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| The First MicroFinanceBank, Afghanistan (FMFB Afghanistan) on September 18, 2003 received the first license (license n° 001) from Da Afghanistan Bank (DAB) theCentral Bank in Afghanistan after which onNovember 22, 2003 it was registered with Afghan Investment Support Agency (AISA) as a limited liability company.
On March 18, 2004 received formal banking license to operate nationwide from the Da Afghanistan Bank. The operations commenced from May 1, 2004.
| VISION
| To be recognised as the leading microfinance services provider in Afghanistan contributing to poverty alleviation and economic development through the provision of sustainable financial services primarily targeting at the micro and small businesses and households.
| | MISSION | | | To reduce poverty, diminish the vulnerability of poor populations and alleviate economic and social exclusion. It aims to help people become self-reliant and eventually gain the skills needed to graduate into the mainstream financial markets.
| OPERATING PRINCIPLES
| | FMFB Afghanistan’s underlying principles are long-term sustainability, broad outreach, optimal impact, and social performance: | Sustainability means that FMFB aims at fully covering its inflation-adjusted costs with its revenues, and generating a surplus to finance expansion. Broad outreach means that FMFB aims at reaching to those who are currently not able to receive adequate financial services in rural as well as in urban areas, with women a particular target. Optimal impact means that FMFB aims at serving primarily the underserved, and will put in place instruments that enable FMFB to monitor the impact on its clientele of the services provided. Social Performance is defined as the “effective translation of an institution’s social goals into practice, in line with accepted social values.”
| FMFB Afghanistan currently leads among the MFIs in Afghanistan in terms of outstanding portfolio, which was valued at over US$ 36 million at the end of 2008, and disbursed around US$ 160 million (95 thousandloans) since inception. In addition to its 35,000 current loan clients, FMFB Afghanistan also had close to 25,000 voluntary deposit accounts, nearly three times as many as at the end of 2007. The recent surge in opening of voluntary deposit accounts indicates that Afghans are becoming increasingly aware of, and comfortable with the use of, formal financial services. FMFB Afghanistan opened four new branches during 2008 and now has 17 branches spread throughout twelve provinces, including four branches in Kabul. Since 2006 the bank has maintained operational sustainability and generated modest surplus which is being used to fund further growth and expand the branch network.
The bank has a range of financial services and is offering both individual credit and group credit methodologies. Recently a pilot project of housing microfinancehas been initiated which is expected to be launched nation-wide in 2009, further the bank provides mobile micro-financing facility to its clients which facilitates
the clients in terms of both time and money. The bank also offers cash management, deposit and remittance services to corporate clients.
| CONTACT:
| Head office address: Second floor, Park Plaza, Main Shahr-e-Naw Road,
Kabul, Afghanistan
Muslim ul-Haq CEO +93 (0) 799 322 765 Email: muslim.haq@fmfb.com.af
Mansur Mehdi CFO +93 (0) 799 095 705 Email: mansur.mehdi@fmfb.com.af
Mix market: http://www.mixmarket.org/en/demand/demand.show.profile.asp?token=&ett=1560
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