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Introduction
The South African Micro Apex Fund (samaf) is a wholesale funding institution formally established in April 2006. It is a trading entity and is governed by the Public Finance Management Act (PFMA) of 1999.
samaf is tasked to facilitate the provision of affordable access to finance by micro small and survivalist business for the purpose of growing their own income and asset base. The primary purpose of samaf is to reduce poverty and unemployment and also to extend financial services to reach deeper and broader into the rural and peri-urban areas. Further to this, samaf wants to build a network of self-sufficient and sustainable micro-finance institutions.
Mandate
The mandate is to contribute to government's poverty reduction goals by acting as a catalyst for the development of an effective micro-finance sector through:
(i) support for the establishment of sustainable microfinance institutions that can reach deeper and broader to the enterprising poor;
(ii) facilitating the establishment of an enabling environment for effective financial intermediation and creation of working markets for the enterprising poor; and
(iii) Building a strong, effective and efficient apex fund.
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