Fonkoze - Haiti's Alternative Bank for the Organized Poor - is the
largest micro-finance institution offering a full range of financial
services to the rural-based poor in Haiti.
Fonkoze is a Haitian Creole acronym for Fondasyon Kole Zepòl,
which means, "The Shoulder-to-Shoulder Foundation". The
word itself conveys the meaning, "in the midst of sharing".
Fonkoze's mission is to build the economic foundations for democracy
in Haiti.
Established in 1994, Fonkoze currently has over 115,000 depositors,
over 45,000 active borrowers (99% of whom are women), and 32 branch
offices spread throughout every department 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, 2006, Fonkoze had over 9.5 million in savings
deposits, over $9 million in loans outstanding, and loans overdue
more than 30 days were 6.9%.
*Photos by Karl Grobl, Kathleen Cash,
and Tequila Minsky
|
