DOCSLIB.ORG

FINCA International 2016 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FINCA International 2016 Annual Report Creating Ripples 2016 FINCA INTERNATIONAL ANNUAL REPORT 2016 FINCA International Annual Report 1 Founder’s Letter 2 Letter from the Chairman and the President 4 The Year in Review 6 FINCA’s Programs 6 Microfinance 12 Social Enterprise 14 Research 17 FINCA’s Leadership 18 2016 FINCA International Financial Summary 19 2016 Consolidated Statement of Activities 20 FINCA’s Partners 21 FINCA’s Supporters 37 Ways to Support Copyright 2017 FINCA International, Inc. Photos: Cover—FINCA Staff; above—Carlos Alaniz CREATING RIPPLES Founder‘s Letter Dear Friends: As many of you know, on October 31, 2016, my soulmate and wife of 28 years—Marguerite, or “Mimi”—lost her battle with cancer. She died at home, peacefully, surrounded by family and her closest friends. Mimi was a citizen activist her whole adult life and the godmother of FINCA, and I know it was her fondest wish that I remain strong, stay on-mission and continue to advocate for the end of extreme poverty by the year 2030—a goal that is being advocated by the World Bank itself. To reach that goal, we will need low-cost, fast-replicating projects that can reach the world’s remaining 200 million ultra-poor families. In May of this year, once Mimi’s affairs were settled, movements. Savings groups are forming in the I visited FINCA’s programs in Uganda. And what I most remote and poorest areas. They are managed discovered there were two of the most exciting end- by their members, who collect savings every week, poverty innovations I have witnessed since launching store these funds in a lockbox and re-lend the FINCA Village BankingTM 32 years ago. I’m so proud savings at interest to members. Once a year, interest that FINCA has made the strategic decision to reach is distributed back to members. I was blown away even lower, toward the bottom of the pyramid. by the fact that Uganda’s SG movement, which has 1.5 million members and represents some 60,000 In Uganda I visited BrightLife, which provides poor peri-urban and rural villages, is now the largest SG Ugandan families with access to clean cookstoves movement in Africa and has 11% of all savings group and solar lamps. The cookstoves are reducing fuel members in the world. costs by 50% for low-income families! The solar- powered lamps are replacing kerosene lanterns that At FINCA’s recent board meeting, I made a challenge give off toxic fumes and, if knocked over, can kill a grant of $25,000 to support FINCA’s efforts in these child or burn a house. We met with Monica Mulondo, two exciting pro-poorest program initiatives, and a widowed mother of four, who uses a solar lamp asked all other FINCA board members to match my to help her children study in the evening. She also contribution. My hope is that many of our long-term, obtained a clean cookstove and saves about $4 loyal supporters will respond to this challenge grant USD a month in fuel costs. She was especially as well. I call it “The Mimi Project”! excited about the innovative product and told us, “The cookstove is the best invention yet!” We’ve got a massive challenge ahead of us and we have to act quickly. In the iconic words from the The second FINCA program initiative I visited is John Wayne movie “The Cowboys,” “Let’s go! We’re designed to provide secure credit, savings and fund burning daylight!” management support services to “savings groups” (SGs), one of the developing world’s fastest growing With love and gratitude, John K. Hatch Founder June 30, 2017 John K. Hatch, Founder CREATING RIPPLES 1 A MESSAGE FROM LEADERSHIP Letter from the Chairman and the President Dear Supporters, FINCA has been a force for economic inclusion for the poor for over three decades. Women and men living in some of the world’s most challenging economies have long been unbanked, without access to the basic financial tools that enable real progress toward better lives. FINCA’s microfinance programs have created sustainable impact and solutions for individual, family and community prosperity. But experience has shown that FINCA’s impact With your support, we have created these ripples does not end with a small loan. Each loan is just together. Now, we are committed to expanding our the beginning of economic participation for social impact by creating ripples of a different kind. women, the economically disenfranchised and Low-income communities not only need access to people living in remote, rural villages. When a financial services, but they have a right to affordable family’s income rises, it means that children can and innovative solutions, like clean cookstoves, stay in school, not simply to become literate, but water filters and solar lanterns, that save them time to become skilled laborers, teachers, physicians and money and make them healthier, more resilient or the next generation of