatives in the community and juggling a job) has on women and how FINCA is helping to make a more equitable economic environment for women.
  • Episode 4— COVID-19 and Its Impact on Gender Equity featured Sally Yacoub, Gender Advisor for FINCA Canada. Sally examined the impact of COVID-19 on women in the Global South, the suspected longer-term effects the pandemic will have on gender inequalities and what FINCA has put in place to help mitigate the risks COVID-19 holds.

The Expert Panel Discussion

The virtual panel discussion—Rebuilding Women’s Financial Health Post COVID was a joint event hosted by FINCA Impact Finance and FINCA International. The event featured several experts in financial health and services, who explored ways to reduce the impact of significant, external shocks on women entrepreneurs and the institutions that serve them. They stressed the importance of building a future economy that embraces financial inclusion for women. The moderator was Andrée Simon, President, and CEO, of FINCA Impact Finance. Other panellists included:
  • Greta Bull, Director, Women’s Economic Empowerment, Bill & Melinda Gates Foundation
  • Mamie Kalonda, CEO, FINCA DRC
  • Leora Klapper, Lead Economist, World Bank
  • Scott Graham, VP of Research and Data Science, FINCA International
  • Sonja Kelley, Director of Research and Advocacy, Women’s World Banking
 

International Women’s Day: How FINCA Canada Is Paving the Way for Enhanced Financial Wellness

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On March 8, 2022, United Nations recognizes International Women’s Day to promote the importance of progressive gender equality, building support for women’s rights to amplifying and celebrating the achievements of women around the world. This year’s International Women’s Day theme is #BreakTheBias, a campaign dedicated to advocating for a gender-equal world that is free of bias and discrimination against women. FINCA Canada champions gender equality by helping women discover meaningful work, establish successful and lasting businesses, and achieve financial independence in Haiti and the Democratic Republic of Congo (DRC). FINCA Canada, in partnership with the government of Canada, provides female business leaders and communities with resources that equip them with the knowledge and skills they need to build, secure and sustain healthy financial futures. Last September, we wrapped up our fourth year of the Financial Inclusion Project. Focused on helping low-income women in Haiti and the DRC achieve financial security and stability, the project identified financial barriers and implemented innovative solutions to cater to and streamline the financial needs and demands of both men and women, as well as help them increase their income and savings, which were particularly threatened by the pandemic. This year, FINCA Canada is partnering with Centennial College to launch a new campaign called ‘Why Women Wednesday.’ This includes an extension to the #EmpowHER podcast series, highlighting how women in Haiti and the DRC who are disproportionately experiencing extreme poverty due to financial, systemic and cultural biases, worsened by the ongoing pandemic.

Continuing the commitment to financial wellness through empowerment

In 2021, we reached 438,000 clients who continue to make progress towards economic equality within their communities, 40,000 of which are new to the FINCA network and are now discovering financial independence. Education is key to achieving and sustaining equality. Over the past year, more than 216,000 clients took steps to improve their financial literacy through our financial training programs. FINCA Haiti has trained a cumulative total of 76,290 Village Bank clients in financial literacy, 92 percent of which being women. Additionally, FINCA DRC has trained a total of 140,482 clients, of which 51 percent are women.  In Haiti, an additional 192 non-client women entrepreneurs took part in training and 34,391 community members in the DRC expanded their financial literacy and financial technologies. Last year, women continued to prove to be incredibly resilient, showing better loan repayment rates than men, even in times of economic difficulties.

Building stronger and more sustainable financial futures

The pandemic caused economic disruption that disproportionately affected women who work in sectors most impacted by COVID-19. As a result, entrepreneurs had to pivot their business models in order to ensure business continuity. To enable sustained business success through the pandemic, FINCA DRC launched Juste Pour Elle (Just for Her), a new loan product targeting women-owned businesses in the DRC. Juste Pour Elle has preferential conditions for women, such as a lower interest rate and the option for a grace period before loan reimbursement starts. Since its launch one year ago today, in commemoration of International Women’s Day, over USD 6.6 million has been disbursed to help over 1,0000 women grow and expand their businesses. This has helped them weather the storm of economic challenges influenced by the pandemic and come out to the other side stronger than ever. Savings and insurance have also proved critical in strengthening the financial health and resilience of entrepreneurs during times of financial uncertainty. Women in the DRC continued to emerge as more efficient savers than men with an average savings balance of $177 compared to the $130 average savings balance of men.

