Why Microfinance?
Financial Inclusion and Poverty Alleviation Photo: © Maxence Bradley
Financial Inclusion and Poverty Alleviation
Photo: © Maxence Bradley
Microfinance at a glance
Microfinance (or microcredit) is the provision of financial services provided to low-income individuals or groups who would otherwise have limited to no other access to these services. In Haiti, the majority of the poor live in rural areas – isolated from the world of financial institutions. As a result, they lack access to financial opportunities needed to improve their living conditions and create better futures for their families. Fonkoze is strategically positioned to address this issue – to reach the “unreachable.” Over 90% of our branches are located in rural Haiti and 60% of them are located in areas where there are no other financial institutions at all.
Having access to sustainable financial services enables the poor to increase incomes, build assets and reduce their vulnerability to external shocks. Microfinance allows poor households to move from everyday survival to the following for example:
- Planning for the future
- Investing in better nutrition
- improved living conditions
- Children’s health and education
When Microfinance is Not the Answer
Fonkoze recognizes that microfinance is not appropriate for everyone or every situation. For the destitute and hungry who have no income, assets or means of repayment – they need other forms of support before they can make use of a loan. This is where our development services, or “Handrails” are employed. To learn more about our Staircase Out of Poverty, click here.
Microfinance (or microcredit) is the provision of financial services provided to low-income individuals or groups who would otherwise have limited to no other access to these services.
In Haiti, the majority of the poor live in rural areas – isolated from the world of financial institutions. As a result, they lack access to financial opportunities needed to improve their living conditions and create better futures for their families.
Fonkoze is strategically positioned to address this issue – to reach the “unreachable.” Over 90% of our branches are located in rural Haiti and 60% of them are located in areas where there are no other financial institutions at all.
Having access to sustainable financial services enables the poor to increase incomes, build assets and reduce their vulnerability to external shocks.
Microfinance allows poor households to move from everyday survival to the following for example:
Fonkoze recognizes that microfinance is not appropriate for everyone or every situation. For the destitute and hungry who have no income, assets or means of repayment – they need other forms of support before they can make use of a loan.
This is where our development services, or “Handrails” are employed. To learn more about our Staircase Out of Poverty, click here.
What We Do
We provide financial and development services to empower Haitians – primarily women – to lift their families out of poverty. Learn More
Why Fonkoze?
For 28 years, our comprehensive approaches to allieviating poverty in Haiti have been proven effective year after year. Our programs and services are designed to meet individuals wherever they are on their journey out of poverty. Learn More
Your Impact
Your support by way of donations, spreading the word and more, allows us to continue providing Haiti’s most vulnerable the opportunities and support needed to rise out of poverty. Take Action