business owners. and empowered. In 2016, we helped thousands in Uganda achieve a better quality of life by providing FINCA clients point proudly to these children, them access to these household solutions. who not only change their families when they grow up, but change the future of communities Despite our achievements, 2016 was a challenging and, in fact, can change the course of countries. year for FINCA. Part of the risk inherent in working in emerging markets is navigating political and Together, FINCA and our loan recipients are a economic uncertainties, and this year saw no part of something astounding. We are bettering shortage of them. Economic hardship in Azerbaijan, communities around the world and breaking in particular, and the rest of Eurasia, related to down the historical and vicious cycle of fallen oil prices and currency devaluations in 2015, intergenerational poverty. continued to make life challenging for many micro and small enterprises in that region. We took Each loan creates ripples of impact. The ripples significant losses there in 2016 as a result. FINCA extend from the Haitian mother’s small loan has weathered such situations before and we can that allowed her to grow her small business, to confidently say that we have come through the the villagers who work for that business, to her worst of it. More than anything, this reinforces daughter who can now afford to go past high why people in challenging places need us, and school and into a local college, to the community why we must redouble our efforts to keep that benefits from the more prosperous business reaching those who are overlooked or forgotten and family. by mainstream banks. 2 2016 FINCA INTERNATIONAL ANNUAL REPORT We also must continue to focus our resources where we can have “ At FINCA, each ripple the greatest impact. As part of this effort, in 2016 we transferred our FINCA subsidiaries in El Salvador and Mexico to local, mission- represents the start driven organizations that share our commitment to delivering responsible financial services. For our hardworking staff and clients of a brighter future. in these countries, this is an opportunity to continue to grow under local leadership with companies that are also striving to To create more ripples, reach low-income women and men. These changes have also we need more stones. helped FINCA to invest in innovative new solutions and scale up in communities and markets where we can reach more people. We need you.” Your role in bringing responsible financial services and other smart solutions to the poor is more crucial than ever. Donor support is the reason FINCA exists. Your trust in us has created the building blocks for growth and innovation. With that in mind, we ask you two simple questions: What will it take to create more ripples? What will it take to multiply the ripple effect across more communities for more people and more generations? In any pond, a new ripple starts with dropping the first stone. At FINCA, each ripple represents the start of a brighter future. To increase impact, we must create more ripples. To create Robert W. Hatch, Chairman more ripples, we need more stones. We need you. Together, we can alleviate poverty through lasting solutions that help people achieve self-reliance and change the future for generations to come. Robert W. Hatch Rupert W. Scofield Chairman President Rupert W. Scofield, President June 30, 2017 2016 at a Glance 1,622,867 $262.3 million $1.1 billion TOTAL CLIENTS TOTAL SAVINGS DEPOSITED TOTAL LOANS DISBURSED CREATING RIPPLES 3 HIGHLIGHTS FROM 2016 The Year in Review From Guatemala to Zambia to Kyrgyzstan, together we made many ripples around the world in 2016. These milestones spotlight our continued commitment to reaching more and more unserved populations with the innovative tools, services and products they need to build better lives. JANUARY MAY FINCA Ecuador, one of FINCA’s MARCH FINCA expanded its reach in longest operating subsidiaries, In honor of International Nigeria by launching agency celebrated 22 years of service. Women’s Day, more than banking, allowing Nigerians who More than 25,000 low-income 200 people joined FINCA in live far from a branch to access Ecuadorians accessed loans and Washington, D.C., for a discussion financial services through agents other financial services in 2016. of entrepreneurship and the equipped with point-of-sale gender gap. See page 14. machines in their local shops. Ingenico Group partnered with FINCA to deploy 50,000 FINCA celebrated Global First Access and FINCA biometric payment terminals Money Week. FINCA staff in announced a partnership to in Africa. The terminals securely several countries, including create the world’s largest capture clients’ fingerprints to Kyrgyzstan and Tajikistan, taught alternative credit-scoring validate their identities prior to young children and teenagers program by a microfinance loan disbursement.
