The Switzerland-based Aga Khan Agency for Microfinance (AKAM) recently informed MicroCapital that one of its affiliated microfinance institutions, Premiere Agence de MicroFinance (PAMF) Madagascar, has begun offering mobile savings and lending services in partnership with Orange Money, a unit of French telecom Orange Group. This M-kajy service allows customers to use their mobile phones to open savings accounts and apply for loans “with no need for paperwork or a visit to the bank.”
The general manager of AKAM, Jesse Fripp, said, “By enabling our clients to save money easily and providing quick access to funds at all times, we help them build financial resilience. This initiative reflects AKAM’s global vision of using digital technology for financial inclusion and improving the quality of life of low-income people.”
PAMF Madagascar has 14 branches and also operates storage facilities for agricultural products. It offers loans, including inventory credit, to micro-, small and medium-sized enterprises. As of 2017, the institution has total assets of USD 11 million, deposits of USD 7 million held for 73,000 clients and a gross loan portfolio of USD 7 million outstanding to 12,000 clients. Of PAMF Madagascar’s borrowers, 70 percent live in rural areas.
AKAM, which serves 300,000 people in 10 countries in Africa and Asia, is part of the nonprofit Aga Khan Development Network, which operates in 30 countries in sectors including health, education, architecture and music.
During the quarter that ended in March, Orange Group served 10.5 million customers, bringing in revenues of EUR 10 billion (USD 12 billion) from operations in 28 countries.
Sources and Additional Resources
Aga Khan Development Network press release
http://www.akdn.org/press-release/pamf-and-orange-money-launch-new-mobile-banking-service-madagascar
Orange press release
http://www.orange.mg/actualite/pamf-et-orange-annoncent-lancement-m-kajy-service-innovant-depargne-et-pret-dargent
MIX profile on PAMF Madagascar
https://www.themix.org/mixmarket/profiles/pamf-mdg
Orange Group financials
https://www.orange.com/en/Investors/Results-and-presentation
Aga Khan Development Network’s financial inclusion work
http://www.akdn.org/what-we-do/financial-inclusion
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