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Microfinance

In the Central Province, Frigoken, an agro-industrial project of the Aga Khan Fund for Economic Development (AKFED), is the backdrop for AKAM’s microcredit activities.In the Central Province, Frigoken, an agro-industrial project of the Aga Khan Fund for Economic Development (AKFED), is the backdrop for AKAM’s microcredit activities.Since March 2005, the Aga Khan Agency for Microfinance (AKAM) has centred its activities in the Kwale/Kilifi districts in the Coast Province and in the Murang’a/Kirinyaga districts in the Central Province. The coastal programme supports AKF’s rural support initiatives in the area, using the group lending methodology and microloans in support of income generating activities such as farming, animal husbandry and retail enterprises. In an area that is particularly vulnerable to drought and famine, close to 60 percent of these individuals earned less than a dollar a day at the time of their loan application. Two-thirds of beneficiaries are women.

In the Central Province, Frigoken, an agro-industrial project of the Aga Khan Fund for Economic Development (AKFED), is the backdrop for AKAM’s microcredit activities. Over 900 individuals, approximately 50 percent of whom are farmers, have gained access to credit under AKAM’s programme. The loans assist farmers enhance supplies of French beans for purchase, processing and export by Frigoken. In addition, loans are given to farmers to diversify their crop range for greater stability of incomes. The start-up of close to 250 retail enterprises have also benefited from this programme.

The initial successes in both these provinces have given impetus to plans for a rapid expansion of activities as well as the imminent introduction of loans for housing improvement, education and health.

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