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1 E n t e r p r i s e G r o w t h S e r v i c e s H o w d o y o u g i v e h o p et o f a m i l i e s l i v i n o gn l e s s t h a n a d o l l a r a d a y? With EY s help to enhance its financial m a n a g e m e n t, H a i t i s l a r g e s t m i c r o l e n d e r c a n l i f t m o r e p e o p l e o u t o f e x t r e m e p o v e r t y. e y. c o m / e # g Bs e t t e r Q u e s t i o n s
2 Social entrepreneurs are using the power of the market to innovate paths out of problems as diverse as job creation, social inequality and lack of access to lifeenhancing services like health, education, energy, clean water and sanitation. These are true legacy builders and supporting them is the reason Enterprise Growth Services (EGS) exists. Operating at heavily subsidized rates, EGS extends the benefit of EY s services to people and places we don t normally reach. By helping these small and growing entrepreneurs to operate more efficiently and grow sustainably, we extend their reach and impact a ripple effect that is changing lives and livelihoods in some of the world s most deprived communities. 6 0, b orrow ers rem 2 1 5, ittance receivers $ 2 0 0, savers $ $ $ Access to financial services for the very poor. Fonkoze is Haiti s largest microfinance institution, with 60,000 borrowers, 200,000 savers and 215,000 remittance receivers in E n t e r p r i s e G r o w t h S e r v i c e s F o n k o z e
3 N O H e l p i n g e n t r e p r e c h a n g e l i v e s I D E A 7 C U S $ 7 5 m 2 1 5, m oney transf ers L o a n s a n d Through m o r e. its Foundation, Fonkoze also offers health and education programs, adult literacy, numeracy and basic business management classes, to ensure a sustainable route out of poverty for women and their families. A n i m p o r t a n t p l a y e r i n t h e lin o 2015, c a l efonkoze c o n o m y. facilitated 215,000 money transfers valued at US$75m, making it a valuable growth accelerator of Haiti s economy. E n t e r p r i s e G r o w t h S e r v i c e s 3 F o n
4 1 T h e f o u n d i n g p r i n c i p b e h i n d F o n k o z e i s t h e v e r y b o d y d e s e r v e s T h e p r o j e to c tfinancial services. Before Father Joseph Philippe started Fonkoze 20 years ago, the poorest people in Haiti had no choice but to go to moneylenders and risk extortionate interest rates after all, with little collateral, no commercial bank wanted their business. The founding principle behind Fonkoze is that everybody deserves access to financial services. Fonkoze is Haiti s largest microfinance institution with more than 800 employees and 45 branches. In 2015, it served 60,000 borrowers and more than 200,000 savers. It also facilitated more than 215,000 money transfers valued at US$75m, making Fonkoze a significant player in Haiti s economy. Fonkoze s focus is broader than just financial inclusion though. As Father Joseph says: We cannot give a woman a loan and send her on her way. We must accompany her as she makes her way out of poverty. That s why Fonkoze also offers health and education programs such as adult literacy classes. However, despite significantly higher repayment rates compared to commercial banks, Fonkoze needed to become more financially sustainable. CEO Matthew Brown launched a multi-year restructuring program to ensure Fonkoze s long-term financial health. With support from EGS, Fonkoze is improving its financial stability and ability to grow, so that it can help pull even more women and their families out of poverty. $ 4 5 b ranch es 800 em p l oyees F onk oz e: m ore th an em p l oyees and 4 5 b ranch es. 4 E n t e r p r i s e G r o w t h S e r v i c e s F o n k o z e
5 Project phases Assess and plan Understand Fonkoze s operating environment and stakeholders Assess current situation and confirm engagement objectives Define high-level work plan Design and deliver Work with Fonkoze to design finance department s new structure and approach to staff development Review accounting standards and develop updated chart of accounts, accounting principles, policies and operating procedures Design and deliver training to close any skills gaps Sustain Support and coach Fonkoze staff and management to embed new ways of working Enterprise Growth Services Fonkoze 5
