FINCA Azerbaijan talks co-op with local microfinance association

1 June 2020 15:13 (UTC+04:00)

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The FINCA Azerbaijan Non-Bank Credit Organization (NBCO) is cooperating with Azerbaijan Micro-finance Association (AMFA), and will further expand the scope of cooperation, Zaur Nurmammadov, Marketing and Operations Manager at NBCO told local media.

"FINCA Azerbaijan, being an active participant in the Azerbaijani microfinance market, has decided to intensify its activities within the framework of the AMFA. In this direction, the NBCO approved and financed projects of a large number of entrepreneurs in the country’s various regions," he said.

Nurmammadov noted that 7,320 loans in the amount of 15.3 million manat ($9 million) were issued to small and medium-sized enterprises (SMEs) in 2019.

Long-term cooperation with the association has given such advantages as the provision of expert services of the FİNCA, the involvement of some organization employees in training, the manager said.

“Moreover, as part of the long-term cooperation of our organization with AMFA, joint efforts were made to increase the financial literacy of our customers, and this activity continue,” he said.

Nurmammadov said that FINCA Azerbaijan is introducing a new innovative FinCard system, through which the customer withdraws the loan amount from the car, adding that the customer can use this amount at his discretion by withdrawing money partially or at one time, as well as for various non-cash payments.

FINCA International has been operating in Azerbaijan since 1998. There are 16 branches of the organization in Baku and the country's districts. It is part of FINCA Impact Finance, a global network of 20 microfinance institutions and banks that render the innovative financial services to the low-income customers to help them expand their activity.

FINCA Azerbaijan, the country's leading non-bank credit organization, offers a variety of loan products to encourage small businesses to increase their revenues. The organization pays more attention to the agricultural loans.

(1 USD = 1.7 manat on May 31)