Tapping into technology to expand financial freedom

Helping women in Haiti and the DRC discover the benefits of online banking will be an important step in helping them experience full financial freedom and longevity. The various social and political challenges prevented many women from accessing the in-person banking services they prefer, reinforcing the importance of accessibility. Expanding the availability and improving client comfort and user experience of these technologies will help safeguard women’s financial independence, by providing banking services whenever, wherever and whatever the circumstances. Click here to learn more about FINCA Canada’s work in social justice reform across the DRC and Haiti as they lay empowering stepping stone for women’s financial independence. Stay in touch with us over Twitter, LinkedIn, Instagram and Facebook. GAC_oppHERtunity        

#empowHER 2022 Podcast Series Episode Four: COVID-19 and Its Impact on Gender Equity

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In our final episode of the #empowHER 2022 Podcast series, we are joined by Sally Sally Yacoub, Gender Advisor for FINCA Canada and Drew Boshell, Executive Director of FINCA Canada. They discuss the impact of COVID-19 on women in the Global South, the suspected longer-term effects the pandemic will have on gender inequalities and what FINCA Canada has put in place to help mitigate the risks COVID-19 holds. We also learn about the gender assessment report Sally produced for FINCA DRC. COVID-19 increased the gender inequalities which continue to exist in the Global South. Women’s jobs are 1.8 times more vulnerable than those of men. This is causing financial instability for women, many facing extreme poverty.

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FINCA Helps Clients Beat the Odds During the Pandemic

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For many females in the Global South, running a small business, hiring staff, ordering inventory, and generating sales, which was once a dream, is now a reality with the help of FINCA and their micro-financing loans. However, the pandemic resulted in increased pressures and hurdles for the smooth flow of their business operations. For example, for small businesses in the Democratic Republic of Congo, there was a considerable decline in sales, difficulty retaining staff, supply chain issues and many inventory delays. 

 

Eugénie’s Story

One of those small business owners was Eugénie Kabeya, a seamstress who, with FINCA’s help, built a women’s clothing company and employed 12 staff. Unfortunately, in the first month of the pandemic, Eugénie lost 70% of her monthly revenue, and she had to let go more than half of her staff. 

 

Eugénie pivoted her business model, and with the help and guidance of the local FINCA branch, she began producing masks to meet the high demand in her community. Through word-of-mouth and creating an online presence, Eugénie’s business was thriving once again. She even re-hired two of the staff she had to let go at the beginning of the pandemic!

 

FINCA’s mission 

Eugénie has been a member of FINCA International since 2003 and has used their microfinancing services to become a successful, independent female business owner. She is grateful for FINCA’s assistance and guidance during these difficult times and happy she can continue to operate and employ others in her community.

  FINCA loans are made possible through partnerships and donations by generous donors. Make A Donation

#empowHER 2022 Podcast Series Episode Three: The Triple Burden on Women

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In this episode of the #empowHER 2022 Podcast series, we are joined by Mirela Pekmezi, Deputy CEO of FINCA DRC and Drew Boshell, Executive Director of FINCA Canada to discuss pressures that women face in the developing world. We take a deep dive into the impact the triple burden—(work within the family household, supporting initiatives in the community and juggling a job) has on women and how FINCA Canada and FINCA DRC are helping to make a more equitable economic environment for women. Look out for our upcoming episode featuring:
  • Sally Yacoub, the Gender Advisor for FINCA Canada supporting a Financial Inclusion Project in Haiti and DRC

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FINCA Helps Women Overcome the Triple Burden in Developing Countries

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Women’s work in developing countries

Women often carry three important responsibilities known as the triple burden. In many cases they are responsible for unpaid work within the family household, supporting initiatives in the community, while also often juggling low-income jobs. In addition to this triple burden, gender stereotypes, biases and unequal wages further prohibit women from progressing in their careers and providing for their families.

