Roman Hingorani, CFO Operating in emerging economies with minimal financial infrastructure and little credit accessibility, FINCA Impact Finance is transforming finance in underserved markets. In frontier markets around the world, the company’s network of microfinance institutions and banks provide responsible financial services to low-income entrepreneurs and small business owners, delivering a double bottom line of social impact and profitability. “With 10,000 employees, two million customers and operations in 20 frontier markets, FINCA Impact Finance is creating robust credit policies and injecting efficiency into treasury management practices,” says FINCA Impact Finance CFO Roman Hingorani.
The Washington, DC-based firm provides financial products to underserved, financially excluded entrepreneurs while using an innovative business model that ensures business sustainability. FINCA Impact Finance’s model harnesses digital technology to make the business more efficient and sustainable while maintaining “touch”, trust and familiarity with the customer. One example of this model in action is FINCA Impact Finance’s use of digital tablets in the loan application process and extension of credit to small businesses such as restaurants, vendors, artisans and farmers. Loan Officers use tablets to complete the loan application forms allowing them to complete paperwork and gather signatures directly at the clients’ business locations—saving both staff and clients time and often arduous travel. The company’s innovative practices lead to quicker loan processing, which is further facilitated by credit scoring models that streamline the process. The company also offers credit scoring, centralized underwriting and e-wallets.
“Being a growing organization, our depositors include big corporate entities.
We are dedicated to ensuring stability for our loan customers and depositors,” continues Hingorani. To manage the concentration of risk that can arise from corporate deposits, the company has devised and implemented stringent liquidity management policies. It also employs rigorous processes to manage open currency risks, borrowing in hard currencies and on lends in local currencies. These practices act as hedging mechanisms, allowing the company to control its open currency positions on a daily basis. With mathematical modeling, cutting-edge algorithms and data visualization tools, it utilizes a range of mechanisms to reduce credit risks. At the same time, FINCA Impact Finance ensures local availability of credit through its global treasury desk, which can inject liquidity into the various entities it manages.
FINCA Impact Finance is doing more than transform traditional financial practices, however. It is also using innovative measures to redefine access to credit. For instance, the company operates in Democratic Republic of Congo, which has witnessed macroeconomic instability and lacks a regulatory framework to offer monetary bonds. In this challenging market, FINCA Impact Finance has been exploring ways to include citizens in the bond market, now serving 200,000 clients through its network of 1,200 agents.
FINCA Impact Finance is partnering with like-minded companies to develop and deliver responsible products and services that are customer-centric, efficient, competitive and profitable. By partnering with Fintech companies, FINCA Impact Finance can leverage cutting-edge tools and practices to make the global financial environment more inclusive. For instance, in Pakistan, the company has partnered with Finja, a leading Fintech startup, to launch SimSim, a mobile payment platform that has already reached over 100,000 customers. The company aims to reach all segments of society. With a goal to widen the net of credit access and financial inclusion, FINCA Impact Finance is poised to make credit accessible to two billion people across the globe.
FINCA Impact Finance stands apart from predatory lenders and conventional money-centric organizations, while also being profitable and providing value to shareholders and investors through higher returns on invested capital.
“Almost 40 years ago, FINCA’s founders dedicated themselves to fighting poverty through the power of microfinance, promising greater opportunity around the world,” Jeff said. “Together, we will continue to deliver on that pledge. It is a privilege to rejoin FINCA and to carry forward the work of this great institution.”
From 2009 to 2018, Jeff served as Vice President and Regional Director for FINCA’s eight subsidiaries in the Eurasia region, achieving a gross loan portfolio of more than $580 million and reaching more than 450,000 clients. Jeff led the transformation of FINCA Kyrgyzstan and FINCA Georgia into regulated banking institutions able to deliver a wide range of products and services to FINCA customers. From 2001 to 2009, Jeff served as Country Director and CEO of FINCA Azerbaijan, growing the operation into a market-leading institution.
Throughout his tenure with FINCA, Jeff delivered strong financial performance and growth, fostering development and stewardship of donors and investors, and instilling a culture of ownership, accountability, and inclusive decision-making. He also championed diversity and empowerment of local teams in pursuit of excellence in customer experience.
"Jeff’s return to FINCA will bring fresh perspectives and catalyze further growth and business transformation,” said Andrée Simon, President and CEO of FINCA International, who has also held the FIF CEO role since 2016. “Jeff is a great strategic thinker and a fantastic communicator. As someone who spent 17 years working in FINCA countries, Jeff understands the needs of both our employees and our customers.”
During his hiatus from FINCA, Jeff served as Director for Agriculture and Economic Growth at ADRA International, a global NGO delivering humanitarian assistance and sustainable development programs in 118 countries. Previously, Jeff also worked as an independent consultant, completing a range of capacity building, systems design, and program development assignments for UN agencies, NGOs, microfinance institutions, and other firms. In addition to MSME banking and rural finance, his areas of expertise include corporate governance, strategy, and people and culture.
“Jeff’s proven track record aligns seamlessly with FINCA’s mandate to empower low-income entrepreneurs and eradicate poverty,” said FIF Board Chair Richard Williamson. “His appointment demonstrates FIF’s ongoing commitment to bringing financial inclusion throughout the countries in which we operate, and especially for women and rural communities.”