Transformation of FINCA Programs Into Microbanks
To expand its access to capital, FINCA is in the process of transforming the majority of its credit-only NGOs into licensed, regulated, micro-deposit taking institutions (i.e. “microbanks”), in order to mobilize savings from its clients. Access to client deposits will afford FINCA programs greater independence from donor and government funding, attract private investment and improve financial sector stability.
FINCA International, which is a nonprofit organization, will retain majority ownership of these transformed institutions, to ensure that the banks remain focused on FINCA’s mission to serve the world’s poor. Already, several of FINCA’s programs have successfully transformed into microbanks, including Ecuador, Uganda, and Kyrgyzstan.
Read more about this topic: FINCA International
Famous quotes containing the words transformation of and/or programs:
“The transformation of the impossible into reality is always the mark of a demonic will. The only way to recognize a military genius is by the fact that, during the war, he will mock the rules of warfare and will employ creative improvisation instead of tested methods and he will do so at the right moment.”
—Stefan Zweig (18811942)
“Government ... thought [it] could transform the country through massive national programs, but often the programs did not work. Too often they only made things worse. In our rush to accomplish great deeds quickly, we trampled on sound principles of restraint and endangered the rights of individuals.”
—Gerald R. Ford (b. 1913)