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Yes! I want to support microfinance and empower people to work their way out of poverty.
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Financiera FAMA
General Manager: Víctor Tellería
Active Borrowers: 24,499
Active Portfolio: $26,053,000
Average Loan Balance: $1,109
Portfolio at Risk > 30 Days: 15.17%
Savers: n/a
Savings Balance: n/a
Statistics as of May 2010
Mission: FAMA works to improve the living conditions of Nicaragua's poorest economically active population by providing credit and training to microentrepreneurs, especially women.
History: In December 1990, the United Nations Development Programme (UNDP) invited ACCION to Managua to assess the financial needs of Nicaragua's microentrepreneurs. With the help of ACCION, FAMA was established and made its first loans in February 1992.
In September 2002, FAMA received the Inter-American Development Bank's Award for Excellence in Microfinance for Non-Regulated Institutions. This was the first time the award had been given to an institution in Central America. In 2004, FAMA received the first award for management excellence in microfinance from the Central American Bank of Economic Integration (CABEI).
ACCION's Role: ACCION provided technical assistance and a full-time resident advisor at FAMA. Together, they worked to improve and develop FAMA’s financial methodologies, assist FAMA in its institutional development, and strengthen FAMA’s human resources area.
ACCION lead FAMA’s transformation from an NGO to a regulated microfinance institution along with a team of consultants. In addition, ACCION managed the implementation of a new technology platform. In the area of product development, ACCION helped FAMA introduce a new remittances service for Nicaraguan immigrants living in the U.S.
Borrower Profile: In 2004, 54 percent of FAMA’s clients were living under the poverty line (for borrowers receiving loans under $400). FAMA's clients are typically the sole owners of their businesses and often work alone, without any employees or with only the help of family members. The majority have owned their business for less than five years. FAMA also gives out loans to low-wage income earners.
What's New: FAMA has continued to work closely with ACCION’s Marketing and Product Development team to link remittances, as a source of repayment, to products such as housing, working capital and fixed assets loans.
ACCION continues its work at FAMA with its "emergency plan," designed to offset the effects of the international financial crisis and recent government policies hostile to microfinance.
Where They Work: FAMA has 23 branches throughout Nicaragua; in the Pacific Region, they work in Managua, Chinandega, Leon, Masaya, Jinotepe, Granada and Rivas; in the Central Region, they work in Ocotal, Estelí, Jinotega, Matagalpa, Matiguas, Sebaco, Boaco and Juigalpa; in the Atlantic Region, they work in New Guinea. FAMA's headquarters are located in Managua.
Program Growth:
|
Year |
Active
Portfolio |
Amount
Loaned |
Active
Borrowers |
Average
Loan Balance |
|
2002 |
$8,775,000 |
$19,208,000 |
20,201 |
$434 |
|
2003 |
$11,000,000 |
$20,971,000 |
24,491 |
$449 |
|
2004 |
$16,224,988 |
$26,394,986 |
31,672 |
$512 |
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2005 |
$20,332,813 |
$30,086,375 |
38,586 |
$527 |
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2006 |
$23,893,000 |
$30,020,000 |
41,747 |
$572 |
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2007 |
$32,700,000 |
$38,900,000 |
42,918 |
$761 |
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2008 |
$41,215,000 |
$46,161,000 |
38,131 |
$1,081 |
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2009 |
$29,938,000 |
$24,241,000 |
25,941 |
$1,154 |
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2010 |
$26,053,000 |
$9,779,000 |
23,499 |
$1,109 |
Contact Information:
FAMA
Apartado Postal 3695
De Montoya 3 1/2 abajo
Sobre Carretera Sur
Managua
NICARAGUA
Tel: (505) 268-4826/27/28, 268-3570
Fax: (505) 266-5292
Email: fama@fama.org.ni
Website: http://www.financierafama.com.ni/
|  | Maria Yamileth Zambrana Zeledon
Client of ACCION partner Financiera FAMA in Managua, Nicaragua |  |
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