Azerbaijan, Baku, November 21 / Trend, N. Ismailova /
The microfinance market of Azerbaijan remains stable at a time when the situation at international markets is unstable, Jalya Hajiyeva, Executive Director of the Azerbaijani Microfinance Association (AMFA), told Trend on Monday.
"The quality of microfinance portfolio in Azerbaijan is kept at a reasonable level. Following the results of September, the portfolio's value exceeded $600 million," Hajiyeva noted.
According to her, it is easier for non-bank credit organizations and microfinance organizations than for banks to work with clients. This can be easily traced on their work in regions as they provide more available services and consultations to their clients than banks do.
"The key problem for microfinance organizations today is a poor technical knowledge, especially in the fields of legal provisions and business management," Hajiyeva noted.
Currently, AMFA members are 27 organizations, including 8 banks and 2 leasing companies.
The consolidated value of micro-credit portfolio of AMFA members increased by 23 percent up to $600.83 million at the end of September against $488.42 million in the early 2011. The share of micro-credits under risk is 3.3 percent of total portfolio versus 3.27 percent in 2010. The value of credits written off is $426,600.