History

Azerbaijan Micro-finance Association (AMFA) was created in December 2001 by 10 İnternational NGO-members of this informal, inter-agency working group organized the “First Annual Micro-finance Conference in Azerbaijan” to educate and inform the broader community of the importance of microfinance in the country and decided to formalize the group into an association that would serve as the focal point on microfinance in Azerbaijan.

AMFA was officially established in November, 2004 by being registered as public association for the purpose of advancing the interests of the microfinance industry in support of sustainable and equitable economic growth in Azerbaijan. The microfinance industry within Azerbaijan is growing by leaps and bounds, and this is characterized by the large influx of capital from foreign investors into the Azerbaijani market place.

 

During the past 20 years the number of microfinance institutions (MFIs) in the country has steadily increased making the microfinance sector one of the more active participants in the process of economic development. The role of AMFA is to support its members in understanding this environment, and bringing structure to the overall microfinance industry. As of today AMFA has 27 members including 18 non-bank credit organizations, 7 banks, 1 credit union and 1 international foundation.