The Foundation for International Community Assistance (FINCA International), a US-based nonprofit with microfinance operations in 23 countries, recently announced the promotion of Andrée Simon to the position of co-CEO of FINCA Microfinance Holding LLC (MFH), FINCA’s International’s network of microfinance subsidiaries.
Ms. Simon will be responsible for the strategy, operations and “digital innovation”, while Rupert Scofield, the other Co-CEO will remain President of FINCA MFH and FINCA International.
As of December 2014, FINCA International had total assets of USD 1.25 billion and served 1.8 million clients. As of the same date, it reported return on assets (ROA) of 0.6 percent and return on equity (ROE) of 2.5 percent.
By Kevin van den Brink, Research Associate
About FINCA International
The Foundation for International Community Assistance (FINCA International), a nonprofit microfinance network based in the United States city of Washington, DC, provides financial services to poor families through a network of locally managed institutions. FINCA targets its services to poor women living in the Americas, sub-Saharan Africa and Eurasia. The organization 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. As of December 2014, FINCA International had total assets of USD 1.25 billion and served 1.8 million clients through subsidiaries in 23 countries. As of the same date, it reported return on assets (ROA) of 0.6 percent and return on equity (ROE) of 2.5 percent. In 2011, FINCA launched a subsidiary, FINCA Microfinance Holding LLC, with equity participation from the International Finance Corporation (IFC), KfW Bankengruppe, Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), responsAbility, and Triple Jump. FINCA International runs most of its operations through FINCA Microfinance Holding LLC and retains a majority stake in that entity.
About FINCA Microfinance Holding LLC
FINCA Microfinance Holding (MFH) provides services to low-income people in an effort to allow them to increase their employment, incomes and standard of living. It is majority-held by US-based NGO FINCA International. Its other investors include, the International Finance Corporation (IFC), KfW Bankengruppe, Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), responsAbility, Triple Jump and Triodos Investment Management. As of December 2014, FINCA MFH had total assets of USD 1.23 billion and served 1.8 million clients through subsidiaries in 23 countries. As of the same date, it reported return on assets (ROA) of 0.2 percent and return on equity (ROE) of 1 percent.
Sources and Additional Resources
[1] Finca, News, Andree Simon Promoted to Co-CEO of FINCA’s Global Microfinance Network Alongside Microfinance Pioneer Rupert Scofield
MicroCapital Universe Profile: FINCA International
MicroCapital Universe Profile: FINCA Microfinance Holding LLC
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