Uncategorized – Ficohsa Newsletter

7,800 Students Have Benefited From Partnership with USAID, Honduran Government

So far the Ficohsa Foundation’s school renovations have benefited 7,800 students and 280 teachers.

TEGUCIGALPA, HONDURAS, MAY 30, 2024: The Ficohsa Foundation, in collaboration with USAID and the Honduran Ministry of Education (SEDUC), has completed the refurbishment of the 16th and 17th schools under the Alliance for Education initiative to support education reform and improvements to school infrastructure in Honduras. This partnership has now benefited more than 7,800 students, renovated 185 classrooms, and impacted 280 teachers in Honduras.

Earlier this month, the Rafael Pineda Ponce Educational Center in Cerro Verde, Choloma, became the 16th school to complete extensive refurbishments, benefitting over 500 first through ninth grade students and 15 teachers spread over eight classrooms. Last week, the Ficohsa Foundation inaugurated the 17th school, República de Chile, in Puerto Cortés, with renovations benefitting nearly 700 students and over 30 teachers from 17 classrooms. Both schools received new or renovated roofs; refurbished floors, sidewalks, and access areas; updated electrical systems with LED lighting; the installation of water and sanitation systems; and redecorating throughout.

Commenting on the achievements, Ficohsa Group President Camilo Atala said, “The Ficohsa Foundation is focused on the education of our children. We know that, by improving the quality of education and restoring dignity to classrooms, we are contributing to the future of Honduras and the region. We are proud that we are fully achieving our goal of supporting the improvement of schools and classrooms to benefit thousands of children, teachers, and parents. But we must continue our work.”

Ken MacLean, Project Director at USAID, said: “The Alliance for Education is an example of how collaboration between different sectors can generate a positive and lasting impact on society. With the support of USAID, Ficohsa Foundation, and SEDUC, educational conditions are being created that allow students to develop their full potential, contributing to the progress and development of Honduras.”

To date, the Ficohsa Foundation has invested 17 million lempiras (around US$ 685 thousand) on the renovation of 17 schools. The Foundation’s goal is to renovate more than 250 classrooms in 25 schools, providing vastly improved learning environments for 10,500 students.

The Ficohsa Foundation for Children’s Education is committed to supporting underserved communities across Honduras and Central America. Since its establishment 25 years ago, the Foundation has transformed the lives of 150,000 pre-school children, trained over 300 teachers, delivered over 12 million meals, and created 29 technology centers equipped with over 500 computers in 150 schools in Honduras and Central America.

Grupo Financiero Ficohsa is the leading Honduran financial services group, offering banking, insurance, pensions, brokerage and money exchange. Ficohsa’s innovative online solutions enable customers to carry out their banking at any time or place, expanding financial inclusion across the region. Ficohsa is a member of the United Nations Global Compact. Ficohsa supports the goals of Central America Forward on strengthening governance, combating corruption, and improving security. Ficohsa’s 2022 Sustainability Report outlines the bank’s significant progress in financial inclusion, ethical banking, and investments in environmental sustainability.

As a founding member of the Partnership for Central America’s “Financial Inclusion Consortium for Central American Remittances” – or FICCAR – Grupo Financiero Ficohsa, the Central American financial services group headquartered in Honduras, has committed to expanding financial inclusion in the Northern Triangle by ensuring that a greater proportion of remittances are transferred to formal bank accounts.

Attending the launch of FICCAR in Miami, Camilo Alejandro Atala, Corporate Projects Manager of Ficohsa, said, “Remittances are vital to the economies of the Northern Triangle, accounting for 20-30% of the GDP of those countries. They are lifelines that sustain individuals, small businesses, and entire communities. Our experience shows that beneficiaries of remittances with access to financial products, even something as basic as a bank account, save four times more than those without. This is a significant step towards financial stability which, in turn, reduces the need for migration.”

Combined, PCA member companies of FICCAR are committed to expanding financial inclusion by digitizing nearly US$14 BN of remittance transactions in formal accounts rather than immediately paying them out in cash. Ficohsa is delighted to be part of FICCAR and encourage more people to send money back home to formal digital accounts, with the added benefits of greater security and lower transaction costs. This will benefit underserved populations and formalize local economies, enabling businesses to grow, create sustainable jobs, and generate wealth – particularly in those parts of the region that need the most help.

Mr. Atala continued, “Ficohsa is honored and privileged to be part of both the PCA and FICCAR. With greater financial inclusion, financial education, and financial security, the lives of those who receive these remittances will be elevated. Our commitment is not just to facilitate transactions but to spearhead a movement towards financial empowerment.”

As part of the Partnership for Central America, the public–private initiative set up by U.S. Vice President Kamala Harris to expand jobs, investment and financial inclusion in the Northern Triangle, Ficohsa is striving to advance economic development and opportunity throughout Honduras, El Salvador and Guatemala.

Ficohsa is investing US$50M in digital services, such as the TENGO mobile payment service. The Group is also committed to providing a further 210,000 unbanked, vulnerable people with financial products and services.

About Ficohsa

With 6,000 employees, Ficohsa serves 2.1M clients (30% of whom are women), including nearly 25,000 SMEs. Ficohsa is working to double its SME loan portfolio to US$910M over the next five years, prioritizing the growth of women-led businesses through preferential loans, insurance, and financial education. Ficohsa supports the goals of Central America Forward on strengthening governance, combating corruption, and improving security. Ficohsa’s investments in robust compliance and internal auditing systems have enabled it to grow transparently and with confidence. The Group’s Code of Ethics and Conduct is backed by a vigorous Anti-Corruption and Bribery Management System. Ficohsa’s 2022 Sustainability Report outlines the bank’s progress in financial inclusion, ethical banking, and investments in environmentally sustainable projects. Ficohsa is a member of the UN’s Global Compact, and adheres to GRI standards and the Sustainability Accounting Standards Board (SASB).

Categoría: Uncategorized

Ficohsa Foundation Completes Refurbishment of 17th Honduran School

Ficohsa Commits to Expanding Financial Inclusion in Central America