FINCA Haiti Launches Money Transfer & Pilots Foreign Currency Transactions
In order to expand FINCA’s offerings FINCA Haiti ran a test pilot of Money Transfer and Foreign Exchange services. In April two branches, Delmas and Carrefour initiated the pilot and were soon followed by the Croix de Bouquets branch in May. The pilot proved to be a success. In total 107 transfers totaling over $20,000 were made in the few first days despite the absence of promotional effort or materials. Simultaneously, 170 currency transactions were made, the majority being the purchase of US dollars. These buy and sell transactions totaled about $26,000. These services meet a previously un-served need and also earn FINCA a small commission. The MoneyGram services has been expanded to another three branches and by June will be available in all 8 FINCA Haiti branches.
FINCA partnered with Digicel several years ago to offer the TchoTcho Mobile Wallet service to clients. This allows clients to make loan payment by phone, hence saving them branch visits and transportation costs. To further promote the use of this service three E-wallet consultants have been deployed to help clients feel more comfortable with the applications.