Latin America and Caribbean

USAID's HIFIVE program, led by WOCCU under the FIELD-Support LWA, has partnered with Haitian financial institutions and provided support to help them develop credit products and services adapted to the needs of Haiti's agricultural producers. This Success Story explores how one credit union, SOCOLAVIM, based in St. Marc has begun offering a variety of credit products to meet the needs of local value chains, including rice, bananas, plantains, and livestock. Supporting the producers involved in these value chains in turn supports the local tourist industry, supplying local food products to beach hotels and restaurants.

The Smart Campaign´s Client Protection Principle on Fair and Respectful Treatment of Clients requires that financial service providers create a corporate culture that values high ethical standards among staff and ensures that controls exist to prevent, identify and correct corruption or mistreatment of clients. FUNDESER´s efforts in meeting this principle can serve as a good practice example to other institutions.

The Smart Note, “Responding to a Crisis at Fundeser” describes how the MFI dealt with the aftermath of both the worldwide credit crisis and the internal No Pay Movement (Movimiento No Pago). It explains how the institution overhauled its Human Resource department in an effort to steer the institution to recovery.  Funderser’s approach to rebuilding its brand and credibility was to make high ethical standards and sound risk management central to the institution’s corporate culture. Additionally, the Smart Note shows the thought process and follow-up strategy that Fundeser’s board members and senior managers implemented.