Improving remittance services and promoting investments in Haiti

Fonkoze has been working to improve the access and the use of remittances in the rural areas of Haiti and propose to pilot new remittance services that bring a direct benefit to the consumers, both sender and beneficiary. For that, it has entered into a partnership with City National Bank of New Jersey for deployment of a Visa Prepaid/Payroll Card that facilitates the Diaspora's ability to send funds to the rural areas of Haiti by using card-based technology. This technology lowers the fees, increases security and simplifies the process of sending remittances, thereby enabling increased investment in the rural economies of Haiti. The projects will achieve this goal through financial education, and distribution of a low cost financial product for Haitian clients within the United States, the Visa Prepaid/Payroll Card.

Project Detail

Country

Haiti

Project Number

HA-M1020

Approval Date

September 18, 2009

Project Status

Closed

Project Type

Technical Cooperation

Sector

PRIVATE FIRMS AND SME DEVELOPMENT

Subsector

PRIVATE FIRMS AND SME DEVELOPMENT

Lending Instrument

Multilateral Investment Fund Instrument

Lending Instrument Code

MIF

Modality

Facility Type

Environmental and Social Impact Category (ESIC)

Category B13: Uncategorized Directive B.13

Total Cost

USD 650,100.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 650,100.00

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Implementation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-1378937500-8