To promote financial inclusion–ensuring that low-income individuals can access financial services to grow their businesses and improve their lives — FINCA’s 22 subsidiaries offer an array of microfinance services.
To support microenterprises, FINCA subsidiaries offer Village Banking, small group, individual, home improvement, and local currency loans that enable clients to start or expand small businesses, based on self-identified plans and market demand.
In Uganda, where electrical power is erratic and intermittent, FINCA offers microenergy loans. These loans permit clients to purchase small solar energy systems to create energy-related businesses and to light their homes and shops.
As licensed, deposit-taking institutions, FINCA subsidiaries in Ecuador, Honduras, Democratic Republic of the Congo, Tanzania, Uganda, Zambia, Tajikistan and Pakistan offer savings accounts. These accounts have a double benefit: depositors have a secure place to keep their savings and those funds can be used as loan capital to support other small businesses in the community. FINCA’s remaining subsidiaries will offer savings products and services as their local government regulations allow.
Some FINCA subsidiaries provide insurance that covers business losses, health and funeral expenses, and loan repayment in the event of a client’s illness, injury or death. Offerings vary by location.
Remittances and money transfer services allow FINCA clients to wire money electronically to individuals and institutions. These services might be used to help support family members in other locations, to pay bills, or to pay tuition for children away at school.