Launched in 1989, FINCA Haiti is one of the oldest subsidiaries in our network and the largest in the LA region. In a country where 40 percent of the population is officially unemployed, , FINCA supports small and startup micro-enterprises, enabling Haitians to create their own jobs. FINCA provides Village Banking, iSME, agricultural and local currency loans as well as money transfers services to clients in both rural and peri-urban areas around the country.
Reaching the Financially Excluded
Haiti has one of the highest rates of financial exclusion in the world -- nearly 3 in 4 adults lack access to a basic bank account. FINCA Haiti is striving hard to fill this gap, through a five-year initiative funded by Global Affairs Canada (GAC). The GAC project will see FINCA continue to increase its outreach through Moncash, a digital payments platform, along with expansion throughout the country and a rigorous customer research program.
Quality of Life
FINCA's clients in Haiti contend with very difficult living conditions, in large part due to the lack of basic services. Most borrowers lack clean drinking water in their homes, and the supply of electricity is very limited in rural areas. In addition, over half of clients live in a household whose main breadwinner has only a primary education or less. This factor alone makes the family's progress out of poverty more difficult, because it is strongly correlated with lower incomes and limited job prospects.
Income & Employment
Income & Employment
The vast majority of FINCA's clients in Haiti are traders who face stiff competition in their crowded markets. This keeps their average margins very low, at 22 percent., equal to $1,800 per year. Despite this, our clients make intensive use of labor, generating the highest rates of employment (per enterprise) in the whole FINCA network. The average client business employs 2.7 people, including the owner. With such slim margins, however, they are unable to pay high wages, so most workers are earning below the national poverty line.
Women make up 89 percent of FINCA's customers in Haiti -- one of the highest rates of female outreach in the world alongside Jordan. Other indicators of women's empowerment are also very strong in Haiti. Women make up the vast majority of business-owners, and they create most of the jobs. Forty-three percent of the people employed in our clients' enterprises are also women, who can enjoy the benefits that come with having an independent source of income.
Attaining Business and Personal Goals
FINCA's borrowers in Haiti are very business-minded. Nearly four out of five are intent on expanding their businesses or starting one. These aspirations take precedence over other goals, such as improving their homes or acquiring assets. Our clients show great optimism in pursing these objectives, as shown in the high percentage who are meeting their goals with FINCA's help.