The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has issued the following loans: (1) The equivalent of approximately USD 676,000 in local currency over three years to Première Agence de Microfinance au Burkina Faso (PAMF – BF), a microfinance institution (MFI) in Burkina Faso; and (2) the equivalent of approximately USD 845,000 in local currency over three years to Première Agence de Microfinance Côte d’Ivoire (PAMF – CI), an MFI in Ivory Coast [1]. Both of these MFIs were created by the Aga Khan Agency for Microfinance (AKAM), a nonprofit international development agency that is headquartered in Geneva. AKAM also has MFIs in Afghanistan, Egypt, Kyrgyzstan, Pakistan, Madagascar, Mali, Syria and Tajikistan.
As of December 2014, PAMF – BF reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 8.6 million, deposits of USD 3.3 million, a gross loan portfolio of USD 7 million, return on assets (ROA) of -5.62 percent and return on equity (ROE) of 5.96 percent. GCAMF informed MicroCapital that PAMF – BF has 13,296 active borrowers, of which 36 percent are women and 88 percent live in rural areas, as of March 2015.
As of December 2012, PAMF – CI reported to MIX total assets of USD 1.65 million, deposits of USD 449,011, ROA of -11.54 percent and ROE of -18.34 percent. GCAMF informed MicroCapital that as of December 2014, PAMF – CI had an outstanding portfolio of EUR 3.3 million (USD 3.66 million) and 10,064 active borrowers, of which 42 percent are women and 63 percent live in rural areas.
As of December 2013, GCAMF reported total assets of EUR 50.6 million (USD 63.3 million). Since its inception in 2008 through 2013, the foundation has invested in 35 MFIs, 11 social-business projects and one fund in 22 countries.
By Arpita Sarkar, Research Associate
About Première Agence de Microfinance au Burkina Faso (PAMF – BF):
Established in 2006 by Switzerland’s Aga Khan Agency for Microfinance, the Première Agence de MicroFinance au Burkina Faso (PAMF-BF) was set up with the aim of serving farmers and seasonal workers in Burkina Faso. Based in the city of Ouagadougou, the organization now aims to provide services to anyone who is ineligible for traditional financial services. As of December 2014, PAMF – BF reported to the to the US nonprofit Microfinance Information Exchange (MIX) total assets of USD 8.6 million, deposits of USD 3.3 million, a gross loan portfolio of USD 7 million, return on assets (ROA) of -5.62 percent and return on equity (ROE) of 5.96 percent. Grameen Credit Agricole Microfinance Foundation, a partner of PAMF – BF, informed MicroCapital that as of March 2015, PAMF – BF had 13,296 active borrowers, of which 36 percent are women and 88 percent live in rural areas.
About Première Agence de Microfinance Côte d’Ivoire (PAMF – CI):
Established in 2008 by Switzerland’s the Aga Khan Agency for Microfinance, the Première Agence de Microfinance Côte d’Ivoire (PAMF – CI), aims to offer financial services to vulnerable populations. It is based in Abidjan, Côte d’Ivoire (Ivory Coast). As of December 2012, PAMF – CI reported to the to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 1.65 million, deposits of USD 449,011, return on assets (ROA) of -11.54 percent and return on equity (ROE) of -18.34 percent. Grameen Credit Agricole Microfinance Foundation, a partner of PAMF – CI, informed MicroCapital that as of December 2014, PAMF – CI had an outstanding portfolio of EUR 3.3 million (USD 3.66 million) and 10,064 active borrowers, of which 42 percent are women and 63 percent live in rural areas.
About Aga Khan Agency for Microfinance (AKAM):
AKAM is a nonprofit international development agency that is part of the Aga Khan Development Network (AKDN), a group of development agencies with mandates that include the environment, health, education, architecture, culture, microfinance, rural development, disaster reduction, the promotion of private sector enterprise and the revitalization of historic cities. AKAM was established in 2005 under Swiss law and is headquartered in Geneva. AKAM’s objectives include reducing poverty and the vulnerability of poor populations as well as reducing economic and social exclusion. The agency is governed by an independent board of directors, and His Highness the Aga Khan (the 49th Imam of the Ismaili branch of the Shia Islamic faith) serves as the board’s Chairman. AKAM has set up microfinance institutions in Afghanistan, Burkina Faso, Egypt, Ivory Coast, Kyrgyzstan, Pakistan, Madagascar, Mali, Syria and Tajikistan.
About Grameen Credit Agricole Microfinance Foundation (GCAMF):
The Grameen Credit Agricole Microfinance Foundation (GCAMF) provides financial services to microfinance institutions (MFIs) and other social businesses. GCAMF was founded in Luxembourg in 2008 by Crédit Agricole SA, a French retail bank, and Grameen Trust, a non-profit microfinance organization affiliated with the Grameen Bank of Bangladesh. In financing microfinance institutions (MFIs), GCAMF focuses on those that prioritize rural development, transparency, consumer protection and serving women. The foundation has been active in Azerbaijan, Bangladesh, Benin, Burkina Faso, Cambodia, Cameroon, Democratic Republic of Congo, France, Indonesia, Kenya, Kosovo, Madagascar, Mali, Palestine, Philippines, Senegal, Sri Lanka, Tajikistan, Timor Leste, Togo and Zambia. As of December 2013, GCAMF reported total assets of EUR 50.6 million (USD 63.3 million). Since its inception in 2008 through 2013, the foundation has invested in 35 microfinance institutions (MFIs), 11 social-business projects and one fund in 22 countries.
Sources and Additional Resources:
[1] Information provided directly to MicroCapital by GCAMF
MicroCapital, June 9, 2014, “Grameen Credit Agricole Lends $1m to Première Agence de Microfinance au Burkina Faso, $239k to Biotropical of Cameroon,” https://www.microcapital.org/microcapital-breif-grameen-credit-agricole-lends-1m-to-premiere-agence-de-microfinance-au-burkina-faso-239k-to-biotropical-of-cameroon/
MicroCapital Universe Profile: Grameen Credit Agricole Microfinance Foundation (GCAMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation
MicroCapital Universe Profile: Agence de Microfinance au Burkina Faso (PAMF – BF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Premi%C3%A8re+Agence+de+Microfinance+au+Burkina+Faso+%28PAMF+%E2%80%93+BF%29
MicroCapital Universe Profile: Première Agence de Microfinance Côte d’Ivoire (PAMF – CI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Premi%C3%A8re+Agence+de+Microfinance+C%C3%B4te+d%27Ivoire+%28PAMF+%E2%80%93+CI%29
MicroCapital Universe Profile: Aga Khan Agency for Microfinance (AKAM), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Aga+Khan+Agency+for+Microfinance+%28AKAM%29
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