The Aga Khan Agency for Microfinance (AKAM) was formally inaugurated in February 2005. The not-for-profit agency is based in Geneva, Switzerland.
The Aga Khan Agency for Microfinance operates microfinance programmes and institutions in 13 countries throughout the developing world including Afghanistan, Burkina Faso, Côte d'Ivoire, Egypt, Kenya, the Kyrgyz Republic, Madagascar, Mali, Mozambique, Pakistan, Syria, Tajikistan and Tanzania. These entities grew from programmes created by the Aga Khan Fund for Economic Development, the Aga Khan Foundation and the Aga Khan Trust for Culture. The underlying objectives of AKAM are to alleviate economic and social exclusion, diminish the vulnerability of poor populations and reduce poverty. AKAM aims to help people become self-reliant and eventually gain the skills needed to graduate into mainstream financial markets.
AKAM works closely with the other AKDN agencies as part of a coordinated approach that brings together many inputs and disciplines.
AKAM also provides microfinance services to employees and contractors of the Aga Khan Fund for Economic Development’s (AKFED) projects, as well as other residents in neighbouring areas. Some of AKFED’s investments are in fragile and complex environments, including economies that have suffered the effects of natural disasters, civil turmoil or war. It mobilises investment for the construction, rehabilitation or expansion of infrastructure, sets up sustainable financial institutions and builds economically viable commercial enterprises.
AKAM is in the process of building relationships with the commercial banks and insurance companies in the AKFED group. Client linkages are also being developed that will ensure any client whose business is successful and whose financial needs progress beyond the microfinance level will continue to have access to financial services from AKFED institutions when needed.
