- Sally Yacoub, the Gender Advisor for FINCA Canada supporting a Financial Inclusion Project in Haiti and DRC
FINCA Helps Women Overcome the Triple Burden in Developing Countries
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
- Mirella Pekmezi, Deputy CEO of FINCA DRC.
FINCA Educates and #empowHER Women in Haiti and The DRC
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
Rose’s Entrepreneurial Journey Through Microfinancing
Say hello to Rose Syncia JB Rousseau!
Rose Syncia JB Rousseau, better known as Rose, is the CEO of Syn’s production, a local Haitian company transforming Haitian fruits, nuts, and cereals into delicious delicacies. Dynamic and ambitious, Rose pushes her brand beyond Haiti’s frontiers and has chosen FINCA as her partner in this exciting entrepreneurial journey.How FINCA has helped Rose
Rose used the small loans, savings plans, insurance and money transfers from FINCA to get her business off the ground – these are just some of the microfinancing services FINCA provides to help grow businesses. FINCA helps empower individuals economically and socially by allowing them to better manage their lives. Today, Rose’s jam, liquor, chocolate and other traditional treats are a staple item on supermarket shelves across the capital city of Port-au-Prince.Being empowered by FINCA
Rose first heard about FINCA from a friend when she received an order for her product for a tradeshow in Taiwan. Rose was short of stock and supplies and unable to fulfill the order. She urgently needed funds for raw materials and turned to FINCA for help. Not only did Rose receive the funds to fulfill her most substantial contract on time, but she was invited as a guest speaker of FINCA’s Mache Kontre – a networking initiative created to provide a platform for female entrepreneurs that other girls and women can look up to. This is what she had to say about FINCA:All I heard about FINCA was true. I appreciated how the staff provided the information I needed to decide on which product was best for me. And then becoming a guest and promoting my company at FINCA’s office has brought me additional income at a time when sales in the supermarkets have decreased; I even received two wholesale orders from other FINCA clients. This is really a wonderful place to be.
FINCA’s promise to #empowerHER
For over 30 years FINCA has kept to the same simple idea: If everyone is provided with the opportunity to be included in the economy and gain access to the resources needed to be productive, people’s lives would improve and communities would be stronger. Through FINCA’s focus on viable opportunities for women, financial inclusion and education, wonderful individuals like Rose can take their small business ideas to the next level and succeed, providing a greater standard of living for their families and communities. FINCA’s dedication to providing micro-financial services has resulted in serving over 2 million clients in over 20 countries worldwide.What does the future hold for Rose?
What started as a hobby for Rose became a business in the most unexpected way.This money FINCA gave me is all back in my pocket and can be used to increase my production and sell more in the international market. Syn’s is going to be a legacy to my children, to the next generation. It’s going to be one of the Haitian brands people talk proudly about. I am so fortunate I got the right partner for this long journey.FINCA loans are made possible through partnerships and donations by generous donors. Make A Donation
FINCA Canada’s Role in Social Justice Reform Across Haiti and the DRC
The United Nations commemorates the World Day of Social Justice on February 20, 2022. This year, the focus will be on efforts by the international community to identify solutions that create sustainable development, poverty eradication and promotion of full employment, gender equality and access to social wellbeing for all. FINCA Canada, in partnership with the Government of Canada, has been championing this effort through the Financial Inclusion Project.
Over the past few years, the Financial Inclusion Project has positively impacted many women in Haiti and the Democratic Republic of Congo (DRC), empowering them to step into entrepreneurial leadership roles, establish economic equality within their communities and combat poverty across their nations.
As the project enters its fourth year, FINCA Canada conducted a survey with clients in Haiti and the DRC to capture product perception and customer satisfaction about whether the quality, type and channel of FINCA’s services are fulfilling their needs. As the goal of the project is the increased economic prosperity for low-income individuals (primarily women) in Haiti and in the DRC, the survey’s objective is to track the successful implementation of data-backed, client-centric and gender-equal financial services for FINCA clients.
