FINCA Canada

About FINCA Canada:

Founded in 2007, Foundation for International Community Assistance Canada (FINCA Canada) is a partner organization of FINCA International, a microfinance institution serving 1.8 million people in 23 countries. FINCA works primarily in Africa, Eurasia, Latin America, Middle East and South Asia. Its mission is “to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living.” FINCA International’s programs include financial intermediation, enterprise development and social impact.

FINCA International’s financial intermediation program provides financial services such as individual, business, agriculture and education loans, savings accounts, money transfers, ATMs and mobile banking to communities in developing countries and emerging markets.  To increase financial inclusion, defined as holding an account at a formal financial institution, FINCA International is using mobile banking, agent banking, payment kiosks and biometrics to increase financial accessibility. In F2014, FINCA International’s clients received $1.6 billion in loans and saved $130.2 million.

FINCA International’s enterprise development program supports entrepreneurs and small businesses. This allows its clients to employ more people and provide goods and services to their communities. In Azerbaijan, 157,000 clients created 125,600 additional jobs and employed 282,600 people.

Finally, its social impact program, FINCA+ Initiatives, provides access to non-financial services such as energy, water, sanitation and education.

Financial Review:

FINCA Canada is a large charity, with donations of $5.3m in F2015. Its administrative costs are 4% of revenues and its fundraising costs are 6% of donations. For every $1 donated to the charity, 90 cents is put towards its programs, falling within Ci’s reasonable range. FINCA’s funding reserves of $6.5m result in a program cost coverage ratio of 135%. This means that it can cover 1.3 years of its annual programs using its existing reserves.

This charity report is an update that is being reviewed by FINCA Canada. Changes and edits may be forthcoming.

Updated on July 4, 2016 by Lynn Tay.