We Stand United with Ukraine
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We are all witnessing a tragic sequence of events as the Russian invasion of Ukraine proceeds. For those of us in the FSVC family, this is a particularly painful time. Our organization engaged in transformative work to help build key components of market-based financial sectors in both Ukraine and Russia, starting in the early 1990s. The senseless, horrific war that Vladimir Putin has launched is having a devastating impact on Ukraine, and the long-term damage to Russia will be severe as well.
We at FSVC stand in solidarity with Ukraine, in support of its citizens’ valiant efforts to maintain their country’s independence. We extend heartfelt sympathy to all the wonderful friends and colleagues we have had in Ukraine over three decades. FSVC has worked hand-in-hand with countless reformers in Ukraine who have sought tirelessly to build a stronger, safer, and more inclusive financial sector for its people. To these reformers, past field staff, translators and others who have partnered with FSVC, making this transformative work possible – we stand united with you and your country.
J. Andrew Spindler
President & CEO
FSVC
For a further comment by Andy Spindler on FSVC’s early work in Ukraine, please click here.
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Help support FSVC’s critical work to improve lives in developing and emerging market countries. Make a tax-deductible donation to FSVC today!
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Eswatini: Auditing Natural Resources Extraction
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Participants from the Office of the Auditor General during FSVC’s training
Mbabane, Eswatini, February 2022
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Natural resources extraction can lead to significant economic growth and social development. It requires transparent, accountable management and oversight to ensure that revenues can benefit all the citizens. The Office of the Auditor General in Eswatini is in the process of developing a roadmap that will guide the auditing process for natural resources extraction.
To support these efforts, FSVC partnered with AFROSAI-E, a regional organization that empowers Supreme Audit Institutions (SAIs) to optimize their audit performance, to train 16 auditors from the Office of the Auditor General in Eswatini in how to examine the value chain of extractive industries. During the training, the volunteer experts helped the participants to identify top risks facing the extractive sector, and to efficiently prioritize limited financial and human resources to mitigate those risks. As a result, the Office of the Auditor General will be able to conduct risk-based audits. The training also provided a performance audit methodology that the institution can utilize moving forward.
This project was organized with funding from the United States Agency for International Development (USAID).
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Tajikistan: Strengthening Access to Financial Services
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FSVC volunteer experts Christienne Genaro and Deborah Baxley
(front 3rd and 2nd to right) with participants
Dushanbe, Tajikistan, February 2022
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In Tajikistan, the share of citizens who hold a bank account at a formal financial institution has increased over the years. However, the country still lags behind its neighbors in Central Asia and Eastern Europe. Low financial inclusion is due to the limited range, quality and accessibility of financial products, along with high bank interest rates.
To help increase citizens’ access to financial institutions, FSVC organized a training for commercial banks and microfinance institutions in financial product development. FSVC’s volunteer experts Christienne Genaro and Deborah Baxley designed and implemented a training on how to develop innovative and accessible financial products based on detailed market research. The training was highly interactive. “We received feedback that the techniques we were showing were very relevant, particularly the need to evaluate risks and to continually evaluate the product life cycle,” observed Ms. Genaro. The participants were eager to hear feedback from the volunteer experts on their product ideas developed during group exercises. “The most memorable part was how engaged and appreciative they were at the end of the training,” Ms. Baxley added.
As a result of this training, participants gained theoretical insights and practical experience that will help them design products in line with citizens’ needs to strengthen access to financial services.
This activity was implemented with funding from the U.S. Department of State.
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Niger: Increasing the Sustainability of Civil Society Organizations
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CSO Members of the consortium collaborating in their new shared office
Zinder, Niger, February 2022
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Civil society organizations (CSOs) play an important role in representing citizens’ needs and priorities to the government. In Niger, with funding from the USAID, FSVC has been implementing the SHIGA program to support local CSOs to more effectively engage the government on public policy issues.
This support is provided through CSO Incubators, including two at the regional level in Zinder and Maradi, that provide intensive capacity building and resources to CSOs. One of the main objectives of the CSO Incubator is to increase the sustainability of CSOs by helping them to maximize resources, including through collaboration and mobilization of funds. In Zinder, three CSOs formed a consortium to work together on the development and implementation of programs. Directly after agreeing to form the consortium, all three organizations relocated their offices to a new common office space, which allows them to lower their operating costs, including electricity, rent and water, and facilitates joint planning and programming.
Thanks to FSVC’s support, several CSOs in Niger have successfully used this combined approach to increase their revenue and enhance resource management, enabling them to expand their activities and increase their impact.
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About Us
The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries. It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life. FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts. Over the past 32 years, more than 10,000 volunteer experts from the international financial, legal and regulatory communities have taken part in 3,400 missions, impacting millions of people in 70 countries.
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