- Our products are designed carefully to meet the needs of our clients in a way that do not cause them any harm,
- Clients do not borrow more money than what they can repay,
- Our clients fully understand pricing as well as terms and conditions so they can make informed decisions,
- Our clients are treated fairly and respectfully particularly during debt collection processes,
- Our client data remains private,
- Our clients have ways to communicate complaints so we can resolve problems and serve them better.
from 2,000 to over 18,000 active clients, 86% of which womenWe have opened
four new branches since 2013Introduced new loan products that include
agriculture and small enterprise loansAnd launched
cash and mobile banking servicesmaking it easier for our clients to conduct safer, less costly transactions. Haiti doesn’t have many natural resources, but its people are rich in resourcefulness. FINCA loans help innovative clients like Madame Julia Pierre grow her business: “I am a 58-year-old woman. I live in Croix-des-Bouquets, a little city in Cul-de-Sac Plain. When I grew up, my mother supported us by retailing groceries. My father died when I was a baby. I started selling coffee when I was 12 years old. I am a mother of two young men. A year ago, I started selling peas, fruit and vegetables. I purchase from farmers and then sell at home. I needed money to expand my little business. A friend told me about FINCA and invited me to a Village Bank named Fanm Vayan (Valiant Women). I accepted, and took part in a meeting. I appreciated the solidarity of the women and decided to become a member. After several meetings where the loan officer explained loan management to me, I received my first loan of 6,000 gourdes ($137). This loan helped me buy more peas and vegetables. I repaid on time, and I am now managing a loan of 9,000 gourdes ($207). FINCA loans are really important for me because they don’t ask me for collateral, and I repay on a monthly basis, which is better for me and helps me put more money in my business a little longer. My business is more profitable now, and I am glad that FINCA is my partner. I am already thinking what other produce I can add to my business with my next loan.”
Thousands of unbanked and under-banked Nigerians to benefit from servicesOwerri, 4 December, 2014 – FINCA, a leading global microfinance network with operations in 23 countries, today officially launched the first branch of FINCA Microfinance Bank Ltd, in Owerri, Imo State, Nigeria. This follows the final approval of a license by the Central Bank of Nigeria, which was granted on 30th October 2014. As a pioneer of the microfinance industry for 30 years, FINCA has created opportunities for millions of low-income entrepreneurs through innovative lending practices and client support. Nigeria is the sixth African country in FINCA’s network, in addition to Uganda (since 1992), Malawi (since 1994), Tanzania (since 1998), Zambia (since 2001) and Democratic Republic of Congo (since 2003). In total, FINCA reliably serves nearly 700,000 low-income clients across Africa. “Nigeria is an economic leader with the largest continental GDP and a large population of hardworking, entrepreneurial people.
“Yet, seven out of ten adult Nigerians remain unbanked,”stated Mike Gama-Lobo, Vice President and Regional Director for FINCA Africa at the launch ceremony. “FINCA enters this market with an unconventional approach to banking: client-centric and mission-based. Our Nigerian clients can expect a difference from our team of professionals who have deep local expertise blended with FINCA’s global best practices, delivered on the tenets of warmth, trust and responsible banking.” FINCA MfB will begin its operations with simple but innovative financial solutions – savings, term deposits, and loan products – to help clients effectively manage their money, save for the future or grow their micro-business. Services will be accessed through an efficient branch and non-branch network, starting in Owerri, Imo State, with expansion to other states in the near future. “The banking sector has yet to incorporate roughly 80 million low-income adults who are either unbanked or under banked. As a result, many Nigerians look to informal means of saving and borrowing, which can be costly and unreliable. FINCA’s approach is to offer the terms and conditions that the informal sector needs and the stability and values that informal savings and loans can’t provide.”
