FINCA Azerbaijan demonstrates growth over 2023 results

Economy Materials 22 February 2024 10:45 (UTC +04:00)
FINCA Azerbaijan demonstrates growth over 2023 results

Demonstrating good financial strength, over 2023 period FINCA Azerbaijan non-banking credit organization (NBCO) achieved a substantial 22% increase in its loan portfolio, reaching 64m AZN by continuing to set high standards in the microfinance industry, driven by its mission to create lasting positive impacts on the lives of its customers and communities.

The organization experienced a solid 20% growth in its customer base underscoring FINCA Azerbaijan's ability to meet the diverse financial needs of a growing client community. Focused on fostering regional development, the leading microlender in Azerbaijan achieved this growth by successfuly introducting new loan products aimed at female entrepreneurs and the general regional population that helped to open new opportunities for access to finance for a wider range of customer segments, further reinforcing the organization's commitment to inclusive financial services.

The company advanced its efforts in optimizing business processes, with a focus on increasing operational efficiency and cost-effectiveness through enhanced automation and improvements in centralized sales and field operations. These initiatives contributed to FINCA Azerbaijan attaining a profit of 4.6 million AZN in 2023, marking a 32.2% increase compared to the previous year.

Commenting on these achievements, Timothy Tarrant, CEO at FINCA Azerbaijan, stated: "We are thrilled with the positive response to our loan products. The successful repayment of our inaugural bond, along with strategic partnerships and ongoing initiatives, reflects our unwavering commitment to responsible finance and customer satisfaction. We plan to grow 20% during 2024 by introducing additional product innovations, and we plan investments in technology and a continued focus on expanding financial outreach to rural households and agricultural communities."

Throughtout the past year FINCA Azerbaijan has been actively working on improvements to its customer service. This included introduction of new digital-based communication tools, continuous training and development programs to ensure that customers receive the highest standard of service. The organization also successfuly relaunched customer education activities to reconfirm its commitment to improving financial literacy awareness and skills among its customers, contributing to their long-term financial well-being.

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. Established in 1999, 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 visit https://finca.az/ or official social media accounts.