Digicel Bolsters Sèvis Finansye Fonkoze’s Position as Haiti’s Largest Microfinance Institution and Leader in Financial Inclusion Innovation
Port au Prince, Haiti. November 5th 2013 – Sèvis Finansye Fonkoze, S.A., Haiti’s largest microfinance institution and recognized global leader in financial inclusion innovation, today announced it has closed a $2 million equity investment by Digicel. Sèvis Finansye Fonkoze will use the investment to expand its microcredit and other financial service offerings through its network of 46 full-service branches which cover all ten departments of Haiti.
Sèvis Finansye Fonkoze’s products and services provide an economic lifeline for hundreds of thousands of people across Haiti. Digicel’s investment will allow for the expansion and creation of products and services that meet the growing and diverse financial services needs of Haitian individuals and small businesses.
With an investment of almost US$1 billion to date, Digicel is Haiti’s largest foreign investor, employer and taxpayer. Its commitment to helping bring financial inclusion to all Haitians includes its TchoTcho Mobile Money service—the first mobile phone-based financial service to be launched in Haiti, and its investment in BOOM Financial—the first mobile money remittance service to completely eliminate the need for traditional cash wire-transfer services, providing a safe, economical and easy way to send money from the US to Haiti.
Its commitment to the rebuilding of Haiti through education, job creation and financial inclusion makes it the perfect investment partner for Fonkoze.
“We deeply admire what Fonkoze has accomplished over almost twenty years in Haiti,” said Damian Blackburn, Digicel Group Business Development Director.
“With our knowledge of the Haitian market, strong business experience, and the most advanced mobile network in Haiti, we believe Digicel is in a unique position to support Fonkoze in achieving its poverty-reduction goals. With this collaboration, we are building on our existing partnership between TchoTcho Mobile and Fonkoze which enables customers to withdraw and deposit funds on their TchoTcho accounts at Fonkoze branches. This latest investment cements our commitment to further developing our partnership and we look forward to the next twenty years as we work together to deliver on Fonkoze’s social and commercial objectives,” continued Blackburn.
“This investment by Digicel is a significant step in our effort to increase our capital and expand our much-needed services in Haiti. It also serves as a launching pad for further innovation that will increase access to financial services among Haiti’s most vulnerable and in Haiti’s most difficult to reach locations,” said Matthew Brown, CEO of Sèvis Finansye Fonkoze.
Reflecting on the new partnership, Father Joseph Philippe, founder of Fondasyon Kole Zèpol (Fonkoze Foundation) and President of the Board of Sèvis Finansye Fonkoze, added, “We welcome this new partner and social investment. Working together with all our social investors and partners, we move forward with greater capacity as we approach our 20th anniversary in Haiti.”
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