FINCA Azerbaijan announces major expansion plan

FINCA Azerbaijan announces major expansion plan

Baku, Azerbaijan, Jan. 31

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FINCA Azerbaijan, one of the leading microfinance institutions in the country, announced a major expansion plan during its 20 year celebrations. After 3 years of challenging macroeconomic conditions FINCA plans to open 8 new regional branches in 2019, reaching more people with more flexible services at lower cost.

The event was attended by FINCA Azerbaijan CEO Timothy Tarrant, and Global President and CEO of FINCA Impact Finance, Ms. Andree Simon.

FINCA Azerbaijan CEO Timothy Tarrant remarked on FINCA Azerbaijan’s last 3 years have been focused on portfolio management and operational efficiency. Also, he mentioned that the company ended both 2017 and 2018 profitably and the organization projects further strong financial performance in 2019.

According to Mr. Timothy Tarrant, : “Due to the efficiency gains we have made over the past three years, our performance in Azerbaijan will be more resistant to any global macroeconomic shocks in future. FINCA Azerbaijan plans to open 8 new regional branches in 2019. We intend to capture a larger share of a growing market by staying true to our purpose to provide responsible finance to borrowers around the country—with a strong focus on rural customers”.

FINCA Impact Finance globally has been transforming its business model to drive efficiency and scale, with this having a significant positive impact on both profitability, customer experience and social outreach. FINCA Azerbaijan’s efforts have also contributed to this global strategy as a test-case for ongoing innovation.

According to Ms. Andree Simon, Global CEO of FINCA Impact Finance: “FINCA Azerbaijan has demonstrated a strong commitment to our customers and made tremendous progress driving efficiency. We are now on a growth trajectory and optimistic about the Azerbaijani economy.

Launched in 1998, FINCA Azerbaijan is part of FINCA Impact Finance’s global network of 20 banks and microfinance institutions that profitably and responsibly provides impactful financial services to enable low-income individuals and communities to invest in their futures. As a leading microfinance institution in Azerbaijan, FINCA Azerbaijan serves small businesses across the country with various loan products intended to promote profitable business activity. The company puts emphasis on agriculture lending. For more information, visit FINCA.az .

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