Load more

Recommended publications
  • Finca Bank Georgia Joint Stock Company
    FINCA BANK GEORGIA JOINT STOCK COMPANY Financial Statements and Management Report Independent Auditor’s Report For the Year Ended December 31, 2019 FINCA Bank Georgia Joint Stock Company Table of Contents Page STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS AND MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2019 ............................... 1 MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2019: FINCA Bank Nature of the Business and Mission .................................................................................................. 2 Vision for the Bank .......................................................................................................................................... 2 Value proposition and long-term place in the market ............................................................................................ 3 Strategic Priorities and Goals ............................................................................................................................ 3 FINCA Bank Core operating segments ................................................................................................................ 3 Results of Operation for 2019 ............................................................................................................................ 4 Corporate Governance...................................................................................................................................... 4 General Meeting of Shareholders
    [Show full text]
  • A Changing Landscape
    A Changing Landscape: What the 2017 Findex Tells Us About Mobile Money, Women’s Financial Inclusion and Savings in Vulnerable Households Authored by Scott Graham Scott Graham is the Director of Customer Research and Field Data Services at FINCA International. About FINCA International FINCA International was founded in 1984 on a radical notion: giving small loans to the poor has the power to transform entire communities in a sustainable way. After impacting tens of millions of lives with responsible financial services, we are widening our focus to catalyze further economic growth and alleviate poverty in underserved markets around the world. We remain boldly committed to market-based solutions, and are supporting the rise of social enterprises delivering basic service and financial innovation to help low-income families and communities achieve a better standard of living. For more information, visit www.FINCA.org or follow on Twitter @FINCA. About FINCA Impact Finance Many figures in this paper cite “FINCA Countries” or “FINCA Regions.” These refer to the operations of FINCA Impact Finance, a global network of 20 microfinance institutions and banks that provides socially responsible financial services to low-income individuals. FINCA International is the founder and majority shareholder of FINCA Impact Finance. For more information, visit www.FINCAImpact.com. About the Global Findex Database 2017 All the figures in this paper rely on the Global Findex, the world’s most comprehensive dataset on how adults save, borrow, make payments and manage risk. Overseen by the World Bank and launched with funding from the Bill & Melinda Gates Foundation, the Global Findex has been published every three years since 2011.
    [Show full text]
  • THE OPPORTUNITY the Middle East and South Asia
    Pairing access to finance with access to energy and helping the bottom of the pyramid no longer be counted among the unbanked. BEGINNING IN 1984, FINCA International founded what would become a global microfinance network across 20 countries in Africa, Latin America, Eurasia, THE OPPORTUNITY the Middle East and South Asia. This network, known as FINCA Impact Finance, serves over 2 million low- BrightLife leverages the finance expertise and distribution capacity of FINCA to collaborate with best-in-class original income clients annually, many living in rural areas. equipment manufacturers (OEMs) and drive uptake of clean energy and productive use appliances for the BOP market. Organizational Context Recognizing meaningful access to basic services requires 1) Through its PAYGo energy product, BrightLife is developing access to finance, FINCA International has an important role to customer segmentation and credit profiles for a previously play in accelerating solutions. Today, we are developing new unbanked population—particularly those living rurally—and financial products, particularly in energy, as pay-as-you-go unlocking financial inclusion for an entirely new segment of (PAYGo) financing is a powerful pathway for bringing financial the population. inclusion to the unbanked and under-banked. The extensive on-the-ground banking infrastructure and local trust networks 2) Working directly with manufacturers, BrightLife is able of FINCA Impact Finance can uniquely reach and engage poor to bring innovative products into the market at the lowest and rural families. To catalyze solutions, FINCA International’s possible cost to consumers. work has expanded into financing and last-mile distribution of clean energy and productive use appliances through 3) BrightLife uses its product portfolio and a direct partnership BrightLife, a social enterprise currently operating in Uganda.
    [Show full text]
  • BRINGING FINTECH Sgbs and Mfis TOGETHER THROUGH FINCA FORWARD
    PARTNERING TO ACCELERATE ENTREPRENEURSHIP FINCA INTERNATIONAL: BRINGING FINTECH SGBs AND MFIs TOGETHER THROUGH FINCA FORWARD USAID PARTNER TIMEFRAME EXPECTED TO BE GEOGRAPHY LEVERAGED IN PRIVATE CAPITAL $610,000 $1.8 M 2 Years (2018-2020) $160,000 Central and East Africa Entrepreneurs play a critical role in driving economic growth, creating jobs, and innovating to improve people’s lives ​ through market-based solutions. Through the ​Partnering to Accelerate Entrepreneurship (PACE) Initiative​, USAID catalyzes market-based private sector investment into early-stage enterprises by identifying and testing innovative models or approaches that help entrepreneurs bridge the pioneer gap and scale. THE CHALLENGE The rise of emerging and mobile technologies has been a game changers for developing countries, offering life-changing innovations to connect people to financial markets who never had access before. According to the World Bank’s 2017 Global Findex report, market vendors in Kenya -- primarily women -- who were provided savings accounts, saved at a higher rate and invested 60 percent more compared to other businesses. Farmers in Malawi, who had their earnings deposited into savings accounts spent 13 percent more on farming equipment and increased their crop values by 15 percent. Moreover, in Latin America, over 40 percent of small- and growing- businesses (SGBs) served segments of the population previously neglected by the financial system, making SGBs a key pillar in expanding financial inclusion. Yet, the rapidly growing financial technology (fintech) market is still quite young in emerging economies, and SGBs often lack the expertise and relationships necessary to scale. Fintech SGBs can benefit from greater access to customers, growth capital, testing of their products and services via proof-of-concept partnerships, and relevant business and legal technical assistance.
