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 disbursed 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 history of ongoing collaboration with FAMA is long, having provided technical assistance and a full-time resident advisor to FAMA. Together, they worked to improve and develop FAMA’s financial methodologies, assist in institutional development and strengthen FAMA’s human resources. Accion lead FAMA’s transformation from an NGO to a regulated financial institution. 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.
FAMA and Accion have continued to work closely in projects such as FAMA's "emergency plan," designed to offset the effects of the international financial crisis and recent government policies hostile to microfinance.