FINCA Haiti, a microfinance institution owned by US-based FINCA Impact Finance, recently opened a credit line of HTG 100 million (USD 892,000) from Banque Nationale de Crédit, a bank in Haiti. According to FINCA Impact Finance, “This is the first locally-sourced credit line [FINCA Haiti has] obtained without a parent company credit enhancement in its 30 years of operation.” FINCA Haiti will use the funds to on-lend to approximately 50,000 microentrepreneurs and small businesses through its 12 branches in the country.
“We appreciate the confidence of Banque Nationale de Crédit, which recognizes the strength and potential of FINCA Haiti to expand access to affordable, accessible financial services,” said Hamidine Bako, CEO of FINCA Haiti. “With this stable source of local funding, FINCA Haiti will be well-positioned to expand our product offerings and provide vital support to businesses and entrepreneurs emerging from the COVID-19 pandemic.”
FINCA Haiti was founded in 1989 and had a gross loan portfolio of USD 11.7 million and 51,566 clients as of December 2019. FINCA Impact Finance is a for-profit entity majority-held by FINCA International, a US-based NGO formerly known as the Foundation for International Community Assistance. The 20 financial institutions of FINCA Impact Finance serve 2.7 million clients in 20 countries with 10,300 employees handling a gross loan portfolio of USD 794 million and USD 420 million in client deposits as of the first quarter of 2020. The firm supports its microbanks with strategies including “investments in call centers, data collection, digital field automation and credit scoring, as well as launches of mobile, online and agency banking.”
Banque National de Credit in Haiti offers banking and insurance services online and via 38 physical branches. As of September 2018, it reported total assets of HTG 70.9 billion (USD 633 million), total deposits of HTG 52.7 billion (USD 470 million) and annual revenue of HTG 5.6 billion (USD 50 million) with 1,128 employees.
By Nathan Kiplagat, Research Associate
Sources and Additional Resources
FINCA Impact Finance press release
https://www.fincaimpact.com/news-insights/finca-haiti-secures-100-million-loan-facility/
FINCA Haiti webpage
https://finca.org/where-we-work/latin-america/haiti/
Banque Nationale de Credit homepage
https://www.bnconline.com/
Banque Nationale de Credit financials
https://www.bnconline.com/apropos-de-la-bnc/nos-rapports
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