FINCA Azerbaijan reported that over 1.1 million loans totaling over 2,2 billion AZN of micro loans have been disbursed to Azerbaijani farmers, small businesses, and rural households during the past 25 years. FINCA Azerbaijan, the largest microfinance provider in the country, today marked its 25th anniversary with a press conference at the JW Marriot Absheron Baku Hotel.
FINCA Azerbaijan was established in 1998 to provide low-income entrepreneurs with access to responsible finance services, empowering them to grow business activities and stimulate economic growth in Azerbaijan. FINCA Azerbaijan is part of FINCA Impact Finance’s global network of 16 banks and microfinance institutions, reaching more than 2.8 million clients around the globe.
In a welcoming address, FINCA Azerbaijan CEO Timothy Tarrant gave a quick review of FINCA’s history in Azerbaijan and emphasized FINCA’s commitment to helping many thousands of small entrepreneurs in Azerbaijan to build financially sustainable futures. The company is committed to reaching people in all areas of the country.
"Throughout its history, FINCA Azerbaijan has always had a special focus on reaching rural entrepreneurs and households. We continue to this day to provide financial services mainly to clients in rural and regional areas of Azerbaijan. There continues to be a great need to increase access to finance in rural regions so that farmers and agricultural businesses can receive the financing they need to grow their businesses and increase their families' incomes and savings," said Mr. Tarrant.
Reporting on investment opportunities in the microfinance market, Mr. Tarrant pointed out that FINCA Azerbaijan’s digitized and modernized business model also attracted increased interest from local investors. “FINCA Azerbaijan was able to achieve four new successful bond placements and raise 12 million AZN at the Baku Stock Exchange within last two years.”
Speaking about FINCA Impact Finance’s global mission, FIF CEO Ms. Andrée Simon highlighted FINCA Azerbaijan’s contribution to the network's progress over the last 25 years.
"FIF's mission is to alleviate poverty through providing lasting solutions that help people build assets, create jobs, and raise their standard of living. The success and resilience of FINCA Azerbaijan over the last 25 years sets a great example of how to responsibly provide innovative and impactful financial services that improve the lives of low-income individuals.”
Shahriyar Osmanov, FINCA Azerbaijan Chief Commercial Officer, pointed out that, despite development in the microfinance markets and improved access during recent years, there is still solid demand for microloans. In order to reach out to people who need services, FINCA Azerbaijan uses both digital and traditional means and has expanded its service network with new branches.
“Today, with branch offices located in 25 strategic locations, we serve our clients in about 58 cities and districts by offering credit products that meet their needs. With 85% of our operations in the regions, we will continue to reach out to people needing microloans via enhanced digital technologies and our branch network."
The presentation speeches were followed by questions and comments from media representatives and invited partners.
About FINCA Azerbaijan
FINCA Azerbaijan is a leader in responsible finance, serving small businesses across the country with loan products to promote profitable business activity. Launched in 1998, FINCA Azerbaijan is part of FINCA Impact Finance’s global network of 16 banks and microfinance institutions, reaching more than 2.8 million clients on five continents.
For more information about FINCA Azerbaijan activities please contact *2525 call center, visit https://finca.az/ or official social media accounts.