Since 2009, financial professional Ronald St Facile has operated multiple businesses in Florida and Haiti. For the past few decades, Ronald St Facile has also implemented interventions that promote financial inclusion, especially in Haiti.
As of 2019, nearly 60 percent of the Haitian population lives below the poverty line. The vast majority of Haiti’s banking institutions are located in the capital, which perpetuates financial exclusion. Many of the poorest Haitians cannot access resources such as business loans or savings accounts that could improve their financial situation. Without access to banking, these residents have difficulty receiving remittances from family members overseas, a huge driver of the Haitian economy.
Bringing financial products and services to the most remote areas of Haiti can greatly increase rates of financial inclusion. Microfinance loan programs can also help individuals secure small amounts of funding to finance their children’s education or start a business. Improving residents’ financial literacy can also reduce vulnerability to external economic shocks by increasing savings rates and following long-term financial plans.
