Jul 09, 2020
How pivoting from auditing to advising helps financial institutions manage risk during COVID-19 By Richard Shumann,Chief Risk Officer for Vitas Group
This blog entry was originally published on FinDev Gateway   Internal auditors are an essential component of microfinance providers’ internal control and risk management functions, but how should they react to a sudden crisis? Experience in Vitas Group shows that a quick pivot from auditing to advising, supported by management and collaboration among auditors, helps financial institutions adjust internal controls and manage risk. Vitas Group operates micro and small enterprise... Read more
Jun 22, 2020
The COVID-19 crisis has severely impacted the business community around the world. Small businesses in developing economies have been hit particularly hard. Countries like Iraq and Lebanon were experiencing social and political unrest as the pandemic struck, while Jordan and Palestine were already facing economic recessions, further compounding their problems. This report summarizes the results of a COVID-19 client survey among Vitas Group network institutions. Surveys were conducted in May 2020 with clients in Egypt, Iraq, Jordan, Lebanon, Palestine and Romania, where Vitas served a combined 90,298 active clients and an... Read more
Feb 22, 2020
Vitas Group, created by Global Communities is a for-profit holding company that operates a network of microfinance companies, predominantly in the Middle East. They are a unique group of companies with more than twenty years of proven track record of successfully lending to micro, small, and medium enterprises and the only such investment vehicle for impact investors in the region. Since 2004, Vitas companies have disbursed more than $3 billion to over 1 million customers with an annual default rate below two percent. Every two years, Vitas Group surveys clients in its affiliated institutions to assess customer satisfaction, the impact of loans... Read more
Jun 05, 2019
Vitas Group recently issued a report including a Gender Action Plan that seeks to offer tailored services and a better understanding of the needs of women clients, which is expected to result in improved retention and outreach for borrowers. Vitas Group is a Global Communities enterprise established in 2006 as a microfinance holding company with subsidiaries in Lebanon, Romania, Jordan and Palestine, and affiliates in Iraq and Egypt. In 2018 the Vitas Group launched the Vitas Values Equality initiative to raise awareness and secure from all tiers of management a commitment to embracing gender equality across the network. Then in March of this year Vitas Iraq,... Read more
Dec 15, 2018
Message from Elissa McCarter-LaBorde, CEO of Vitas Group The year 2017 marked several exciting developments for Vitas Group. We signed shareholders agreements and closed investments with new commercial partners in Lebanon and Egypt. Saradar Bank purchased a 49 percent stake in Vitas Lebanon and committed $20 million in new debt financing to expand our footprint across the country. Saradar Bank is a premier financial institution in Lebanon and has been at the center of Lebanese banking for over 60 years. Egyptian private equity firm BPE Partners, through its new subsidiary “Ebtikar,” entered a 50/50 joint venture to launch Vitas Egypt. Vitas Egypt will be the first microfinance company in the country... Read more
Aug 14, 2017
Vitas Group Publishes 2016 Annual Report Vitas Group was created in 2006 to help unite the commercially-oriented microfinance institutions owned by Global Communities under one brand and one mission: Financing a Better World. Vitas Group’s staff around the world still worked tirelessly to bring that mission to life. Vitas Group is proud to share this 2016 Annual Report, to showcase the ways our work has a positive social and financial impact on communities around the world. Despite turmoil and uncertainty in many of the places where we work, Vitas remains a partner for good.... Read more
Jan 25, 2017
How to Tailor Your Own Business—Vitas Romania Supports Entrepreneurial Start-ups This story originally appeared on Vitas Romania  As a child growing up in the small city Alba Iulia in Romania, Bogdan Moga dreamed of being his own boss. Now, at the young age of 27, he is fulfilling his dream. It has also been exactly 27 years since the Romanian Revolution of 1989. As a result of the political and economic upheaval that wracked his country, Bogdan belongs to a generation of young Romanians accustomed to building things from scratch. To young Romanians like Bogdan ‘freedom’ means 'independence.’ Bogdan did not want to have to rely on someone else for his livelihood. "I did not want the... Read more
Jan 19, 2016
Vitas 2015 Bi-Annual Social Performance Report Tracking Client Progress and Satisfaction Executive Summary Social Performance Management (SPM) is the process ofmanaging an organization to achieve its social mission. Its implementation puts clients at the center of all strategic and operational decisions. The importance of balancing financial and social performance allows institutions to pursue financial goals while benefiting clients. As a member of the Social Performance Task Force, Vitas Group has endorsed the Universal Standards for Social Performance and has taken the initials steps to implement these standards. The Social Performance report is produced on a bi-annual basis and... Read more
May 29, 2015
The Global Communities 2014 Annual Report This year our annual report illustrates our work in the following areas: - Assisting Communities in Crisis
- Building Resilient Communities
- Communities of Innovation
- Urban Communities
- Investing in Communities with the Private Sector
- Financial Inclusion and Education
- Communities and the Changing Climate Please read more to learn about Global Communities' programs and major accomplishments during 2014.
Oct 13, 2014
European Investment Fund Loans $2.53 Million to Vitas via European Progress Microfinance to Support Microenterprises in Romania By Simon Pfanner This article originally appeared in MicroCapital. The European Investment Fund, a member of the European Investment Bank Group providing financing to small and medium-sized enterprises, recently loaned EUR 2 million (USD 2.53 million) to Vitas, a Romanian microfinance institution, through European Progress Microfinance, a microfinance investment vehicle supported by the EU’s European Commission and the European Investment Bank. The loan will be used... Read more
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