Fonkoze quickly responds to earthquake
While the commercial banks and most MFIs remained closed, Fonkoze opened the majority of its branches the day after the earthquake. Within 10 days, 37 out of 41 branches were open, and within 20 days all 41 branches were open.
Although many staff members lost family members and their homes, forcing them to sleep on the ground in the immediate aftermath, they worked tirelessly to keep Fonkoze’s systems working to deliver such critical, life-sustaining services as remittance payments.
Because Fonkoze normally replenishes its own vaults with cash from the commercial banks, which remained closed, it was forced to take drastic measures to ensure its own liquidity: In cooperation with its bank in the US, the Inter-American Development Bank, the US military, and the Secretary of State's office, Fonkoze coordinated the airdrop delivery of cash from its bank accounts in the US to ensure that its own branches throughout Haiti could remain open to serve the population.
In congratulating the military for its role in the operation, the Secretary of State’s office said, “I don't think it is a stretch to say that you may well have stabilized the banking system for the country's most vulnerable populations last night.”
About Fonkoze
http://www.fonkoze.org/
• Haiti's Alternative Bank for the Organized Poor
• Largest microfinance organization in the country
• 41 branch offices, many in hard-to-reach rural areas
• 99% of its members are women
• Sponsors literacy, health care and micro-insurance programs
in addition to micro lending programs
• 200,000 people served by its remittance services and savings accounts
• $57.7 million in remittances last year
• 50,000 microfinance clients
How to Donate:
Online: https://www.medatrust.org/haiti
By Phone: 1-800-665-7026
By Mail at:
USA: 1821 Oregon Pike, Suite 201, Lancaster, PA 17601-6466
Canada: 155 Frobisher Drive, Suite I-106, Waterloo, ON N2V 2E1 |
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