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Fonkoze's Impact In Combatting Global Poverty
Is Recognized As "Particularly Successful"
Fonkoze's Impact In Combatting Global Poverty
Is Recognized As "Particularly Successful"
“
...One of the most effective aid organizations in Haiti is Fonkoze (fonkoze.org), which has adopted a “graduation model” that has been particularly successful at combating global poverty.
Nicholas Kristof, The New York Times, December 2016
”
62,350
Solidarity Loans That Support The Ultra Poor
62,350
Solidarity Loans That Support The Ultra Poor
132,000
Women Graduates From Adult Education Classes
132,000
Women Graduates From Adult Education Classes
5,000
Lifted Income Via CLM
Ultra Poverty Program
5,000
Lifted Income Via CLM
Ultra Poverty Program
122,221
Healthcare Recipients.
To Reach 2 Million By '20
122,221
Healthcare Recipients.
To Reach 2 Million By '20
200,000
Savings Account
Clients
200,000
Savings Account
Clients
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2,035
Business Development Clients
2,035
Business Development Clients
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Fonkoze's Mission
Fonkoze's Mission
To provide the financial and development services to empower Haitians - primarily women - to lift
their families out of poverty.
The Staircase Out Of Poverty
provides a proven methodology.
Staircase Out of Poverty
The Staircase Out Of Poverty consists of the following four services:
Chemen Lavi Miyò (CLM)
Chemen Lavi Miyò (CLM), or “the pathway to a better life,” empowers Haiti’s poorest women
to lift themselves and their families out of ultra poverty, with hope and vision for their futures. '
Ti Kredi ("Little Credit")
Ti Kredi (“Little Credit”) is Fonkoze’s three-month microfinance program.
It provides some of Haiti’s most vulnerable women with business skills training, mentoring,
and weekly life skills education to enable them to become successful microentrepreneurs.
Solidarity
Solidarity lending is Fonkoze’s core microfinance program. It provides loans to groups of five women
(called a Solidarity group), creating a built-in system of accountability and support. Beginning at $45
and increasing to over $850, Solidarity loans enable women who have already established themselves
as micro-entrepreneurs to expand their businesses.
Business Development
At the top of Fonkoze’s Staircase Out of Poverty is our Business Development program.
With 12-month loans beginning at $1,300, Business Development clients use their increased loan capital and longer loan cycles to create thriving businesses. The Business Development program provides opportunities for Solidarity clients to move up the Staircase and expand their businesses.
The "Handrails"
In addition to our microfinance programs, Fonkoze provides Education and Health services, and
Business Skills Training which serve as Handrails to support clients along their climb up the Staircase Out of Poverty.
Fonkoze Has Provided A Tremendous Amount Of Support To The Rural Poor
Fonkoze Has Provided A Tremendous Amount Of Support To The Rural Poor
The Fonkoze Family consists of:
Sevis Finansye Fonkoze (“SFF”): the bank for the poor that provides loans and other financial services primarily to poor women in rural Haiti
Fondayson Kole Zepol (the “Foundation”): a non-profit Haitian organization that provides help for the ultra poor (too poor to assume an SFF loan), health care services, educational, literacy and business development services
Fonkoze USA: provides information to the large community of international supporters of Fonkoze as well as fundraising in America and other countries.
Fonkoze is Haiti’s largest micro-finance institution with 45 branches, 1,000 Haitian employees, 200,000 depositors, 62,350 active loans in the hands of the poor and millions in assets.
In fiscal year 2016 (ending September 30, 2016), Sèvis Finansye Fonkoze (SFF), S.A. (Fonkoze Financial Services) worked to achieve its double bottom line:
1.) lifting families and communities out of poverty
2.) while operating in a financially self-sustaining manner.
SFF offers micro and small business loans, savings products, international and domestic money transfer services, currency exchange services and payroll services, among others.
LOANS:
With over 62,350 active loan clients (99% women) and average loans ranging in size from US$45 to US $240, SFF reaches among the poorest women in Haiti. Other vital statistics:
$11.5 million loan portfolio
$29.5 million disbursed
125,634 loans disbursed
SAVINGS:
Fonkoze Financial Services’ clients range from individuals who have never had a savings account before to formal businesses, schools, churches and NGOs. Vital statistics:
208,664 savings clients
$21.4 million in savings
3,464 daily transactions
MONEY TRANSFERS:
In addition to its savings and loans services, SFF processes nearly $70 million in remittances every year -- providing an economic lifeline for hundreds of thousands of people across Haiti. Vital statistics:
$69.7 million in transfers
277,525 transactions
CURRENCY EXCHANGE:
Both US Dollars (USD) and Haitian Gourdes (HTG) are accepted and used widely in Haiti. Fonkoze Financial Services provides valuable currency exchange services for its clients.
Vital statistics:
$78.6 million in total transactions
PAYROLL MANAGEMENT:
Fonkoze Financial Services supports organizations — including those based overseas — to complete regular payroll cycles. For example, a charitable institution in the United States that sponsors a school in Haiti will send a lump sum to Fonkoze Financial Services that is deposited directly in their employees’ savings accounts. Fonkoze Financial Services provided payroll services to about 30 such organizations.
Value Chain Development
In order for Fonkoze to help advance Haiti’s economy through small and growing enterprises,
we know that there are some core economic sectors that need extra support. Fonkoze seeks to take a value chain approach to supporting these sectors, meaning that we look at them in a holistic way—from the individuals producing raw materials to the businesses selling products in domestic and foreign markets.
Value Chain Development
In order for Fonkoze to help advance Haiti’s economy through small and growing enterprises,
we know that there are some core economic sectors that need extra support. Fonkoze seeks to take a value chain approach to supporting these sectors, meaning that we look at them in a holistic way—from the individuals producing raw materials to the businesses selling products in domestic and foreign markets.
This is but one of the Handrails Fonkoze Provides; the others include
CLM Case Managers, Business Skills Training, Health Programs and Educational Services.