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Rural poor people to benefit from merger of MEDA rural banking program with Fonkoze, a Haitian micro
Earlier this month Mennonite Economic Development Associates (MEDA), a non-profit organization that specializes in economic development programs in the developing world, and Fondasyon Kole Zepòl, or Fonkoze (Fon-ko-zay), a Haitian foundation that offers microfinance services to struggling rural entrepreneurs, merged their operations to create a larger and more efficient microfinance institution in that desperately poor country. The merger involved the transfer from MEDA of over 7 million Haitian Gourdes to Fonkoze.
"This is a win-win situation," says Pamela Fehr, who directs MEDA's microfinance work in Haiti from the agency's Waterloo office. "It's great for our rural clients, since Fonkoze will be better equipped to meet their needs. It's great for Fonkoze, since they will gain expertise through the integration of MEDA's staff and gain more clients. And it's great for MEDA, since we can now turn our operations over to a local institution, ensuring that our clients will continue to receive this essential service in the long run."
MEDA has been involved in microfinance in Haiti since 1989, when it started an urban savings and credit program for the working poor in the capital city of Port-au-Prince. In 1995 MEDA turned its attention to rural areas and began working with farmers and merchants providing them with small loans and community savings services; the program grew to serve over 8,000 clients in 22 communities.
Anne Hastings, the Director of Fonkoze commented, “This merger is an important step forward for both institutions and for microfinance in Haiti. Fonkoze is committed to bringing a full range of financial and educational services to the MEDA clients, and we are certain that our boards will benefit from the addition of the MEDA representatives.”
Fonkoze, which means "shoulder to shoulder" in Creole, is Haiti’s larges microfinance provider with 10 years of experience in providing a diverse range of financial and educational products to people living below the poverty line in the provinces of Haiti. Fonkoze currently serves over 25,000 borrowers and 50,000 people who have savings accounts through 20 branch offices in all nine departments (or provinces) of Haiti. Fonkoze is also on its way to becoming the country's first commercially oriented microfinance institution dedicated solely to serving poor people. Over 95% of Fonkoze's clients are women.
For more information, please contact Sharmi Sobhan at 212.822.9553 or by email at f This e-mail address is being protected from spambots, you need JavaScript enabled to view it .'; document.write( '' ); document.write( addy_text1470 ); document.write( '<\/a>' ); //-->\n This e-mail address is being protected from spambots, you need JavaScript enabled to view it