Zafén, a partnership of four organizations from three countries, is launching an internet portal to collect donations and fund microloans that will be disbursed to businesses and organizations in Haiti that Zafén has determined will improve the community [1]. The Vincentian Family, a non-profit charitable network operating in more than 135 countries, is funding the venture with members of the Chicago-based DePaul University faculty developing the website and lending criteria. Fonkoze, a Haitian microfinance institution established in 1995 [2], and The Haitian Hometown Associations Resource Group, an international organization representing the Haitian diaspora, are acting as advisors to the program [3].
Individuals are able to loan to approved organizations through the webportal at Zafen.org, and will be given monthly updates. While Zafen.org is still in beta testing, it has so far collected in excess of USD 20,000 towards in loans and donations [4].
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.
Additional Resources:
[1] Skyline: “It’s not charity” by Ian Fullerton, April 7, 2010, http://www.skylinenewspaper.com/News/04-07-2010/It’s_not_charity
[2] MicroCapital: “MICROCAPITAL BRIEF: Newsweek Article Examines Importance of Microfinance Institutions (MFIs) in Post-Disaster Environments” by Stefanie Rubin, February 23, 2010,
[3] Zafén: “Partners,”. https://www.zafen.org/en/about/partners
[4] Zafén : “Projects,”. https://www.zafen.org/projects
MicroCapital Universe: Fonkoze:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fonkoze
MicroCapital Universe: Zafen https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Zafen
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: FINCA Ventures Places Equity in Agtech CassVita, Seeking to Boost Incomes from Farming Cassava in Cameroon
- MICROFINANCE PAPER WRAP-UP: “Agritech and Fintech Providers in East and Southern Africa: A Landscape Assessment;” published by IFAD, SAFIN
- MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $3.2m to Faten for Microfinance in Palestine
- MICROCAPITAL BRIEF: FMO Committing $30m to South Asia Growth Fund III to Support Equity Placements in Businesses Reducing Environmental Impacts, Mainly in India
- MICROCAPITAL BRIEF: Visa, Oxfam to Expand B-READY to Provide Pre-disaster Cash Assistance in Colombia, Kenya, Puerto Rico