6 2T h e c l i e n t s p e r s p e c t i v e : M K l a u s p r o v i d e d a w f u l l o t f o r u s a s h o r t a m o u n t t i m e, a n d w o r k a t t h e w B r o w n v e r y h a r d t o e n o u r s t a f f a n d g t h i n g s i m p l e m e i m m e d i a t e l y. Klaus is a fluent French speaker with seven years experience of the financial services sector, so he was a good fit for us. His specific role was to work with me and our Finance Director, Lissa Petit Dé, to enhance our financial management function specifically, how we plan, organize, control and monitor our finances. Klaus spent a lot of time in the field talking to our customers, as well as talking to our employees. He got into the detail of our Finance department, to analyze our strengths and weaknesses, and to see what skills and standards were already there and what was missing. Based on his research and interviews, Klaus worked with our team to draw up a new organization chart, setting out clearly defined roles, job descriptions and reporting lines, and a separate staff development plan to address any skills gaps. He also reviewed our accounting function against international recommended standards, and drafted an updated chart of accounts an analysis of where money is coming from and where it s going, covering every type of asset, liability, equity, revenue and expense coming in and out of Fonkoze. Finally, Klaus drew up an updated set of accounting principles, policies and operating procedures, and designed and delivered a training program to help all of our accounting staff understand the changes that were taking place, not just in our own organization, but also in the wider financial sector. This has helped us speed up the closing of our accounts each month, significantly improving reporting and our ability to understand our financial position in detail. I think Klaus did a great job. He provided an awful lot for us in a short amount of time, and worked very hard to engage our staff and get things implemented immediately. As a result, our Finance department has a clear framework for their daily work and understand the gaps we have to fill. I m very pleased with how much he was able to cover and he moved our organization ahead by leaps and bounds. 6 E n t e r p r i s e G r o w t h S e r v i c e s F o n k o z e
7 3T h e c o n s u l t a n t s p e r s p e c t i v e : K l a u s H o f f m a n Getting buy-in on all of my recommendations was as important as the technical analysis that Matthew, Lissa and I did. To ensure Fonkoze s long-term success, it s vital to invest in transferring skills and embedding new ways of working, which can be maintained long after my assignment is finished. This assignment left a big impression on me. Before flying out to Haiti I had my preconceptions of what it would be like. The reality was very different, and I always felt safe and welcome wherever I went. While there is a big gap between rich and poor, the country has come a long way in a relatively short amount of time, and a lot of effort is going into making sure that everybody can participate equally and fully in society, thanks in big part to the work of organizations like Fonkoze. When Haiti was hit by the devastating earthquake back in 2010, Fonkoze was the only financial institution in the country to reopen the next day. They did it by setting up computers, printers and desks outside, and setting up operations in the back of a truck, so that their customers could still access the money they needed to buy food and water. I think it s this absolute commitment to its customers that has helped Fonkoze today become Haiti s largest microfinance institution, empowering women to create a brighter future for themselves and their families. The organization is going through a lot of changes, but it s not cutting back on the vital services it provides. Instead, it s committed to becoming more efficient and transparent. It s also being innovative looking into new, commercially viable approaches to providing financial and social services, whether that s partnerships, using mobile technology or coming up with a new service or product, so that it can be financially sustainable and continue to support some of the poorest women in Haiti. W h e n v e r y p o o r p e o p l e h a v e a c c e s s t o a s a v a c c o u n t, s m a l l a n d a w a y t o r e t r a n s f e r s f r o m f a m i l y m e m b e r s l i v i n g a b r o a d, t b u s i n e s s e s c a n g r o w, t h e i r c h i l c a n g o t o s c h o o a n d t h e r e s f o o d t h e t a b l e. When you see the conditions that some people live in, and how hard they work, you appreciate what s really important in life. You also see that seemingly small things have a big effect. When very poor people have access to a savings account, small loans and a way to receive transfers from family members living abroad, their businesses can grow, their children can go to school and there s food on the table. I m proud that my skills could have such a directly positive impact on the wider community in Haiti. Access to a saving s account, sm al l l oans and transf ers f rom th eir f am il y al l ow H aitians b usinesses to g row, and access to sch ool and f ood f or th eir ch il dren. E n t e r p r i s e G r o w t h S e r v i c e s 7 F o n
8 EY Assurance Tax Transactions Advisory A b o u t EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. C o n t a c t s J o n S h e p a r d jshepard@uk.ey.com A b i S m i t h asmith7@uk.ey.com 2016 EYGM Limited. All Rights Reserved. EYG no. DU0028 BMC Agency GA 0152_4054 ED None In line with EY s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made. e y. c o m
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