Grameen Foundation : Where we work : Latin America / Caribbean : Haiti : Bank Fonkoze
Bank Fonkoze
| Status snapshot as of March 2008 | |
| Active clients | 177,511 |
| Loan portfolio (USD) | $9,430,146 |
| Portfolio At Risk >30 days* | 14% |
| * Value of all loans outstanding that have one or more installments past due more than 30 days | |
Fonkoze, Haiti’s Alternative Bank for the Organized Poor, is the country’s largest microfinance institution. It offers a full range of financial and non-financial services to the poor, primarily the rural poor. Its mission is to build an economic foundation for democracy. Founded in 1994, Fonkoze is owned and operated by its members. Its innovative remittance program that allows Haitians living abroad to safely, affordably and conveniently send money home was honored by CGAP’s Pro-Poor Innovation Award in 2003.
In July 2005, Fonkoze spun off 12 of its most profitable branches and established a for-profit commercial financial institution, Fonkoze Financial Services, which is owned by social investors and the Fonkoze Foundation. Fonkoze Financial Services offers a full range of services, including microcredit, savings, currency exchange and money transfers, while the nonprofit foundation focuses on incubating new branches and innovation in the delivery of microfinance and related educational services.
Outreach:
The services offered to the poor by Fonkoze include group and individual loans that are used to start or expand a small business, savings products geared towards meeting the needs of the poor, currency exchange services that allow Haitians to change US dollars into Haitian gourdes at a preferential rate, money transfer services that give Haitians living overseas the opportunity to transfer funds to Haiti at a very low cost, and literacy and business skills training.
Grameen Foundation support:
Grameen Foundation has disbursed a total of $50,000 to Fonkoze to finance the establishment of Fonkoze Financial Services and in 2005, provided an additional $30,000 to support Fonkoze’s literacy program that allows its clients to learn about health care, the environment, human rights and basic literacy. Fonkoze became a Grameen Foundation high growth partner in 2005. High growth status requires the MFI to reach even higher levels of performance and accountability in return for greater infusions of financial and technical support from Grameen Foundation.
Learn more at: www.fonkoze.org
Grameen Foundation : Where we work : Latin America / Caribbean : Haiti : Bank Fonkoze
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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