What are the function of ENCO Board members?

·         Co-ordinate and follow up the overall work of ENCO operation.

·         Receive and discuss the annual and Audit reports of ENCO and approve it.

·         Communicates the government on the activities of ENCO.

·         Conduct a regular review meeting to determine the consistency of the reports submitted by ENCO.

·         To develop and publish a code of conduct for the regulation of ENCO

·         Prescribe rules and procedures for the audit of the accounts of ENCO and approve it.

What are the challenges faced by ENCO in 2019?

Some of their key challenges include:
·  Donors focus on experienced NGOs and ignore the newly flourishing visionary NGOs.
·  Once the funds are exchanged for a local currency, valuable dollars may be lost due to currency rate fluctuation and fee deductions.
·  Current global situation volatility may leave donations at the mercy of the currency market.
·  COVID-19 effect up on the community

How do ENCO manage Foreign Exchange for International Charities and NGOs?

Each dollar raised by ENCO is valuable. Upon arrival at its destination, charitable funds often are exchanged into local currency. Using certain methods, the resulting amount may end up lower than expected due to transfer fees and foreign exchange. Partnering with Western Union Business Solutions and other International money grams allows you to access our global banking network and online platform, which helps to tackle these challenges.

Why do international payments arrive with less money?

Do your payments ever reach their destination short due to rate fluctuation and fee deductions? This means hard earned donations can be lost. We can help you lock in exchange rates and deliver payments via our global financial network to help minimize surprise costs.

How do ENCO increase transparency in money management?

ENCO online platform provides powerful track and trace features, so you’ll know where your funds are even as they make their way to remote regions. We make it easy to generate reports and understand cash flow. Monthly, Quarterly and Annual report will clarify all the performances. 

How NGOs Manage Currency Risk?

In order to ensure funds are not lost due to currency fluctuation, ENCO considers hedging. This will help with budget projections as organizations will be able to predict their cash flow and distributions in future payments. Because ENCO often dependent on public donations, the ability to protect assets from foreign exposure is especially valuable.

How can NGOs reduce their administrative costs?

The fees associated with currency exchange and money transfer can take away from the funds meant to help those in need. Streamlining this process can help ENCO lead to cost-savings and more efficient receiving and delivery of cash to remote and at-risk areas without an established banking system in place. By utilizing the global banking network, ENCO takes advantage of the global agent locations in order to help receive cash quickly and smoothly.