Customer Satisfaction Projects Enhanced Client Engagement
For decades, financial institutions and their traditional offerings have been infamously known for their generic and typically complicated products and delivery. With the help of the Financial Inclusion Project, and its work to suit gender-centric and low-income needs, female clients are showing heightened engagement with minimized barriers towards financial independence.
FINCA Canada reported impressive improvements across the Customer Satisfaction Index (CSI), which highlights the overall depth of support and progressive impacts their services and products have had amongst its clients. The DRC saw an eight percent improvement in customer satisfaction from 2020 to 2021, showcasing an upward trajectory to satisfying its client base with relevant products. This year, FINCA has been renamed as the main financial institution for most clients. Ninety-three percent of clients surveyed report FINCA is their main service provider, with a larger majority of respondents being female (96 percent) compared to male (91 percent).
The Haitian population also witnessed an enhanced customer satisfaction rate, standing at 86 percent in 2021 compared to 71 percent in 2020. Although the CSI survey was only conducted in four regions (Port au Prince, Croix des Bouquets, Carrefour and Saint Marc) due to delays and barriers from violence, tropical storms and political impacts, each region showed signs of improvement, yet express no significant difference between men and women. In addition, 91 percent of Haitian clients consider FINCA as their primary bank, highlighting a seven percent increase from 2020, 93 percent being female and 85 percent being male.
Recognizing the Successes in Female-Focused Financial Products and Delivery
Following the Awareness, Choice and Voice report in the DRC, data found that the largest priority for women in choosing a financial institution is a large, widespread agent network as agency banks offer proximity, convenience, flexibility and enhanced safety and trust. In contrast, Congolese men prioritize ATMs due to their prestige, confidentiality and lesser tolerance of frequent connectivity or liquidity issues and disruptions. In Haiti, new data present that women prioritize product features, such as loan terms, repayment schedules, loyalty programs and financial education, more in comparison to men. Haitian men prioritize product advertising most within their financial institution in relation to women.
The continued relevancy of FINCA’s product offering to clients in the DRC and Haiti, combined with improving customer satisfaction rates, reveals a promising future for FINCA, our clients and for our vision of alleviating poverty through lasting solutions.
Progressing Social Justice Measures
Although breakthrough improvements continue across Haiti and the DRC, the financial health of both regions remains challenging. For overall clients in the DRC, the local population still shows signs of struggle and requires further assistance with critical issues such as being unable to save for retirement (61 percent), having difficulties in paying bills/obligations on time (38 percent) and struggling to save money regularly (33 percent). The financial health indicators in Haiti are similar: the majority of overall clients in the region feel they are unable to save for retirement (77 percent), do not have assets worth for a month of living expenses (37 percent) and lack enough savings to cover emergencies (23 percent).
As FINCA Canada enters another year of building economic prosperity for all clients, the organization looks forward to continuing to improve the livelihoods of clients and communities in Haiti and the DRC. To reach social justice amongst each community facing inequalities and increased poverty rates, the need for gender-centric and data-backed infrastructure and products to promote financial inclusion is clearly more important than ever.
Click here to learn more about FINCA Canada’s work in social justice reform across the DRC and Haiti as they lay empowering stepping stones for women’s financial independence.
Stay in touch with us over Twitter, LinkedIn, Instagram and Facebook.
A Look at our Progress: The Financial Inclusion Project in Year Four
The Financial Inclusion Project is dedicated to supporting the financial inclusion of women in Haiti and the Democratic Republic of Congo (DRC), empowering them to step into entrepreneurial leadership roles with stability and confidence. FINCA Canada, in partnership with the Government of Canada, began this work in 2018. As the fourth year of the project ends, we looked back at the challenges and successes of the past year and our renewed focus for the year ahead.
