Citigroup, a major American financial services company based in New York City, has pledged USD 1 million in grants to help rebuild Haiti’s microfinance industry [1]. The money will be distributed via three microfinance providers: SOGESOL, Fonkoze and FINCA-Haiti. The grants are to be used by microentrepreneurs whose businesses were damaged by the earthquake in mid-January. This adds to the large grants already given to microfinance institutions in Haiti. Fonkoze has already received a USD 4.5 million grant from the MasterCard Foundation, based in Canada [2].
According to the Microfinance Information Clearinghouse (MIX Market), the Société Générale Haitienne de Solidarité (SOGESOL) has approximately 13,500 active borrowers with an active portfolio of USD 12,326,000. Fonkoze serves over 50,000 borrowers and has over 100,000 depositors, making it the largest Haitian MFI listed on the MIX Market. FINCA-Haiti has 18,397 active borrowers, a gross loan portfolio of USD 2.4 million and an average loan balance per borrower of USD 130.
By Conner Brannen, Research Assistant
About Société Générale Haitienne de Solidarité (SOGESOL):
The Société Générale Haitienne de Solidarité (SOGESOL) is a subsidary of SOGEBANK, a large commercial bank in Haiti. It was established in 1999, in coordination with ACCION, when a senior manager at the SOGEBANK became interested in microfinance.
As of December 2008, SOGESOL had approximately 13,500 active borrowers with an active portfolio of USD 12,326,000.
About Fonkoze:
Fonkoze was established in Haiti in 1995 with the mission of “building the economic foundations for democracy in Haiti by providing the rural poor with the tools they need to lift themselves out of poverty.”
Fonkoze is comprised of three institutions: Fonkoze, Fonkoze Financial Services (FFS) and Fonkoze USA. Fonkoze is a non-profit microfinance institution that opens and builds new branches. FFS is a commercial MFI that expands the branches established by Fonkoze. Fonkoze USA channels financial and technical support to its Haitian partners.
As of 2008, Fonkoze and FFS served over 50,000 borrowers and had over 100,000 depositors, making it the largest Haitian MFI listed on the MIX Market, the microfinance information clearinghouse. As of 2008, Fonkoze had a gross loan portfolio of USD 4 million; FFS has a gross loan portfolio of USD 8.2 million.
About FINCA-Haiti:
FINCA Haiti, founded in 1989, is headquartered in Les Cayes, with branches in Aquin, Petite Goave, Ounaminthe and Charonniere. FINCA Haiti is one of the 21 country branches of FINCA International. The Foundation for International Community Assistance (FINCA International) is a non-profit organization founded by John Hatch in 1984. FINCA International is currently headquartered in Washington, DC.
As of 2008, FINCA-Haiti had 18,397 active borrowers, a gross loan portfolio of USD 2.4 million and an average loan balance per borrower of USD 130.
Sources and Additional Resources:
[1] Finance Markets “Citigroup Gives $1m to Microfinance in Haiti,” by David Masters, May 6, 2010, http://www.financemarkets.co.uk/2010/05/06/citigroup-gives-1m-to-microfinance-in-haiti/
[2] MICROCAPITAL BRIEF: MasterCard Foundation Provides $4.5m Grant to Haitian Microfinance Institution (MFI) Fonkoze, April 27, 2010: https://www.microcapital.org/microcapital-brief-mastercard-foundation-provides-45m-grant-to-haitian-microfinance-institution-mfi-fonkoze/
[3] MICROCAPITAL BRIEF: Zafén Begins Funding Microfinance Loans and Donations to Haiti, April 16, 2010: https://www.microcapital.org/microcapital-brief-zafen-begins-funding-microfinance-loans-and-donations-to-haiti/
[4] MICROCAPITAL BRIEF: Newsweek Article Examines Importance of Microfinance Institutions (MFIs) in Post-Disaster Environments, February 23, 2010: https://www.microcapital.org/microcapital-brief-newsweek-article-examines-importance-of-microfinance-institutions-mfis-in-post-disaster-environments/
[5] MICROCAPITAL BRIEF: Major League Baseball Players Association (MLBPA) Pledges $100k to Esperanza International for Microfinance Efforts in Haiti, February 2, 2010: https://www.microcapital.org/microcapital-brief-major-league-baseball-players-association-mlbpa-pledges-100k-to-esperanza-international-for-microfinance-efforts-in-haiti/
[6] MICROCAPITAL BRIEF: US Government Facilitates $2m Cash Transfer to Haitian Microfinance Institution (MFI) Fonkoze, January 28, 2010: https://www.microcapital.org/microcapital-brief-us-government-facilitates-2m-cash-transfer-to-haitian-microfinance-institution-mfi-fonkoze/
[7] MIX Market: “SOGESOL”: http://www.mixmarket.org/mfi/sogesol
[8] MIX Market: “Fonkoze”: http://www.mixmarket.org/mfi/fonkoze
[9] MIX Market: “FINCA-Haiti”: http://www.mixmarket.org/mfi/finca-hti
[10] MicroCapital Universe: Fonkoze: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fonkoze
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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