Nicolas Lafaye, Portfolio Manager South-America region
FODEMI is an Ecuadorian NGO partnered with World Vision International. They are headquartered in the city of Ibarra, in Northern Ecuador. This NGO was created back in 1995 with the mission of attending clients in the poorest parts of Ecuador. Through time, they have defined poor areas based on standards of extreme poverty, social exclusion & illiteracy rates. Nowadays, FODEMI is working in 24 out of the 25 poor areas thanks to their 5 branches & 7 sales outlets spread across the Northern part of Ecuador’s Andean region.
Kiva’s 0% funding will allow FODEMI to expand serving these excluded, difficult to reach and costly to serve areas of Ecuador. Moreover, given that Ecuador has instituted interest rates caps that MFIs cannot exceed, low cost funding is critical for an MFI like FODEMI to be able to continue serving these areas.
FODEMI posted its first loan in the last week of April. Please be on the lookout for more loans from FODEMI in the future.