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
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