    [Show full text]
  • Jafri, Juvaria.Pdf
    City Research Online City, University of London Institutional Repository Citation: Jafri, J. (2019). Bifurcated banking: the political economy of inclusive finance in Pakistan. (Unpublished Doctoral thesis, City, University of London) This is the accepted version of the paper. This version of the publication may differ from the final published version. Permanent repository link: https://openaccess.city.ac.uk/id/eprint/23914/ Link to published version: Copyright: City Research Online aims to make research outputs of City, University of London available to a wider audience. Copyright and Moral Rights remain with the author(s) and/or copyright holders. URLs from City Research Online may be freely distributed and linked to. Reuse: Copies of full items can be used for personal research or study, educational, or not-for-profit purposes without prior permission or charge. Provided that the authors, title and full bibliographic details are credited, a hyperlink and/or URL is given for the original metadata page and the content is not changed in any way. City Research Online: http://openaccess.city.ac.uk/ [email protected] BIFURCATED BANKING: THE POLITICAL ECONOMY OF INCLUSIVE FINANCE IN PAKISTAN JUVARIA JAFRI A thesis submitted to City, University of London for the degree of DOCTOR OF PHILOSOPHY Department of International Politics, School of Arts and Social Sciences, City, University of London June 2019 0 1 TABLE OF CONTENTS TABLE OF CONTENTS ........................................................................................................................................
    [Show full text]
  • Celebrating One Year of FINCA in Nigeria
    Celebrating one year of FINCA in Nigeria Owerri, December 4th,2015: FINCA, a global microfinance network with operations in 23 countries on five continents, today officially celebrated one year of operations in Nigeria as FINCA Microfinance Bank Ltd. FINCA commenced its operations, in Owerri – Imo State, Nigeria on the 4th of December 2014; following approval and licencing from the by Central Bank of Nigeria on 30th October 2014. The Chief Executive Officer of FINCA Microfinance bank, Mr Philip Takyi, speaking at the event said, ”FINCA is a global leader in microfinance serving over 1.8million clients worldwide. Founded 30 years ago, FINCA is a pioneer of the modern microfinance industry and has been recognized throughout its history for innovation, efficiency, ethical practices, and an uncompromising focus on social performance. In Africa, FINCA is the leading Pan African Microfinance network serving low income savers and borrower, with presence in Uganda since 1992, Malawi (1994), Tanzania (1998), Zambia (2001) and Democratic Republic of Congo (2003), and Nigeria (2014). FINCA’s mission is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living. FINCA’s vision is to build a global network of sustainable and scalable social enterprises that improve lives worldwide. In Nigeria, FINCA started operations with simple but innovative financial solutions - savings, term deposits, microinsurance, funds transfer and loan products - to help our clients effectively manage their money, save for the future or grow their micro-businesses. The Chief Executive Officer further highlighted that “FINCA services are accessed through an efficient branch and non-branch network, starting in Owerri- Imo State, with an expansion plan to other states in the near future”.
    [Show full text]
  • Building Inclusive Financial Sectors for Development: Widening Access, Enhancing Growth, Alleviating Poverty
    SUMMARY REPORT E­CONFERENCE ON: Building Inclusive Financial Sectors for Development: Widening Access, Enhancing Growth, Alleviating Poverty March 28 th – April 13 th , 2005 Edited by Kathryn Imboden UN Capital Development Fund Barry Herman UN Department of Economic and Social Affairs Djordjija Petkoski World Bank Institute Jointly sponsored by UNCDF, the Financing for Development Office of UN DESA and the World Bank Institute TABLE OF CONTENTS BACKGROUND INFORMATION ON BLUE BOOK PROJECT 2 EXECUTIVE SUMMARY 3 BREAKDOWN OF E­CONFERENCE PARTICIPATION 10 E­CONFERENCE PROCEEDINGS PER WEEK 11 BIOGRAPHIES OF MODERATORS 15 BACKGROUND READINGS 17 RELATED LINKS AND WEBSITES 19 E­CONFERENCE TEAM 20 1 BACKGROUND INFORMATION ON THE BLUEBOOK PROJECT The vast majority of “bankable” people in the world do not yet have access to financial services. In many countries, the financial sector reaches only a small fraction of the population, as various constraints hamper or block the inclusion of different population groups needing access to financial services, notably women. Access to well functioning and efficient financial services can empower individuals economically and socially, allowing them to better integrate into the country’s economic activity and actively contribute to economic growth. The “Blue Book on Building Inclusive Financial Sectors for Development” is based on the commitment of Secretary General Kofi Annan to the goal of "addressing the constraints that exclude people from full participation in the financial sector", under the UN International Year of Microcredit 2005 in order to "build inclusive financial sectors that help people improve their lives," and the global commitment to collective action following the 2002 International Conference on Financing for Development in Monterrey.
