New risk management system to be introduced in Azerbaijan’s agricultural sector

Finance Materials 6 March 2020 17:50 (UTC +04:00)

BAKU, Azerbaijan, March 6

By Fidan Babayeva – Trend:

Presently, FINCA Azerbaijan non-bank credit organization is in the process of negotiations with the relevant structures within CLARA project and plans to take advantage of this program in the near future to accelerate the lending process, Acting Head of FINCA Azerbaijan PR and Marketing Department Zaka Guluyev told Trend on March 6.

“CLARA system, specially designed for lending for the agricultural sector, will provide FINCA Azerbaijan with high-quality analysis of applications,” Guluyev added.

“FINCA Azerbaijan is introducing an innovative FINCARD system, through which a client withdraws the amount from the card,” acting head of the department added. “A client may use this amount at his/her discretion by withdrawing money partially or at once, as well as for various non-cash payments.”

“FINCA Azerbaijan has been connected to ASAN finance system and provides customers with more accessible information,” Guluyev said. “This digital solution allows us to be closer to customers and make decisions on loans rapidly.”

“FINCA Azerbaijan provided more than 7,000 customers with microloans in 2019,” acting head of the department said. “Over the reporting period, more than 15 million manat ($8.8 million) was issued to customers, of which more than 75 percent was allocated to the individuals living in villages and engaged in agricultural activities.”

"Since the creation of FINCA Azerbaijan, it has issued the loans worth more than $1 billion,” acting head of the department said. “These resources have been allocated to support small and medium-sized businesses in Baku and districts of the country."

FINCA International has been operating in Azerbaijan since 1998. There are 16 branches of the organization in Baku and the country's districts. It is part of FINCA Impact Finance, a global network of 20 microfinance institutions and banks that render the innovative financial services to the low-income customers to help them expand their funds.

FINCA Azerbaijan, the country's leading non-bank credit organization, offers a variety of loan products to encourage small businesses to increase their revenues. The organization pays more attention to the agricultural loans.