Fonkoze named one of world’s top 10 microfinance organizations
GuideStar USA’s Philanthropedia ranks institution 9th out of 117
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Fonkoze, Haiti’s largest microfinance institution, has been named among the world’s top 10 microfinance organizations by Philanthropedia, a website dedicated to promoting expert-recommended, high-impact non-profits. Out of the 20 experts consulted, 15 said Fonkoze had had the most impact of all organizations ranked in field of microfinance.
“We are honored to be considered among the world’s best microfinance organizations,” said Anne Hastings, CEO of Sèvis Finansye Fonkoze. “Since 1994, we have been striving to improve the quality of life for impoverished Haitian women and their families by complementing small loans with education and health services. This expert recognition demonstrates the success we’ve had in helping these microentrepreneurs climb out of poverty.”
Experts quoted on myphilanthropedia.org lauded Fonkoze as “great at risk-taking” and “blessed with very capable and inspired leadership.” They also cited the institution’s “proven track record of innovation and resiliency, serving as an irreplaceable vehicle in the recovery effort in Haiti after the devastating 2010 earthquake.”
Fonkoze has established three different loan programs: Ti Kredi (“Little Credit”), a six-month program designed to introduce poor Haitian women to lending and provide literacy, business and health education; Solidarity, the institution’s core program which provides larger loans and a similar complement of educational services; and Business Development, created to supply technical support and even larger loans to small and medium-size enterprises.
All Fonkoze loan clients are covered by Kore W, a microinsurance program, which provides a cash payout and eliminates their debt when natural disasters ruin their homes or livelihoods.
Beyond microfinance, Fonkoze’s Chemen Lavi Miyò (Path to a Better Life) asset-building and education program for ultra-poor families has received international praise for its progress in eliminating extreme poverty in Haiti’s Central Plateau.
Fonkoze is Haiti’s largest microfinance institution (MFI), with 46 branches serving almost 60,000 borrowers and 290,000 savers in every region of Haiti. Fonkoze is one of the best known MFIs worldwide for its innovative approaches to reaching the poorest and helping them take the first steps out of poverty.