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https://www.akdn.org/sites/akdn/files/media/publications/akam_madagascar_2012.pdf
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Première Agence de Microfinance Madagascar - 2012 Report

While most microfinance institutions in Madagascar primarily focus in Antananarivo and other urban centres of the island, the Première Agence de Microfinance Madagascar (PAMF-Mad) is dedicated to providing financial services to underserved clients, particularly in remote areas. Sixty-eight percent of PAMF-Mad clients are rural.

In 2012, PAMF-Mad launched a product for rice producers and buyers called “Magazay” using a warehouse receipt methodology to enable farmers to borrow against their harvest initially and wait to sell when prices are higher. PAMF also introduced a graduation program from microfinance to SME for loyal clients who were in need of larger loan sizes but who could not fulfil the stringent requirements for SME loans from commercial banks.