Social, Political, and Geographic Change
In addition to the unrelenting challenge of COVID-19, Haiti and the DRC faced a combination of social, political, and geographic change resulting in diminishing economic development throughout 2021. Both nations experienced changes in political leadership following the assassination of Haitian President Moïse and the DRC’s new formation of government. Natural disasters also ignited crisis and economic stagnation following Haiti’s 4.3 magnitude earthquake and tropical storm Grace, while the DRC’s volcanic eruption in Goma caused additional strain on the country.
However, progress continued to be made to further support FINCA’s clients in both Haiti and the DRC. Both countries have faced unimaginable struggles over the last year and yet, their resilience remains unrelenting, no matter the challenge.
FINCA Culture
The extensive change we have continued to see over the last year has given our teams an even better understanding of the financial inclusion needs of female clients in Haiti and the DRC. FINCA’s work continues to be guided by research findings that inform capacity building and gender action plans.
Staff participation rates in training courses saw an increase this year, and a total of eight modules have been deployed on topics like gender equality, diversity and inclusion and day-to-day work interactions. The use of digital and mobile technologies was crucial in both countries as the number of MonCash users in Haiti doubled while FINCA DRC added approximately 32,000 users from the previous year.
Measuring our Goals and Impacts
There are four main goals of the Financial Inclusion Project. The first goal is to increase the use of financial services by micro, small and medium-sized enterprises (MSMEs), those led by women in Haiti and the DRC. This year, FINCA was able to offer financial services to 40,000 more people from the previous year, a milestone we are incredibly proud of. In Haiti, there were approximately 13,000 more clients and, in the DRC, there were 27,000 more clients than the previous year, 36 percent of whom were women.
The second goal is to increase the use of financial services and technical assistance pertaining to business development, natural resource management and climate change adaptation by agricultural entrepreneurs, particularly those led by women in Haiti. This year, the agricultural loan program continued to be very successful, doubling the number of beneficiaries from last year and reaching a cumulative total of 2,080 beneficiaries. Women who work in different parts of the agricultural supply chain accounted for 83 percent of agriculture loan beneficiaries.
The third goal is improving access to mobile savings services for low-income individuals, especially women in the DRC. There were 32,000 more mobile savings clients in the DRC reaching a total of 158,568 active clients.
The fourth goal of the Financial Inclusion Project is to create loans adapted to microenterprises with financial literacy programs and loans also adapted to SMEs in Haiti and the DRC, targeting businesses led by women. During the fourth year of project implementation, FINCA DRC developed and launched the Just for Her loan, a new loan product targeting MSMEs controlled by women in the DRC. Just for Her has preferential conditions for women, such as a lower interest rate and the option for a grace period before loan reimbursement starts. Since its release on March 8, a total of 1,001 women have benefited from this product to grow and expand their businesses, with USD 6.6 million disbursed.
We are extremely proud to share that this year, through the Financial Inclusion Project, FINCA Canada, in partnership with the Government of Canada, trained over 216,000 clients in financial literacy, 65 percent of whom were women. FINCA Haiti has trained a cumulative total of 76,290 clients, 92 percent of whom are women while FINCA DRC trained a total of 140,483 clients, 51 percent of whom are women. FINCA DRC moved much of its training activities online as training videos were made available to clients and non-clients through digital channels such as social media, FINCA webpages and text messages.
Driving for More Change
As we carry forward into the new year, FINCA Canada will continue to go move beyond measure, topping each year’s successes and restoring financial stability. With 192 female entrepreneurs trained in Haiti and 34,391 community members trained in financial literacy and financial technologies in the DRC this year, we are excited to see what is to come in 2022.
Click here to learn more about FINCA Canada’s work to create more equitable access to financial services in developing countries and show your support for increasing financial education in impoverished communities. Stay in touch with us over Twitter, LinkedIn, Instagram and Facebook.
A Huge Thank You to Our Supporters: Cheers to YOU in 2022!