    [Show full text]
  • FINCA International, Inc
    FINCA International, Inc. Consolidated Financial Statements and Independent Auditors’ Report Year Ended December 31, 2010 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee. FINCA International, Inc. Consolidated Financial Statements and Independent Auditors’ Report Year Ended December 31, 2010 FINCA International, Inc. Contents Independent Auditors’ Report 3 Consolidated Financial Statements Consolidated Statements of Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Changes in Equity 7 Consolidated Statements of Cash Flows 8 Notes to Consolidated Financial Statements 9 – 58 2 Consolidated Financial Statements FINCA International, Inc. Consolidated Statement of Income Years ended December 31, Notes 2010 2009 Interest income 7$ 163,277,485 $ 154,151,468 Interest expense 7 (27,207,911) (26,999,183) Net interest income before provision for impairment losses 136,069,574 127,152,285 Impairment losses on loans 15 (5,724,041) (8,148,132) Net interest income 130,345,533 119,004,153 Other operating income 6,185,318 4,640,852 Personnel expenses 8 (81,459,720) (75,863,354) Other operating expenses 9 (55,764,085) (55,830,974) Depreciation and amortization - (5,808,080) (7,189,898) (143,031,885) (138,884,226) Loss before other income (expenses) and income tax (6,501,034) (15,239,221) Other income (expenses): Grants 11 7,434,765 5,451,733 Donations 11 13,893,771 15,909,226 Foreign exchange loss - (2,487,872) (2,934,400) Non-operating income - 2,354,929 625,391 Income tax expense 10 (4,667,192) (3,070,377) Profit for the year$ 10,027,367 $ 742,352 The notes form an integral part of these consolidated financial statements.
    [Show full text]
  • 08022601 Pro Bono Brochurer14.Qxp:Layout 1 4/14/08 5:20 PM Page D2
    08022601_Pro Bono BrochureR14.qxp:Layout 1 4/14/08 5:20 PM Page D2 Pro Bono Practice Annual Report 2007 08022601_Pro Bono BrochureR14.qxp:Layout 1 4/14/08 5:20 PM Page 1 Contents 2 Introduction 4 Courtroom Advocates Project and Sanctuary for Families 6 ACCIÓN NY 7 Human Rights and Immigration 9 Externships in Public Interest Law 10 Not-For-Profit Clients 14 New Projects 18 Pro Bono in Washington, D.C. 21 Pro Bono in London 23 Washington Irving High School Partnership 25 Cleary Gottlieb Success Stories 36 Awards 38 Partners and Associates on the Community Legal Assistance Committee (CLAC) In 2007, Cleary Gottlieb ranked #7 on The American Lawyer’s A-List—a weighted ranking of the 200 highest-grossing U.S. firms based on revenue per lawyer, pro bono performance, treatment and development of young lawyers and workplace diversity. Cleary Gottlieb is one of only eight firms to have made this top-20 list in all five years that the magazine conducted the ranking. www.clearygottlieb.com 1 08022601_Pro Bono BrochureR14.qxp:Layout 1 4/14/08 5:20 PM Page 2 Introduction In 2007, approximately two-thirds of all In 2007, Cleary Gottlieb lawyers continued to dedicate a significant amount of time Cleary Gottlieb lawyers worldwide were and energy to the firm’s pro bono practice. As a result, the firm once again surpassed active in pro bono and public service its pledge of devoting at least 3 percent of all billable hours to pro bono clients. This programs, with 86 partners, 25 counsel/ steadfast effort reflects the firm’s longstanding philosophy on pro bono work—that it senior attorneys, 491 associates and 93 summer associates taking part in various is a privilege to practice law and a duty to give back to the community.
