AccessBank awarded ‘5-diamonds’ by MIX
Azerbaijan, Baku, May 24 / Trend /
The Microfinance Information Exchange has awarded AccessBank with it highest 'transparency rating' of '5-diamonds'.
The leading microfinance business information provider The Microfinance Information Exchange (MIX) has awarded AccessBank with 5 diamonds - its highest 'transparency' rating. MIX compiles data from microfinance organizations around the world and gives them a rating based on how much information has been provided by each. MIX uses the 'diamond' system to rank the level of disclosure for each Micro Finance organization; the higher the number of diamonds, the higher the level of disclosure.
Andrew Pospielovsky, General Manager of AccessBank welcoming the rating said: 'AccessBank is committed to transparency in all our relations with all of our stake-holders. The '5-diamond transparency' rating from MIX is a testimony of our commitment.'
MIX provides detailed financial and social performance information from microfinance institutions (MFIs), as well as business information from market facilitators and leading donor organizations and investors in microfinance. MIX is a non profit organization incorporated in June 2002, with headquarters in Washington, DC. MIX was founded by CGAP (Consultative Group to Assist the Poor) and is sponsored by Citi Foundation, Deutsche Bank Americas Foundation, IFAD, and the Bill & Melinda Gates Foundation.
AccessBank's mission is to provide access to financial services for Azerbaijan's low and middle income households and micro and small businesses. The International Fitch Rating Agency has recognised AccessBank as the most reliable bank in Azerbaijan (BB+). AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20% each), Access Microfinance Holding - a strategic investor in microfinance (16.5%), and LFS Financial Systems - a German consulting company (3.5%).