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AFC Microfinance celebrates 2nd year anniversary

10 November 2015 03:14 am - 0     - {{hitsCtrl.values.hits}}

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Founded back in 1956, Alliance Finance Co PLC (AFC) has proved itself by establishing and maintaining an ethical business model for over five decades. 

Guided by its prudent financial management through the triple bottom line principles, AFC stands tall and prominent in the finance industry making a significant contribution to the industry and the country.

When founding its newest Strategic Business Unit (SBU), AFC Micro Finance in 2013, its head Andrew Samuel had a challenge in his hands to rewrite the concept of micro finance, with the essence of humanity. Two years down the line, AFC Micro Finance has indeed changed the lives of the people it touches, most of whom are mainly very low or no income earners, by providing them with sustainable livelihoods, setting a benchmark in the microfinance industry.

Like protecting a seed which one plants, until it is fully grown into a strong tree, the pioneering initiative of AFC Micro Finance in the entire industry of micro financing ensures that it not only provides credit to an otherwise ignored part of society who are not considered credit worthy by a majority of financial institutions in the banking and non-banking sectors, it also ensures that the credit provided to them is used for sustainable growth and financial independence through its tailor-made entrepreneur development services (EDS).

Having come a long way from its inception, AFC Micro Finance boasts of a portfolio of over Rs.1.5 billion with over 46 branches located islandwide serving over 80,000 customers across 25 districts. From North to the South to East to the West the SBU, which is safely protected under the AFC umbrella, is geared to serve its people in any part of the country, including the war-torn North and East. Armed with a talented lot of individuals, who are mostly bilingual and speaking to the hearts and minds of the people they serve, is not a challenge for them.

The SBU now offers its valued customers eight different ‘Micro’ products tailored to fit their needs. While Micro group-based loan scheme, Advanced Micro Finance loan product, SME loan, Micro leasing ,Micro personal loan, Micro pawning and Plantation loans and institutional loans consist of the eight products offered by AFC Micro Finance at present, the team continuously work on studying the market to further develop their products or tailor make new ones for their valued clientele.

While congratulating the Head of Micro Finance and his team for an excellent performance-driven two years, Deputy Chairman and Managing Director Romani De Silva stated, “AFC Micro Finance has set the benchmark for the microfinance industry.”

He further stated that he takes pride in the fact that AFC Micro Finance serves the underserved and strengthens the weak thus uplifting the dreariest parts of the community and contributing positively to the country’s development.

Alliance Finance Micro Finance Head and Chief Continuous Improvement Officer Andrew Samuel stated that he was indeed blessed to have the best of Micro Finance staff, with whom making the waves they had in this short time span of two years was possible.

He stated that his wish was to see the microfinance industry grow into one that was driven with humanity with a genuine want to serve the people. He stated that he was humbly proud of the fact that AFC Micro Finance within this short two-year timespan has proved that “it is possible to do business with the heart and still earn dividends that can be justified on a balance sheet.”
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