Breaking the cycle of poverty throughout Haiti.
Today, SFF offers a full range of financial services including micro and small business loans, savings products, international and domestic money transfer services, currency exchange services, mobile money services, payroll services, among others. As of September 30, 2017, SFF serves nearly 209,000 clients including 70,400 mainly female borrowers through a network of 44 offices and 2,300 credit centers located throughout Haiti. In terms of outreach, SFF is Haiti’s largest MFI.
We work with 'unreachable' micro-entrepreneurs
Fonkoze’s programs – from our work with the poorest of the poor all the way to our work with micro-entrepreneurs – are designed to meet Haitians wherever they are on their journey out of poverty.
Purposefully positioning ourselves to reach the “unreachable,” 90% of our 44 branches are located in the poorest and most remote regions of Haiti. 60% are in areas where there are no other financial institutions.
There are many root causes of poverty, but it is undeniable that one of the main contributing factors is the lack of access. Fonkoze was created over 25 years ago to address this issue head-on.
We work by microfinancing low-income individuals or groups
Microfinance (or microcredit) is the provision of financial services provided to low-income individuals or groups who would otherwise have limited to no other access to these services.
In Haiti, the majority of the poor live in rural areas - isolated from the world of financial institutions. As a result, they lack access to financial opportunities needed to improve their living conditions and create better futures for their families.
Fonkoze is strategically positioned to address this issue - to reach the "unreachable." Over 90% of our branches are located in rural Haiti and 60% of them are located in areas where there are no other financial institutions at all.
Having access to sustainable financial services enables the poor to increase incomes, build assets and reduce their vulnerability to external shocks.
Microfinance allows poor households to move from everyday survival to the following for example:
- Planning for the future
- Investing in better nutrition
- improved living conditions
- Children's health and education
When Microfinance is Not the Answer
Fonkoze recognizes that microfinance is not appropriate for everyone or every situation. For the destitute and hungry who have no income, assets or means of repayment - they need other forms of support before they can make use of a loan.
This is where our development services, or "Handrails" are employed. To learn more about our Staircase Out of Poverty, click here.
We work as a family
Fonkoze is a family of 3 organizations: Fonkoze Financial Services (Sèvis Finansye Fonkoze (SFF), S.A.), The Fonkoze Foundation (Fondasyon Kole Zepòl) and Fonkoze USA.
- Fonkoze Financial Services (SFF): is a Haitian microfinance company with a double bottom line: we aim to lift families and communities out of poverty while operating in a financially self‐sustaining manner.
- The Fonkoze Foundation (Fondasyon Kole Zepòl): is a Haitian non-profit institution that provides development services and programs to support the ultra-poor and Fonkoze’s microfinance clients with the resources and skills they need to overcome obstacles and become successful on their climb up Fonkoze’s Staircase Out of Poverty.
- Fonkoze USA: is an American 501(c)3 nonprofit organization dedicated to securing financial and technical support for its Haitian partners. It educates the American public about Fonkoze’s work in Haiti, facilitates technical assistance for the two Haitian entities and raises money to support Fonkoze’s programs. Fonkoze USA also acts as a channel for socially responsible investors who want to “invest” in Fonkoze’s loan fund by lending their money at subsidized interest rates. Fonkoze USA gives American donors access to tax advantages available to the fullest extent allowed, and conducts the necessary due diligence on Fonkoze’s operations.
The Fonkoze Family works in an integrated manner to offer a holistic approach to reducing poverty in Haiti. Together with other stakeholders and partners, we work kole zepòl (shoulder‐to‐shoulder) to provide financial and non‐financial services to empower Haitians — primarily women — to lift their families out of poverty.
- Americas | Caribbean