FINCA Impact Finance delivers solid financial and social performance for second consecutive year
Annual Report shows the global provider of responsible financial services increased its customer base by 11% in 2018
Delivering responsible and impactful financial services remained a priority in 2018, as FINCA Impact Finance (FIF) continued to digitally transform its core business model. In its recently released 2018 Annual Report, FIF provided an update of its 2.0 strategy that involves shifting to a “touch-tech” service delivery model. This shift combines fintech innovation with maintaining close personal relationships with the people it serves.
The numbers at a glance
In 2018, FIF posted net income totaling $6.8 million. Voluntary loan deposits reached $406.7 million, up 12.5% from 2017, while FIF’s gross loan portfolio grew to $863.1 million, up 8.2% from the previous year. FIF expanded its customer base by 11.8% in 2018, providing 2.3 million people with credit, savings accounts, money transfers, insurance and a range of other responsible financial services and products.
FIF also continued to grow its product portfolio in 2018, as it launched and expanded mobile, online and agency banking services. These services were delivered with ever greater efficiency with the implementation of digital field automation and central underwriting. Today, 55% of all transactions made across FIF’s 20 subsidiaries are now branchless.
Read the full 2018 Annual Report.