FINCA Impact Finance
FINCA Impact Finance operates a network of 16 banks and microfinance institutions, delivering responsible financial services to over 3.4 million low-income customers globally.
Company History
FINCA Impact Finance (FIF) was founded in 1984. Over the years, it has expanded its operations to a network that includes 16 banks and microfinance institutions. FIF focuses on delivering responsible financial services to low-income customers around the world, aiming to address the financial needs of the 1.7 billion people globally who are financially excluded. FIF leverages fintech innovation to enhance financial inclusion in challenging markets.
Global Operations
FINCA Impact Finance operates in various countries including Armenia, Azerbaijan, Democratic Republic of Congo, Guatemala, Haiti, Jordan, Kosovo, Kyrgyzstan, Malawi, Nigeria, Pakistan, Tanzania, Tajikistan, Uganda, Zambia, and the United States. Each subsidiary offers tailored financial products and services to meet the needs of local communities, such as solar energy loans in Armenia and rural agricultural loans in Azerbaijan.
Financial Services and Products
FINCA Impact Finance provides a wide range of financial products and services. These include individual loans, agricultural loans, small and medium enterprise loans, solar loans, and insurance. Services offered include savings accounts, small group loans, agent banking, money transfers, mobile banking, and remittances. FIF also features advanced digital services such as mobile wallets and digital field automation.
Social and Financial Impact
FINCA Impact Finance serves more than 3.4 million customers worldwide, maintaining a double-bottom line of financial and social performance. FIF's loan portfolio is valued at $650.2 million with total deposits of $343.3 million. The average loan size is $996. FIF employs approximately 7,000 people and continues to innovate with technologies like biometric fingerprint scans for agency banking.
Technology and Innovation
FINCA Impact Finance leverages technology to enhance its financial services. Innovations include mobile banking channels such as CLICK in the Democratic Republic of Congo and FINCA eXpress agency banking in Malawi. Mobile banking services cover mobile wallet functionalities, push/pull integration with MNO's wallet systems, and mobile internet banking. The Online Loan Application (OLA) system was launched in 2018 in Armenia to streamline the loan application process.