Question 1

What is Koperativ Fad la Site (KOFAS)?

Accepted Answer

Koperativ Fad la Site (KOFAS) is a savings and credit cooperative operating in Haiti. The institution functions under Haitian legislation governing the organization and operation of savings and credit cooperatives (coopératives d'épargne et de crédit).

KOFAS is a member of the National Association of Haitian Credit Unions (ANACAPH), Haiti's national network of credit unions. The cooperative operates primarily in the Ouest department, serving members through savings mobilization, credit provision, and financial inclusion initiatives.

Question 2

When was Koperativ Fad la Site (KOFAS) founded?

Accepted Answer

KOFAS was founded on June 15, 1989, when 27 founding members signed the institution's statutes and constitutive act. The cooperative emerged from meetings held by members of the "Cellule Culturelle" (Cultural Cell) of the Phare de la Cité church, a station of the Première Église Baptiste de Port-au-Prince (First Baptist Church of Port-au-Prince).

These founding members met to address the economic and financial difficulties faced by members of their religious congregation. After analyzing several options to confront these challenges, they agreed to establish a savings and credit cooperative.

The motto of KOFAS, "Un pour Tous, Tous pour Un" (One for All, All for One), reflects the cooperative's founding principles of solidarity and mutual support.

Question 3

Where is Koperativ Fad la Site (KOFAS) headquartered?

Accepted Answer

KOFAS is headquartered in the Ouest department of Haiti. The cooperative originated from the Phare de la Cité church community in the Martissant area of Port-au-Prince, Haiti's capital city.

As a member of ANACAPH, KOFAS operates within the network of 56 credit unions spread across Haiti's 10 geographic departments.

Question 4

Where does Koperativ Fad la Site (KOFAS) operate?

Accepted Answer

KOFAS operates primarily in the Ouest department of Haiti, serving members in the Port-au-Prince metropolitan area and surrounding communities. The cooperative provides financial services to its member-owners, focusing on the communities connected to its founding congregation and the broader population in its service area.

As part of the ANACAPH network, KOFAS may have access to inter-cooperative services that extend its reach beyond its immediate geographic location.

Question 5

What services does Koperativ Fad la Site (KOFAS) offer?

Accepted Answer

KOFAS offers three main categories of financial services:

Savings (Épargne): The cooperative mobilizes savings from its members, providing them with a financial cushion for emergencies and future projects. Savings products are designed to encourage regular deposits and financial discipline among members.

Credit (Crédits): KOFAS provides loans to its members, positioning access to credit as a responsible commitment. The cooperative evaluates loan applications through its Credit Committee and extends financing to support members' personal and business needs.

Other Services: KOFAS offers additional financial services to complement its core savings and lending activities. These may include financial education, cooperative membership benefits, and other services aligned with the cooperative model.

Question 6

What makes Koperativ Fad la Site (KOFAS) unique?

Accepted Answer

KOFAS is distinguished by its faith-based origins and community-centered approach. Born from a church congregation's desire to address the financial needs of its members, the cooperative maintains strong ties to the Première Église Baptiste de Port-au-Prince community.

The cooperative's founding principle of solidarity is reflected in its organizational structure. KOFAS operates through a General Assembly (the supreme authority), a Board of Directors, a Credit Committee, and a Supervisory Committee, all staffed by volunteers. Daily operations are managed by a Director General supported by professional staff.

KOFAS's vision emphasizes engaging members in savings practices and meeting their financing needs through cooperation. Its mission focuses on collecting members' savings, helping those savings grow, providing credit access, and promoting solidarity and cooperation among members.

Question 7

What type of financial institution is Koperativ Fad la Site (KOFAS)?

Accepted Answer

KOFAS is a savings and credit cooperative (coopérative d'épargne et de crédit), also known as a caisse populaire in Haiti. This institutional type is governed by the June 26, 2002 law on savings and credit cooperatives in Haiti.

As a cooperative, KOFAS is owned and democratically controlled by its members. It operates under cooperative principles where members pool their savings and provide loans to each other, distinguishing it from commercial banks that answer to external shareholders.

The cooperative is subject to regulation by the Banque de la République d'Haïti (BRH) through its Direction Générale de l'Inspection des Caisses Populaires (DIGCP). KOFAS is also affiliated with ANACAPH, which provides capacity building, technical assistance, and advocacy for its member cooperatives.

In Haiti's financial system, credit unions like KOFAS play a crucial role in financial inclusion, serving populations that may have limited access to traditional banking services.

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About Koperativ Fad la Site (KOFAS) in Haiti