The Aga Khan Foundation U.S.A. (AKF USA), with a grant from Whole Planet Foundation (WPF), is developing a mobile banking platform to expand access to financial services, in particular savings, to rural clients. In one of the world’s poorest regions, the partners are exploring how to expand savings services to communities, including the use of mobile technology, to help rural families get through seasonal cash flow crunches. This grant builds on the experiences of the Aga Khan Development Network in microfinance and infrastructure in Côte d’Ivoire.

More Inclusive Finance Options for Rural Côte d’Ivoire

Through the grant, AKF USA and the Première Agence de Microfinance (PAMF, or First Microfinance Agency, is a part of the Aga Khan Agency for Microfinance) in Côte d’Ivoire will increase the number of loans that PAMF provides to clients in the rural north. The project supports group solidarity loans in over a dozen villages around Korhogo and Boundiali. Most clients are involved in agriculture and use the funds for activities such as storing and marketing cashew nuts and other crops. Nearly half of the loan recipients are women. By the close of the three-year project, the target is to bring access to credit to an additional 1,220 clients.

The project also takes PAMF a step further toward better microfinance options for communities in northern Côte d’Ivoire. Specifically, it will increase access to savings for 5,000 new rural families beyond the reach of conventional financial institutions. For this, PAMF is partnering with a major mobile network provider in Ivory Coast to create a system that these clients can use to access their bank accounts. This project establishes foundation of the mobile network from which PAMF can expand to offer both savings and credit services in the future.

Product Development and Market Research with Rural Clients

This project will support development of similar products in Burkina Faso, Madagascar and Mali, along with market research to ensure the new mobile finance product is developed in a way that meets the clients’ long-term needs.

The loans make a tremendous difference to families that face a cash shortage before their harvest is ready. Now these farmers may be able to use their mobile phones to ease that crunch, without having to travel many miles to a bank.

Access to Microfinance in West Africa around the Web

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