A Fonkoze client signs for her loan at a weekly meeting
(CSRwire) February 28, 2008 - Fonkoze, Haiti's largest micro-finance institution, and Central National Bank of Enid, Oklahoma, have partnered to create a low-cost stored-value card that offers Haitian Diaspora and others in the U.S. both a convenient way to manage their own finances and an inexpensive way to increase income and investment in Haiti through remittances.
The two organizations recently signed an agreement under which CNB will issue a prepaid card for Fonkoze. Interactive Transaction Services, a wholly-owned subsidiary of CNB, will process the cards. Value can be stored on the cards in three ways: through direct payroll deposit, at participating banks, and through other load networks. The cards will have all the features of CNB's current prepaid card portfolio, but will also allow holders to send remittances up to $2,500 per day to Haiti for only $6 and make long distance phone calls at a competitive rate. Alianza International, a prepaid debit card and money transfer enabling company, will provide consumer marketing and remittance delivery support for CNB and Fonkoze. The product will be available on the market March 21, 2008. [Read more]
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