History and Background

The International Migrants’ Development Fund (FIDMi) was founded in 2002 FIDMi emerged from research conducted over several years into the remittances market and the unfair practices of money transfer companies remitting to Latin America and the Caribbean.

FIDMi CEO addressing donors and financial Institutions at a Conference on Remittances and Development, sponsored by the German Cooperating Agency, Tegucigalpa, Honduras, August 2006.

As a result, FIDMi created broad-based strategies to engaging Latino immigrants and their families abroad into the formal financial system. These core strategies are: the provision on integrated, low-cost financial services in partnership with diverse financial institutions particularly, Credit Unions, financial literacy, advocacy, community promotion and organizing and; community reinvestment.

The International Migrants’ Development Fund or FIDMi is a nonprofit, organization that seeks to contribute to wealth creation in migrant communities and their communities of origin, through, facilitating their engagement in the formal financial system, financial literacy, advocacy, community organizing and community reinvestment. (Download Information).

Currently, in the United States, 50% of Latino immigrants are “unbanked”. Lack of trust in financial institutions, culture, language, uncertain immigration status, proximity and other factors discourage immigrants from accessing services that provide the basis of family financial security and credit. Working on a cash basis encourages robbery/burglary, forces immigrants to pay inflated fees for basic financial services, and does not provide a basis for financial growth through savings and investments.

Promoters Graduation July, 2007.

FIDMi provides comprehensive culturally and linguistically competent financial services, financial literacy workshops, one-on-one counseling and community promotion and advocacy, targeting Latino immigrants in the Washington, DC metro area. FIDMi seeks to supporting both communities here, and in their home countries, where remittances are an important source of income. FIDMi is providing the resources for individuals become established financial through three primary programs, with many more on the horizon.

Mi Tierra (My Land), FIDMi social enterprise that facilitates the engagement of Latino immigrants into the formal financial services through the provision of services through an innovative, mutually beneficial partnership with financial institutions. Mi Tierra members have access to a full range of formal financial services provided by partner financial institutions, including savings and checking accounts, lines of credit, loans, retirement plans, life insurance, and other financial services, and provide the resources to begin building a credit record. Currently, Mi Tierra provides bilingual services to immigrants in the Washington Metropolitan Area, holding late and weekend hours to accommodate work schedules, unlike many formal financial institutions. FIDMi, in partnership with financial institutions abroad, promotes their services and products so immigrant families and communities so their families can have access to such services.

Staff & Promotoras, February 2008.

Semillas (Seeds) Program – facilitates immigrants’ access to wealth creation through education, community promotion, advocacy, outreach and organizing. Semillas Program trains members of the community to learn about the importance of joining the formal financial system and how-to navigate it.

The base of this program is a seven-week financial literacy course that is participatory, as well as culturally and linguistically appropriate. The workshop sessions discusses basic banking concepts, the impact and management of remesas, budgeting, savings, and creating credit history. Semillas also provides individual counseling where needed. To disseminate information in the most effective ways possible through Latino communities, the Financial Promoters project and Powered Latinas! Promotoras Project is a set of synergistic partnerships, wherein members of the community are trained to teach and counsel their peers on the importance of joining the formal financial system and how to navigate it. Promoters also conduct individualized counseling and do community outreach work and organizing which has been found to be the most effective way of marketing financial services to immigrants.

Training of Trainers’ Workshop, July 2007.

Community Development Fund - Revenues from Mi Tierra will be invested back into the community to provide support in other areas stressed by inequality. An Advisory Committee made up of civil society representatives and community members suggests program priorities, which are envisioned to include continuing financial literacy training, micro-enterprise; small business training; community education and health services; and civic participation to drive these changes. It will also support immigrants’ communities of origin by providing management assistance to immigrants pooling and sending money to their home community for development projects, the total of which actually exceeds development assistance from wealthier countries.

Although FIDMi’s programs are technically separate entities, together they provide a complementary, dynamic network of programs that are partnered with individuals and organizations in the community. All of FIDMi’s programs are designed to build and expand on each other, beginning at contributing to empowering the individual, and ultimately supporting economic development in local communities and communities in the Latin America and the Caribbean Region (Download Testmony).

For additional information please contact Nitza Segui Albino,nsegui@fidmi-mitierra.org or Fabio Arroliga, at farroliga@fidmi-mitierra.org. You may also contact us via telephone at (202) 483-8900.