News and Updates

BACK TO ALL

Agora Microfinance’s portfolio registers strong results for 2018

February 2019

Agora’s three MFIs in Cambodia, Zambia and India all showed strong results for 2018.  Cumulatively, the 3 MFIs handle almost 1.2 million clients accounts through loans, deposits, insurance, remittances and bill payment products.

During the year, Agora diluted its stake in Cambodia to allow for the Shanghai Commercial and Savings Bank to take over as the principal shareholder of AMK MFI Plc.  As at the end of the year, AMK reached all parts of the country with around 360,000 loan accounts, 400,000 deposit accounts, and another 285,000 micro-insurance policies.  In addition it processes hundreds of thousands of money transfer, bill payments and salary accounts as well.  AMK finished 2018 with a strong Return on Equity of 15.3% and an impeccable loan book with PAR30 of 1.09%.

Agora’s subsidiary in Zambia continued its strong march towards operational stability, scale and diversification.  AMZ finished the year with 25,000 loan clients and had expanded its reach to 8 branches in the country.  During the year it piloted/added micro-insurance and money transfer services to its product/service offer.  It finished the year with a strong Return on Equity of 18% and PAR30 of 1.3%.

Agora Microfinance India Limited, Agora’s affiliate working in the Mumbai slums, also increased its presence during the year and recovered fully from the impact of demonetization from the year before.  As at end 2018, it worked with 20,000 loan clients and a loan portfolio of approx. USD 5 million.  Its YTD Return on Equity was trending at 4% (financial year April-March) and its PAR30 was 2.0%.

Altogether, 2018 was an excellent year for the Agora Group, and we look forward to our further development during 2019.

 

News and Updates

BACK TO ALL

RIP Pete Power

January 2019

RIP Pete Power

1969-2018

AMK 2005-2018

On the 31st December 2018, I attended the funeral of my friend Pete Power.  During the funeral I heard many of his close friends and family mention how proud he was of AMK and how much he loved his long association with the company.  If only we could tell him now how proud and privileged we all were to have worked with him all these years.

Pete first visited AMK some 13-14 years ago, and it was love at first sight between the two.  He loved the idea of a business enterprise working on achieving real social impact.  I remember in the early days seeing clearly how it got his creative juices flowing.  When it was his chance to work at AMK as its CEO a few years later, it was a perfect match.  He brought his brilliance to bear on all aspects of the company and it would bring the best out of both AMK and Pete in equal measure.  His drive, energy, problem solving instinct, fairness and professionalism were such that he was loved and admired by everyone he came into contact with.

When he finished his stint as the CEO of AMK a few years later, he had instilled his mark on it forever.   As its Director thereafter, Pete continued to guide the company through various phases of its development, and was instrumental in so many aspects of AMK’s success that it will be futile to try and recount them here.  He was proud of many things about AMK but more than anything else, he was immensely proud of the team at AMK and all that it continued achieving after he had transitioned from CEO to a non-executive Director.

Pete and I spent many countless hours and days together in Cambodia and elsewhere over the past many years.  Our evening hangouts in Cambodia would be much fun, usually preceded by long hours in meeting rooms.  The evenings spent with friends in Phnom Penh would see Pete in his elements, with his wit and banter often coming at our expense. In the past few years we would go to Siem Reap with other friends once a year and participate in the annual biking event.  While all of us would be content after a few hours of biking, Pete would promptly sign up and participate in the 10k run the following day as well.  We would joke with him that he was still trying to impress his wife Moire.

More than anything else, Pete found his purpose around his family. Moire, Aran and Cahal were the fulcrum of his existence and all his plans were made with them firmly at the centre.  My thoughts and condolences go out to them at this moment.  It is a loss that cannot be reconciled with, however they know as I do, that beneath this genius of a person was the most loving, kind-hearted and fair human being one can come across.  I wish I never had to say it in this manner, but it was an honour to be his friend and colleague.

 

Tanmay Chetan

 

News and Updates

BACK TO ALL

Annual Report 2017

November 2018

All our MFIs operate at levels of efficiency well in excess of industry standards, reach deeper into their markets, offer very competitive pricing on their products, all this while remaining financially attractive.

Continue reading “Annual Report 2017”