The Foundation for International Community Assistance (FINCA International), a US-based nonprofit microfinance network, has announced that it will offer microfinance services to fund “off-grid solar systems” in Africa. The program will aim to fund local enterprises with the aim of distributing such solar systems to low-income households that do not have access to electricity. It is anticipated that approximately 1.5 million individuals will benefit from the program annually through 2019.
Rupert Scofield, the president and CEO of FINCA International, said that “access to energy is essential to help people live more comfortable lives and to become more productive”. He added that “access to clean energy is even better. But the financing piece of this puzzle – both for low-income consumers and off-grid energy providers – is often a reason that markets don’t get going”.
As of 2014, FINCA International has total assets of USD 1.25 billion and serves 1.8 million clients through subsidiaries in 23 countries. Approximately 200 million households do not have access to safe lighting solutions in Africa as of 2015.
By Alíz Crowley, Research Associate
About FINCA International
The Foundation for International Community Assistance (FINCA) International, a nonprofit microfinance network based in Washington, DC, provides financial services to poor families through a network of locally managed institutions. FINCA was founded in 1984 by Dr. John Hatch, who is known for helping develop “village banks” in which each member guarantees the loans of other members. FINCA targets its services to poor women living in the Americas, sub-Saharan Africa and Eurasia. As of 2014, FINCA International has total assets of USD 1.25 billion and serves 1.8 million clients through subsidiaries in 23 countries. In December of 2011, FINCA launched a subsidiary, FINCA Microfinance Holding LLC, with funding from the International Finance Corporation (IFC), KfW Bankengruppe, Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), responsAbility, and Triple Jump.
Sources and Additional Information
 FINCA International, Annual Report 2014
MicroCapital Universe Profile: FINCA International
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
- MICROCAPITAL BRIEF: Financiera FINCA Nicaragua Launches $10m Bond Offering to Expand Microfinance Lending
- MICROCAPITAL BRIEF: FINCA Microfinance Bank of Tanzania Rolls Out HaloYako Mobile Savings Product
- MICROCAPITAL BRIEF: D.light Raises $15m in Equity from Energy Access Ventures, KawiSafi, NewQuest, Omidyar to Expand Sales of Solar Products via Microloans, Develop Televisions for Emerging Markets
- MICROCAPITAL BRIEF: Opportunity International EduFinance, FINCA Microfinance Bank Nigeria to Offer Education Loans to Students’ Families, Schools
- MICROCAPITAL BRIEF: Musoni Kenya Disburses Microloans to Fund D.light Solar Home Systems