The African Rural and Agricultural Credit Association (AFRACA – since 1977)

 

 AFRACAThere are organizations and associations in Africa that are vigorously promoting the development of the rural and agricultural sector.

The African Rural and Agricultural Credit Association is a regional association of Sub-Saharan financial institutions involved in providing financial services to the rural population of the region. AFRACA’s goal is to build a strong and sustainable regional network of banks and microfinance institutions that provide opportunities for learning amongst members and promotes rural and agricultural finance in Africa.

Membership of AFRACA cuts across institutions such as Central Banks, Commercial Banks, and Agricultural Banks, Development and Cooperative Banks, Government ministries, Insurance outfits, Training Institutions, Non-governmental organizations (NGOs) and Microfinance Operators and their networks across 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 activities include core programs that are organized around a thematic approach to rural & agricultural finance and as implemented through activities and workshops on cross cutting topics; these contribute to the establishment of appropriate rural finance policies in Sub-Saharan Africa. In addition, AFRACA continues to provide an information hub in the sector in Sub Saharan Africa.

Every year, AFRACA organizes specialized rural and agricultural finance programs, among them the

 Central Banks forum

This forum brings together financial service providers and regulators and other stakeholders for focused discussions on policies, laws and regulations as they impact on rural and agricultural finance. It is based on the recognition of the role of Central Banks in rural finance policy development

Agricultural Banks forum

The Agricultural Banks Forum brings together financial and non-financial institutions in the field of Agricultural Finance to discuss ideas on emerging issues of agricultural financing, in addition to other areas of common interest (e.g. agricultural product development, value chain development and marketing).

Microfinance forum

The Microfinance Forum brings together institutions, such as AFRACA-member microfinance institutions and banks, dealing with microfinance service provision to discuss their role in rural finance, and specifically microfinance to the small and medium enterprises as well as financing to the agricultural value chain.

AFRACA also organizes sub-regional workshops, which feature research and high-level discussions on specific themes decided upon during the AFRACA General Assembly. Every theme runs for a period of two years and the current sub-regional theme is: “Enhancing the Agricultural Value Chain through innovation”

More on AFRACA in another post shortly

Author Bio

belvyna

Mrs. Yemisi Akibu ( nee Awokoya) is the Chief Executive Officer of Belvyna Global, an agricultural consultancy service firm based in Lagos, Nigeria She is a former Team Member of the Agricultural Department of Union Bank of Nigeria Plc, one of Nigeria's first generation banks. She holds a B.Sc degree in Agricultural Economics from the University of Ibadan, Nigeria and a Masters degree in National Development and Project Planning from the University of Bradford, West Yorkshire, United Kingdom. She is passionate about the role agriculture plays in the social, economic, political development of a nation. She holds the view that one of the pillars of stability of a nation food security and this can only be achieved through the holistic development of the agricultural sector. She can be contacted via: yemisiakibu@gmail.com or info@belvynaglobal.com Remember, The Farmer Is King Enjoy my blog

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