FINCA introduces ‘JUST FOR HER’ loans

Nene Pongo Nzila, one of FINCA’s first clients, received the life-changing JUSTEpourELLE (Just for Her) loan at a time when she was struggling to balance her triple burden of responsibilities. Nene is a mother of three and works two jobs to provide for her family. One job, selling beans in DRC’s capital, Kinshasa, was slowly picking up when the COVID-19 pandemic disrupted her business and her customer base. FINCA DRC launched the JUSTEpourELLE loan in 2021 on International Women’s Day. This was a life-changing moment for Nene and her family. The loan offers reduced interest rates and a longer grace period to repay, allowing Nene to double her loan and get enough capital to personally travel to Uganda to purchase her inventory. Here she could negotiate prices, get a reduction from the suppliers, and check the quality of her items. In her own words:
My sales have increased, and my repayments are going well. I was also able to buy a car, thanks to six months of increased profits.

Dreams do come true

Nene has experienced first-hand how support from FINCA can help women who are struggling to meet their financial needs. She is a proud ambassador for FINCA and continues to share their products and services with her fellow Congolese women. FINCA loans are made possible through partnerships and donations by generous donors. Make A Donation

#empowHER 2022 Podcast Series Episode Two: How Education is Breaking The Bias

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The #empowHER podcast is back! Aligned with the theme for International Women’s Day this year, the series will be focusing on how to #BreakTheBias surrounding gender inequality. In this episode are joined by Marc Epprecht, professor of History and Global Development Studies at Queen’s University and Drew Bowshell, Executive Director of FINCA Canada to discuss the importance of women’s education. We take a deep dive into how gender inequalities impact access to education in the Global South. Marc and Drew discuss the importance of providing proper education to women, the impacts that occur when a girl is denied their right to an education and how FINCA is breaking the bias surrounding gender and education. Education is a human right, which girls across the globe are being exempted from. Look out for our upcoming episode featuring:
  • Mirella Pekmezi, Deputy CEO of FINCA DRC.
 

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FINCA Educates and #empowHER Women in Haiti and The DRC

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Education in the Global South – The Challenge

Children, particularly girls in the Global South face barriers that prevent them from accessing the right to an education. In low-income countries in this region, such as Haiti and the Democratic Republic of Congo (DRC), the lack of access to qualified teachers, hidden costs, such as uniforms and school supplies and the extreme distances children need to travel just to get to school – all these factors contribute to making education attainable. Further, there are cultural barriers, including the fact girls are expected to stay home and help with the household chores, while their brothers go off to school. This has created a gender gap in the Global South which disproportionately favours men in jobs and education. FINCA International and FINCA Canada have set a goal to break down these barriers by providing education and financial help for women who have dreams of independence and opportunity.

Access to education as a basic human right

According to UNESCO, girls are 2.5 times more likely to be out of school than boys in the Global South (UNESCO). Further, the United Nations Girls Education Initiative has stated that globally, 132 million girls are not provided with a formal education*. With the present barriers to education, many children are unable to learn basic skills such as reading and writing. This prevents them from making decisions and truly advocating for themselves as they get older.

FINCA’s promise to educate and empower women – Charlotte’s Story

A wonderful success story is from one of FINCA’s current clients, Charlotte Assumani, who has been a client of FINCA for over 15 years at the Gombe branch in Kinshasa. Charlotte believes in the power of knowledge and created her own business running a restaurant and selling clothes to have the financial ability to send her daughter to school. As a military wife, Charlotte’s income could not cover the family’s basic needs. Not being able to pay for her children’s school, she had to do something to survive so she decided to start a small business.
Banks do not serve customers with no guarantee or collateral so the only financial institution that opened its doors for me was FINCA.
With FINCA’s help, she has successfully grown her business, created wealth, sent her kids to school, and employed other people.
I recognize the friendly relationship that exists with the FINCA employees who support us. I especially thank them for their financial literacy program which helps us to understand how we can efficiently manage our business.
FINCA does not just hand out money, they hand out knowledge of how to use it properly so one can live a sustainable and independent life. Charlotte continued by saying:
What makes me happy is that my restaurant has grown not only for myself and my children but also for my employees.  I now have 8 people working with me. They all have extended families of more than 4 members, so not only my family but also the lives of 32 other people depend on my business.
* Formal education refers to the institutionalized, intentional and planned public and recognized private organizations. FINCA loans are made possible through partnerships and donations by generous donors. Make A Donation

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55 Bloor St W, PO Box 19560 | Toronto, ON M4W3T9
CRA Charity Registration Number: 805686144 RR0001



© FINCA Canada

55 Bloor St W, PO Box 19560 | Toronto, ON M4W3T9
Numéro d'organisme de bienfaisance : 805686144 RR0001