Originally published: November 4, 2006
Source: Access Microfinance Holding AG
In a constitutive meeting held in Madagascar’s capital Antananarivo on 2 November, Access Microfinance Holding AG (AccessHolding) and its international partners have established AccèsBanque Madagascar S.A. (ABM). The island’s first microfinance bank will offer a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata. Subject to license approval by the local banking authorities, ABM will commence operations by the end of 2006. ABM is managed by AccessHolding’s technical partner LFS Financial Systems GmbH on the basis of a management service contract.
ABM is endowed with an equity capital in the local currency equivalent of EUR 1.66 million, of which AccessHolding has subscribed a share of EUR 560.000 (33.7%). Co-investors include AfriCap Microfinance Fund (25.3%), the Triodos-Doen Foundation (20.5%), as well as BFV-Société Générale (20.5%), the local subsidiary of the French banking group. During the start up phase ABM will receive financial support from the European Union.
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