FINCA’s Emergency Response in Haiti:
On August 14, 2021, a 7.2 magnitude earthquake struck Haiti’s southern peninsula killing over 2,200 people and injuring another 12,000. Massive devastation ensued in the town of Les Cayes, about 25 miles from the epicentre and the lives of hundreds of thousands were changed forever. FINCA’s response was immediate, sending local staff emergency cash assistance and distributing canned food items and hygiene supplies. We also launched an emergency response fund and our generous donor community stepped in to help. Within a few weeks, FINCA International raised more than $250,000. FINCA Haiti is using the donations to forgive loans made to families that have lost so much. To our community of supporters, thank you! We are so appreciative of your partnership in 2021 and we look forward to doing more to help alleviate global poverty. Cheers to YOU in 2022!4 Ways to Make a Year End Gift to FINCA Canada
Here Are 4 Ways to Make a Year End Gift to FINCA Canada:
- Make a one-time gift to get a tax deduction. And this holiday season, thanks to a special 4-to-1 Matching Gift courtesy of the Government of Canada, your donation can go either further with five times the impact!
- Become a monthly donor to make an ongoing contribution that can have a greater impact over time, promoting economic opportunities for our clients each year. Monthly donations also allow you a tax deduction yearly.
- Make a Gift of Stocks of any securities you’ve owned for twelve months or longer, whose value has increased. By giving these securities to FINCA Canada, you receive a charitable deduction for their full fair market value, and you avoid tax on the capital gain.
- Leave a legacy gift through your estate planning that will support underserved families for generations to come. With this gift, you could receive an estate tax charitable deduction.
FINCA strives to make a positive difference through tangible improvements in the daily lives of the underserved. These opportunities include personal improvement and, in time, economic improvements. Perhaps you’ve seen local signs reading ‘Your tax dollars at work.’ Why not embrace a global vision instead: ‘Give a little, change a lot?’The holiday season is the best time to support causes you care about. Additionally, gifts to charity have tax advantages, which benefit donors every year. Our team at FINCA Canada is ready to help you decide which way of giving works best for you. Please contact us if you have any questions or would like to discuss giving options. Happy holidays!
Vaccine Inequity Continues to Undermine Efforts to Contain COVID-19
The Solution—Vaccines
But the more effective, long-term solution to the pandemic is vaccination. According to the WHO, access to vaccines offers the best hope for driving down transmissions, saving lives, and securing a global economic recovery. The good news is that there are enough doses of the COVID-19 vaccines globally. The bad news? The vaccines are not equally available to everyone, everywhere. Anyone who wants the vaccines can get them in wealthy countries because they are widely available. Some countries are even beginning to roll out booster shots. In low-income countries, on the other hand, people are struggling to access even a first dose of the vaccines. These countries cannot afford the vaccines from the major pharmaceutical companies or produce them locally due to technology and licensing restrictions.Vaccine Inequity is a Concern for Everyone
The lack of vaccines is particularly acute in Africa. Worldwide, 56 percent of people have received at least one vaccine dose. Every continent is above 50 percent except for Africa. As of early December, only about 10 percent of the population in Africa has received at least one dose. This gap in vaccination means that the coronavirus will continue to mutate, cross borders, and wreak havoc for everyone around the world. Ongoing global efforts to mobilize resources and bolster vaccine access in Africa provide a glimmer of hope. They include a coalition of leading philanthropies and the COVAX program. Through COVAX, for instance, over 90 million vaccine doses have been delivered to the continent. But Africa is home to 1.2 billion people, and raising vaccine coverage to the recommended 70 percent will require dramatic increases in vaccine delivery.Development Partners Have an Important Role to Play
Until that happens, countries in Africa will have to strengthen other measures to contain the pandemic. Africa’s international partners, including development organizations, can provide the necessary support. As FINCA International demonstrated with the recent donation of 1.5 million face masks for Ugandan school children, organizations have a role to play in easing the COVID-19 burden on low-income countries.- « Previous Page
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