Credit facility will help drive financial inclusion by expanding access to working capital loans.
PORT-AU-PRINCE, Haiti and WASHINGTON | May 3, 2018 — FINCA Impact Finance announced that Deetken Impact, an asset management firm based in Vancouver, Canada, will provide a USD 1 million loan to FINCA Haiti SA for on-lending to
FINCA Haiti SA is a microfinance institution that currently serves more than 45,000 customers – 85% of whom are women – across its eight branches. In 2017, it distributed its first mobile loan via Moncash, a mobile banking system created with mobile operator Digicel now used by 13,000 FINCA Haiti clients.
In 2017, FINCA Haiti SA entered into a CAD 7 million partnership with FINCA Canada and Global Affairs Canada to scale up financial inclusion efforts, targeting low-income Haitian women in particular, leading to improved living conditions, health and education.
According to FINCA Haiti SA CEO Marie Marcelle Gerard Saint-Gilles: “With 72% of Haitians still unbanked, this new loan facility from Deetken will help our existing and future customers benefit from improved access to a wider array of products and services.”
Over the next five years, the funds will support FINCA Haiti SA to grow its network of branches and digital financial services and build its capacity to develop customer-centric and gender-sensitive financial products. Moreover, the funds will enable it to better serve farmers and agriculture businesses. The Deetken loan facility will provide FINCA Haiti SA with the capital needed to support its growth path.
“We are proud to partner with Finca Haiti SA and Global Affairs Canada for our first investment in Haiti,” said Alexa Blain, Chief Operating Officer at Deetken Impact. “This is an example of how public and private sector financing can together support the growth of impact businesses in emerging markets.”
FINCA Impact Finance is furthering its strategy of diversifying its funding base to promote financial inclusion and has attracted worldwide interest from the investment community. It has recently issued bond offerings in its subsidiaries in Pakistan, Nicaragua and Armenia and a subordinated loan facility in Malawi. Additionally, it reached a landmark loan agreement for its subsidiary in Jordan.
About Deetken Impact
Deetken Impact’s asset management team focuses on impact investments in the Americas with a deeper focus in Latin America. Through deep financial and strategic analysis, and strong local relationships in the countries it works in, Deetken is able to generate sustainable, long-term returns on investments. For more information, visit www.deetkenimpact.com or follow on Twitter @DeetkenImpact.
About FINCA Impact Finance
FINCA Impact Finance is a global network of 20 microfinance institutions and banks that provides socially-responsible financial services to enable low-income individuals and communities to invest in their futures. For more information, visit http://www.FINCAImpact.com or follow us on Twitter @FINCAImpact.
SOURCE FINCA Impact Finance