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AFRACA

African Rural & Agricultural Credit Association

The African Rural and Agricultural Credit Association is the Association of Central Banks, Commercial Banks, and Agricultural Banks, Micro-finance Institutions and National Programmes dealing with agricultural and rural finance in Africa. The Vision of the Association is a rural Africa where people have access to sustainable financial services for economic development.

The mission of AFRACA is to improve the rural finance environment through the promotion of appropriate policy framework and to support member institutions to provide sustainable quality financial services to the rural population.

Afraca's Vision
Better services to Afraca's members institutions, better financial services to rural population in Africa.

Aims and Objective of AFRACA
The African Rural and Agricultural Credit Association (AFRACA) is an association of banks and financial institutions which are involved in providing financial services to the rural population of the continent. Its membership consists of central banks, commercial banks, development and cooperative banks, financial institutions and microfinance operators.

By April 2005 AFRACA had 78 members, spread over 27 countries. AFRACA currently (February 2008) has in total 90 members; 20 Commercial Bank, 36 Microfinance Institutions, 16 Central Banks and similar Institutions, 8 Microfinance Networks, 10 Agricultural and Development Banks

The idea of an Agricultural Credit Association for Africa originated from FAO sponsored regional Seminar on Agricultural Credit for Small Farmers held in Accra, in 1973. Subsequently, the World Food Conference on Credit for small farmers in developing countries held in Rome in 1975 endorsed this proposal and recommended that FAO should take the initiative to assist its members in the establishment of such Association in different areas of the world. This resulted in the formation of three regional associations: AFRACA, Near East North Africa Agricultural Credit Association (NENARACA) and Asia Pacific Rural and Agricultural Credit Association (APRACA).

It has a liaison status with FAO. In addition, AFRACA's Programmes are supported by other international and bilateral agencies, which are IFAD, the German GTZ and CTA which are engaged in the promotion of rural and agricultural financial services, microfinance and poverty reduction through income generating activities.

AFRACA signed an Headquarters Agreement with the Kenyan Government and the Secretariat of the Association is based in Nairobi.

AFRACA's target is to improve rural finance environment in the continent through the promotion of appropriate policy framework, and assist its member organisations to increase their rural outreach and to improve their provision of financial services through more appropriate banking practices and innovative financial products.

In recent years, AFRACA has significantly intensified and improved its services to the member organisations. By establishing new working practices and service delivery channels, AFRACA is now reaching its members more effectively and with service products that financial sector operators consider crucial for their institutional development and growth. AFRACAs success in recent years has been witnessed by the increased participation of members in AFRACAs events, the high demand for its publications as well as by the new banking organisations and Microfinance institutions wanting to join the association.

The African Rural and Agricultural Credit Association is the Association of Central Banks, Commercial Banks, and Agricultural Banks, Micro-finance Institutions and National Programmes dealing with agricultural and rural finance in Africa.

The Vision of the Association is a rural Africa where people have access to sustainable financial services for economic development. The mission of AFRACA is to improve rural finance environment through the promotion of appropriate policy frameworks, which enables sustainable financial institutions to increase their outreach.