Fonkoze Financial Services
Fonkoze Financial Services (FFS) is a Haitian commercial microfinance institution that takes profitable branches and well-tested products from Fonkoze and expands them, reaching hundreds of thousands of Haitians, especially those living in the hardest-to-reach rural areas.
Fonkoze is in the process of spinning off its financial services into a high-growth, full service bank with the mission of providing the rural population of Haiti with a full range of financial services designed to generate self-reliance and promote a democratic economy in Haiti. The name of this institution is Bank Fonkoze, S.A. A commercial banking license from the Central Bank is pending. In the interim, Fonkoze Financial Services was incorporated in 2004 and will undertake all of the operations of Bank Fonkoze until a commercial banking license is granted.
Fonkoze Financial Services currently provides the following services:
- Solidarity group and individual loans that are used to start or expand small businesses
- Business Development Loan program to build viable businesses outside of Port-au-Prince by providing loans that create jobs for business owners or that help farmers export their products
- Savings products geared towards meeting the needs of the poor
- Currency exchange services that allow Haitians to change US dollars into Haitian gourdes at a preferential rate
- Money transfer services that allow Haitians living overseas the opportunity to transfer funds to Haiti at a very low cost