    [Show full text]
  • FINCA at a Glance
    FINCA AT A GLANCE The Problem Mission Globally, 3 billion people survive on $2.50 a day or less and 1.7 billion people To alleviate poverty through lasting solutions are unbanked, most of whom are women. Without access to financial tools, like that help people build assets, create jobs and credit and savings, or to basic services, like clean energy and quality education, raise their standard of living. their standard of living remains poor and economies struggle to develop. Vision FINCA’s Solution To build a global network of sustainable and FINCA International (“FINCA”) is a catalyst for economic growth and financial scalable social enterprises that improve lives inclusion for the poor. A founding principle of FINCA is that the solutions to poverty worldwide. must empower people to improve their own lives and that these solutions must be sustainable. By focusing on market-based approaches, FINCA can catalyze greater Organization resilience and opportunity, and help the poor achieve a better standard of living. FINCA International was founded in 1984 on a » Microfinance:FINCA is the founder of and majority shareholder in FINCA Impact radical notion: giving small loans to the poor Finance, a global network of microfinance institutions and banks offering socially has the power to transform entire communities responsible financial services to low-income clients. These services include in a sustainable way. After impacting tens small loans, savings accounts and insurance. FINCA uses financial technology of millions of lives with responsible financial (“fintech”) innovations, like mobile wallets, agency banking, alternative credit services, we are widening our focus to catalyze coring and digital field automation, to transform finance in underserved markets.
    [Show full text]
  • The Road to Inclusion 2015 FINCA ANNUAL REPORT the FINCA Journey: Founder’S Letter
    The Road to Inclusion 2015 FINCA ANNUAL REPORT The FINCA Journey: Founder’s Letter From its birth, FINCA’s purpose has The very scope and rapidity of FINCA’s growth, and that been inclusion: to serve the world’s most of the global microfinance movement, is testimony to how large was the exclusion that existed around the disadvantaged citizens. world, particularly with regard to women’s access to credit. Today, millions of mothers and fathers in the When FINCA launched its first “Village Banks” in the developing world have not one but several microfinance 1980s, our purpose was to assist illiterate, unemployed, providers who will give a small loan of working capital— and poverty-stricken families—especially mothers— often accessed by cellphone within a matter of minutes. with $50 loans to create businesses capable of generating $2–$3 of extra income per day. This result, Inclusion of women, and rapid access to working we trusted, would be just enough to improve their capital (or savings), is just the start of another process children’s nutrition, keep them in school and still set of inclusion. A growing business enables a FINCA aside a few cents per day in savings. borrower to improve her family’s nutrition and health, to keep her children in school, to buy a solar-powered This was a revolutionary proposition at the time. lamp and to simply hope and plan for the future. A child Throughout the underdeveloped world, 80% of citizens, who stays in school long enough to become numerate women in particular, were excluded from access to and literate will be able to earn a wage five times greater credit from the commercial banking system.
    [Show full text]
  • FINCA International Announces Laurynas Vaičiulis As Brightlife Uganda Chief Executive Officer
    FINCA International Announces Laurynas Vaičiulis as BrightLife Uganda Chief Executive Officer New CEO to Lead BrightLife’s Growth as a Sustainable PAYGo Solar Business in Africa KAMPALA, Ug., September 16, 2020 — BrightLife, a social enterprise by FINCA International, announced the appointment of Laurynas Vaičiulis as Chief Executive Officer. Vaičiulis will lead BrightLife’s operations in Uganda, striving to deliver the most affordable and reliable clean energy products in the country. BrightLife’s business model unlocks economic productivity and wellbeing to bottom of the pyramid (BoP) clients through access to energy and financial inclusion. With over five years of experience in the PAYGo solar sector, Vaičiulis worked as the Product Development Lead for solar home systems at Pawame in Kenya before moving to Nigeria to lead Asolar as their Executive Director. FINCA International appointed Vaičiulis because of his deep understanding of the PAYGo value chain, his successful experience leading a PAYGo solar company in Nigeria that is comparable in scale to BrightLife, and his commitment to making the most affordable, highest quality energy products available to BrightLife customers. “The advent of the COVID-19 pandemic has presented many challenges and taken us back to the drawing board in serving our customer segment, which was the most affected due to the vulnerability to income and other factors,” said Mr. Vaičiulis. “However, BrightLife’s PayGo solar home system integrates unbanked customers into the financial system by monitoring their credit repayment, which in turn will help them improve and grow their income and develop a credit score that can lead to more inclusive financial services.” BrightLife creates credit profiles for unbanked communities by using PAYGo customer’s payment histories.
    [Show full text]