London, UK – 29 May 2020 – Today, VisionFund International, the microfinance subsidiary of World Vision announced Michael Mithika’s departure as President and CEO, effective 15 June, 2020.
Michael Mithika served VisionFund International as President and CEO since 2017. Prior to his appointment as CEO, Michael served as a VisionFund board member for six years. His understanding and long history of working in development finance greatly strengthened VisionFund during his tenure.
Mr. Mithika said, “Serving in this ministry and leading VisionFund has been a privilege. I leave with fond memories and quiet assurance that the work we do in 28 countries makes a big difference in the lives of more than 1.1 million clients and the communities we serve. I have seen hope and joy in our clients because of our work. Lives are transformed and the cycle of poverty broken because of the transformational model of VisionFund and World Vision.”
The VisionFund Board Chair, Jim Bere said, “The development of a new 2030 global strategy remains solid and clearly sets VisionFund’s future direction and aspiration for greater impact. Elements of this strategy will be critical to address the economic crisis related to COVID-19.”
According to Jean Baptiste Kamate, World Vision International Partnership Leader for Global Field Operations, “VisionFund has significantly increased its strategic and operational alignment with World Vision’s field operations. Microfinance is an important part of our livelihoods programming and will have a vital role to play in helping communities recover from COVID-19.”
The board has asked Jean Baptiste Kamate and Stephen Lockley, WVI Chief Administrative and Finance Officer, to provide interim leadership as Acting Co-Presidents and CEOs. Both currently serve on the VisionFund Board. Starting immediately, the Board is forming a search committee to begin the recruitment process.
ABOUT VISIONFUND INTERNATIONAL
VisionFund International, World Vision’s microfinance subsidiary, has been improving the lives of children in the developing world for over 16 years. By offering small loans and other financial services, clients develop successful businesses, enabling their children to grow up healthy and educated. In FY2019, VisionFund International’s network of microfinance institutions provided loans to one million clients, with nearly three-quarters of these going to women and over a third to clients actively involved in farming. Repayment rates were 97.1%. Also, in FY2019, 3.5 million children were positively impacted through its MFI network located across 28 countries in Africa, Asia, Eastern Europe and Latin America.