2020 ranks among the most challenging years that our clients and staff have ever experienced. Most tragically, the COVID-19 outbreak claimed countless lives, including the loss of 199 customers and four staff of FINCA Impact Finance (FIF). They’ll forever be in our memories.
Our annual report captures how we responded to the crisis and continued to serve our clients and partners. As the pandemic destabilized livelihoods and interrupted businesses everywhere, the crisis prompted us to adapt to meet the immediate needs of our clients. FIF restructured its loan portfolio to allow customers to prioritize their families’ well-being and the resilience of their businesses. FIF also strengthened the network’s digital financial services with 19 percent of transactions via mobile and 30 percent via agency banking, enabling clients around the world to transact safely and securely.
FINCA International launched the FINCA Emergency Response Fund to support essential businesses providing critical services to clients. The Fund provided capital to female microbusiness owners affected by the pandemic and seeking to restart or pivot their businesses. It also supported BrightLife to meet the energy needs of clients by providing them with clean energy—free of charge—during Uganda’s lockdown.
At FINCA Ventures, our portfolio expanded to 15 social enterprises impacting over 3 million people with innovative solutions in energy, sanitation, education, health and agriculture. Our portfolio companies provided critical support to the COVID-19 response and recovery in their countries of operation, including Nigeria and Kenya.
Times like these test our mettle as individuals and companies. Through lockdowns and curfews, the incredible resilience of the people we serve and employ was reaffirmed each and every day. We are humbled and inspired by their resolve and resourcefulness in overcoming challenges and remain committed to walking with them throughout this prolonged crisis.
Thanks to you, our valued supporters and contributors, the journey to resilience, while far from over, is possible. With your steadfast support, FINCA International remains committed to supporting the economic recovery of those we serve and creating a virtuous cycle for women and others left behind by the pandemic to thrive.
Click the image below to read the full annual report.