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Number of microfinance organizations down in Georgia

Finance Materials 12 November 2019 08:57

BAKU, Azerbaijan, November 12

By Tamilla Mammadova – Trend:

Some 56 microfinance organizations operated on the Georgian market in the third quarter of 2019, which is 24 percent lower than in the same period last year, Trend reports via the National Bank of Georgia.

In the third quarter of 2018, there were 74 microfinance organizations in the Georgian market.

According to the same data, in the third quarter of 2019, 4,174 people worked in the financial market sector, which is approximately 9.9 percent less than in the same period last year.

Last year, 4,590 people worked in the financial market sector.

Despite the decline in microfinance, the number of branches increased by 1 unit per year. In particular, if in the third quarter of 2018 some 74 microfinance organizations were represented by 395 branches, then in the third quarter of 2019 the number of branches was 396.

Over the same period, total loans issued by microfinance also declined. According to the report, in the third quarter of 2019, MFOs issued a loan in the amount of 1.09 billion lari ($369.3 million), compared with 1.20 billion lari ($406.6 million) for the same period in 2018.

This means that the number of loans issued decreased by 110.8 million lari ($37.5 million).

The largest of the total loans were consumer loans. The second largest is pawn loans.

In particular, as of the third quarter of 2018, microfinance loans amounted to 329.4 million lari ($111.6 million).

As of the third quarter of 2019, collateral loans amounted to 386.3 million lari ($130.8 million), consumer loans - 292.2 million lari ($99 million).

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