Aga Khan Agency for Microfinance

Aga Khan Agency For Microfinance

Aga Khan Agency for Microfinance

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Description:

Meaning

These are institutions primarily set up to provide softloans for those who want to open small scale businesses

History and Conceptualization of the Agency

Introduction

Microfinance is the supply of financial services to people living in poverty. These financial services, like those available in developed countries, help individuals to build assets, stabilize consumption, and shield against risks. Microfinancing first began as a “fringe activity” in Bangladesh but today affects up to five hundred million people in the developing world while over twelve thousand microfinance institutions are currently in existence worldwide. As an agency of the AKDN, AKAM is strategically placed to complement many of the current programmes and initiatives of the Network. It draws on the microfinancing experience of the Aga Khan Fund for Economic Development (AKFED), which was previously responsible for this. The Fund itself was preceded by the institutions set up by the late Sir Sultan Muhammad Shah Aga Khan III.

AKAM operates in twenty different countries. At the end of its first year of operation it had already opened one hundred branches between South and Central Asia and East Africa, with a workforce of over nine hundred people. Since its establishment in 2004, AKAM has assumed responsibility for microfinance programs and banks that were administered by other agencies within...
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