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Azerbaijan's NBCO to introduce collective lending system

Finance Materials 22 May 2020 12:11
Azerbaijan's NBCO to introduce collective lending system

BAKU, Azerbaijan, May 22

By Fidan Babayeva - Trend:

FINCA Azerbaijan non-bank credit organization (NBCO) is expanding cooperation with the Azerbaijan Microfinance Association (AMFA), the NBCO’s Chief Operating Officer Zaur Nurmammadov told Trend.

“Long-term cooperation of our organization with AMFA has brought benefits such as the provision of expert services of the organization, the guiding of researches and survey, and the involvement of some of our employees in training,” he said. “Moreover, as part of our long-term cooperation, joint efforts were made to increase the financial literacy of our customers, and this activity is still ongoing".

According to Nurmammadov, at the moment, FINCA Azerbaijan is negotiating with the relevant authorities under the CLARA project and plans to take advantage of this program in the near future to accelerate the lending process.

“Besides, FINCA Azerbaijan is planning to introduce a collective lending system. In this case, responsibility will increase and control over the correct spending of funds will be strengthened. Collective lending is allocated to an informal group of 15-30 participants, mostly female housewives,” CEO noted.

"The NBCO customers can apply for a FINCA loan through various digital channels, and a large team is working on the operational process. We also plan to expand our activities through these channels and expand customer feedback," he stressed.

FINCA Azerbaijan 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 activity.

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.

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