Microfinance
Fonkoze
Fonloze is Haiti’s Alternative Bank for the Organized Poor. They are the largest micro-finance
institution offering a full range of financial services to the rural-based poor in
Haiti.
Fonkoze is committed to the economic and social improvement of the people and communities
of Haiti and to the reduction of poverty in the country.
Established in 1994, Fonkoze currently has over 100,000 depositors, over 40,000 active
borrowers (99% of whom are women), and 33 branch offices spread throughout every region
of Haiti. The services offered by Fonkoze include:
- Solidarity 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 allow Haitians living overseas the opportunity to
transfer funds to Haiti at a very low cost; and
- Literacy, business skills, and good health practices training.
As of December 31, 2007, Fonkoze had over $9.5 million in savings deposits, over $9
million in loans outstanding. Loans overdue more than 30 days were 6.9%.
ServeHAITI raised and provided $55,000 as infrastructure funding necessary to establish
and construct the bank branch location, its staffing and financial support, nearest to the Health Center in Latwazon.
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