About FINCA Microfinance Bank Ltd.FINCA Microfinance Bank Ltd. is a community-based microfinance institution that enables Nigerian individuals and communities to invest in the future. We understand our clients’ needs and our aim is to develop products and services that put their welfare first. FINCA MfB is a subsidiary of FINCA International, a leading microfinance organization that provides socially responsible financial services to help low-income people build assets, create jobs, and raise their standard of living. FINCA reaches more than 1.7 million clients through 23 microfinance subsidiaries in Africa, Eurasia, Latin America, the Middle East, and South Asia. FINCA’s microfinance subsidiaries are owned or controlled by FINCA Microfinance Holding Company LLC (FMH), an international social investment partnership that includes majority owner FINCA International, as well as International Finance Corporation (World Bank Group), FMO (Dutch Entrepreneurial Development Bank), KfW (German Development Bank) ResponsAbility, Triple Jump, and Triodos. FINCA is headquartered in Washington, DC, United States of America. For more information, visit www.FINCA.org.
Most Trusted Microfinance Institution in Zambia
“To help the children, first empower their mothers.”“The system of small Village Banks overseen by women in 23 countries gives our members confidence that our dollars will be well invested. And the nearly 100% loan repayment history is very convincing,” Mr. Weakley added. Get together with your friends, family and neighbors to help change the lives of people in poverty. No matter how big or small your ideas, when people work together, it’s easy to Give a Little and Change a Lot! Please share your successes with us on Facebook and Twitter or write us at [email protected]. [finca_link src=”https://finca.org/take-action/donor-stories/” title=”Other Donor’s Stories”]
“what I’m meant for… (is) putting a smile on our clients.”Kenny makes it easy and simple for our clients to access our financial services through a simple fingerprint, using biometric scans. Those smiles often come when Kenny introduces our clients to an easier way to access our financial services. In a country where many people lack national ID cards, Kenny is teaching clients to use biometric scanners so that FINCA can easily identify them. Clients are registered at a FINCA branch by providing a digital scan of their fingerprint. Then, when they make transactions at a branch or an agent outlet, they sign in to their accounts by scanning their fingerprint. This simple but high-tech solution makes financial services easily accessible to everyone—even clients who cannot read. In the future, FINCA Zambia will continue to enroll their clients in the biometric system to scale up their outreach and provide financial services to even the most marginalized populations. Every time clients walk out of the Northmead branch knowing their funds are safe and secure—and that security literally is in their hands—Kenny knows he’s earned their trust. Kenny joined the FINCA team because he wanted to help people, not just by providing affordable loans, but by spreading knowledge about the importance of savings as a way to move ahead in life. Ultimately, he wants to help his clients escape the cycle of poverty. “We want to…help them grow into world-class business people,” says Kenny about his clients. Above all, Kenny is proud to work for FINCA because he is inspired by our mission and by the fact that our organization promotes sustainable and responsible financial practices. That’s how Kenny is creating brighter futures in Zambia…. One smile at a time
With few natural resources, Haiti’s success is dependent on the ingenuity of its people.Nouniesse Jacques joined the group four years ago when her small grocery stall was not doing well. She used her cooking talents and FINCA’s support to expand into grilled chicken sales in the evenings. Now, up to 60 customers a night enjoy her secret barbecue recipe and the business supports her family. The stories are similar across Haiti, where people are still rebuilding their lives since the devastating 2010 earthquake. With few natural resources, Haiti’s success is dependent on the ingenuity of its people. Microfinance plays a huge role in this success today—through the creation of jobs—and also tomorrow, because the children of our clients are able to finish more years of school than their parents. Thanks to significant support from donors, as well as partners such as the US Dept. of Agriculture, FINCA’s program in Haiti is growing rapidly—from 2,000 entrepreneurs to more than 14,000 in the last 18 months. Village Banking is an important mainstay of the program, but we have added agricultural loans and individual business loans to serve new types of clients, such as Duckensia Zapata Fleurival, a young woman whose growing business collects and recycles the plastic water bottles that litter the country. We are also exploring new ways to help clients—such as loans for the purchase of good quality home water filters to save people from having to purchase filtered water.
Ensure people are able to budget, save and invest their finances wisely.The four winning students were featured on the most popular Zodiak radio station and national MBC television. FINCA like other financial institutions hosted walk-in customers for the one-week period and provided financial literacy information which was prepared by the central bank.
“Before only rich people had access to banks, but now we are really, really happy that they’re helping us poor people save little by little. That’s how we’ll be saved.” says Eliza, FINCA DRC client.[panel name=”our-impact-help-out”]