Sevis Finansye Fonkoze (SFF), a commercial microfinance institution (MFI) in Haiti that is known in English as Fonkoze Financial Services, has received an equity investment of USD 2 million from Digicel, a Bermuda-based cellular network provider [1]. SFF offers microcredit, savings, foreign exchange, insurance and domestic and international remittances.
SFF is affiliated with Fondasyon Kole Zepol, a nonprofit known in English as Fonkoze Foundation, that provides microfinance and other services to poor people, and Fonkoze USA, a US-based nonprofit that raises funds and acquires technical support for its Fonkoze partners. As of 2012, SFF reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 29 million, a gross loan portfolio of USD 12.5 million, deposits of USD 26 million, return on assets (ROA) of -15.4 percent and return on equity (ROE) of 387 percent. As of 2013, SFF reports 64,000 borrowers, 200,000 deposit accounts and 46 branches.
Digicel is a privately-owned company that, as of 2013, reported revenues of USD 2.8 billion and served 13 million customers in 30 markets in the Caribbean, Central America and the Pacific.
By Nisha Koul, Research Associate
About Fonkoze: Fonkoze was established in 1994 by Spiritan priest Father Joseph Philippe in Haiti with the mission of “building the economic foundations for democracy in Haiti by providing the rural poor with the tools they need to lift themselves out of poverty.” Fonkoze is comprised of three institutions: Fondasyon Kole Zepol (Fonkoze Foundation), a nonprofit microfinance institution (MFI) that initiates new branches and offers support services and programs to poor people in Haiti; Fonkoze USA, a US-based nonprofit that raises funds and acquires technical support for its Fonkoze partners; and Sevis Finansye Fonkoze (SFF), a commercial MFI known in English as Fonkoze Financial Services that serves individuals and small businesses. Fondasyon Kole Zepol reported total assets of USD 6.5 million as of December 2012. For the same year, Fonkoze USA reported total assets of USD 6.3 million. SFF reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 29 million, a gross loan portfolio of USD 12.5 million, deposits of USD 26 million, return on assets (ROA) of -15.4 percent and return on equity (ROE) of 387 percent as of 2012. As of 2013, SFF reports 64,000 borrowers, 200,000 deposit accounts and 46 branches.
About Digicel: Digicel, based in Bermuda, is a privately-owned company that was founded in 2001. As of 2013, it reported revenues of USD 2.8 billion and served 13 million customers in 30 markets in the Caribbean, Central America and the Pacific.
Sources and Additional Resources:
[1] Sevis Finansye Fonkoze News Story, “Sevis Finansye Fonkoze Raises $2 Million,” http://fonkoze.org/sevis-finansye-fonkoze-haitis-largest-microfinance-institution-raises-2-million/
MicroCapital Story, March 5, 2013, “Anne Hastings of Fonkoze Outlines Framework for National Mobile Money Systems,” https://www.microcapital.org/microcapital-brief-anne-hastings-of-fonkoze-outlines-framework-for-national-mobile-money-systems/
MicroCapital Story, February 11, 2013, “International Finance Corporation (IFC) to Donate $2m to Microinsurance Catastrophe Risk Organization (MiCRO) of Barbados, Insurer to Haiti’s Fonkoze,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-donate-2m-to-microinsurance-catastrophe-risk-organization-micro-of-barbados-insurer-to-haitis-fonkoze/
MicroCapital Story, November 26, 2012, “Fonkoze, Microinsurance Catastrophe Risk Organisation (MiCRO), Make Insurance Payout to Haitian Women After Hurricane Sandy,” https://www.microcapital.org/microcapital-brief-fonkoze-microinsurance-catastrophe-risk-organisation-micro-make-insurance-payout-to-haitian-women-after-hurricane-sandy/
MicroCapital Story, July 25, 2012, “Digicel, Voila Reach 5m Transactions, Receive $3.2m Award from Haiti Mobile Money Initiative,” https://www.microcapital.org/microcapital-brief-digicel-voila-reach-5m-transactions-receive-3-2m-award-from-haiti-mobile-money-initiative/
MicroCapital Universe Profile, Fonkoze, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fonkoze
MicroCapital Universe Profile, Digicel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Digicel
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