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FINCA 2.0: Benefitting Low-income Enterprises

By Roman Hingorani, CFO | Wednesday, January 09, 2019

FINCALack of capital, poor investments, and financial crisis are some of the challenges that are interconnected and so are the solutions for it. This was the scenario for the Bolivian farmers in the past. Due to this, the farmers couldn’t borrow traditional loans as they were highly expensive. This scenario moved the heart of John Hatch, founder of FINCA, who brought about an idea of microfinance, as a tool for economic progression. Being true at its original idea, FINCA has become the global network of secure, sustainable microfinance institutions and banks that support low-income families and improve the standard of their living. FINCA’s network of microfinance and banks provide financial support to low-income enterprises and small business owners. FINCA has provided small loans and savings accounts to millions of low-income people. Being a social enterprise dedicated to financial inclusions, FINCA offers a unique, bottom-up approach to market development. “With 10,000 employees, two million customers and operations in 20 frontier markets, FINCA Impact Finance is creating robust credit policies and injecting efficiency into treasury management practices,” explains FINCA Impact Finance’s CFO Roman Hingorani. FINCA International, a majority owner of the FINCA Impact Finance network, is a Washington, DC-based non-profit organization that has joined with socially minded minority shareholders working to advance market-based solutions to poverty.

Finastra, a UK-based financial services software provider has announced that FINCA Impact Finance declared to be in live with the Fusion Risk solution to improve the short-term regulatory compliance and reporting the needs with the International Financial Reporting Standard 9 (IFRS9). Fusion Risk is a risk and compliance solution for retail banking offered by Finastra, which is expected to optimize the day-to-day banking operations to make their lending profitable. This solution eliminates the complexity that is around the regulatory compliance by implementing single data management processes. Fusion Risk helps the FINCA Impact Finances ensure regulatory compliance along with data management, as it continues to implement digital innovations in improving the efficiencies and better services to its customers under the FINCA 2.0 concept.

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"With 10,000 employees, two million customers and operations in 20 frontier markets, FINCA Impact Finance is creating robust credit policies and injecting efficiency into treasury management practices"

FINCA Impact Finance is different from all other predatory lenders and conventional money-centric organizations. FINCA aims to reach the nook and corners of society to widen the net of credit access and financial inclusions. FINCA, by partnering with all other Fintech companies, can leverage cutting-edge tools to make the financial environment more inclusive.

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