DIGICEL has invested US$2million in Haiti’s largest microfinance institution, Sèvis Finansye Fonkoze, which states that it will use the funds to expand its microcredit and other financial service offerings through its network of 46 full-service branches which cover all 10 departments of Haiti.

Sèvis Finansye Fonkoze announced that it had closed the US$2-million equity investment on Tuesday.

The microfinancier’s products and services provide an economic lifeline for hundreds of thousands of Haitians. Digicel’s investment will allow for the expansion and creation of products and services that meet the growing and diverse financial services needs of Haitian individuals and small businesses, the company said.

“We deeply admire what Fonkoze has accomplished over almost 20 years in Haiti,” said Damian Blackburn, Digicel Group business development director.

“With our knowledge of the Haitian market, strong business experience, and the most advanced mobile network in Haiti, we believe Digicel is in a unique position to support Fonkoze in achieving its poverty-reduction goals,” continued Blackburn.

“With this collaboration, we are building on our existing partnership between TchoTcho Mobile and Fonkoze which enables customers to withdraw and deposit funds on their TchoTcho accounts at Fonkoze branches. This latest investment cements our commitment to further developing our partnership and we look forward to the next 20 years as we work together to deliver on Fonkoze’s social and commercial objectives,” he added.

Matthew Brown, CEO of Sèvis Finansye Fonkoze, said the investment by Digicel is a significant step in the company’s effort to increase its capital and expand its much-needed services in Haiti.

“It also serves as a launching pad for further innovation that will increase access to financial services among Haiti’s most vulnerable and in Haiti’s most difficult-to-reach locations,” Brown said

Reflecting on the new partnership, Father Joseph Philippe, founder of Fondasyon Kole Zèpol (Fonkoze Foundation) and president of the board of Sèvis Finansye Fonkoze, added, “We welcome this new partner and social investment. Working together with all our social investors and partners, we move forward with greater capacity as we approach our 20th anniversary in Haiti.”

With an investment of almost US$1 billion to date, Digicel is Haiti’s largest foreign investor, employer and taxpayer.