FINCA Azerbaijan Demonstrates Growth Over 2023 Results
Date
2/22/2024 2:10:30 AM
(MENAFN- Trend News Agency) Demonstrating good financial strength, over 2023 period FINCA
Azerbaijan non-banking credit organization (NBCO) achieved a
substantial 22% increase in its loan portfolio, reaching 64m AZN by
continuing to set high standards in the microfinance industry,
driven by its mission to create lasting positive impacts on the
lives of its customers and communities.
The organization experienced a solid 20% growth in its customer
base underscoring FINCA Azerbaijan's ability to meet the diverse
financial needs of a growing client community. Focused on fostering
regional development, the leading microlender in Azerbaijan
achieved this growth by successfuly introducting new loan products
aimed at female entrepreneurs and the general regional population
that helped to open new opportunities for access to finance for a
wider range of customer segments, further reinforcing the
organization's commitment to inclusive financial services.
The company advanced its efforts in optimizing business
processes, with a focus on increasing operational efficiency and
cost-effectiveness through enhanced automation and improvements in
centralized sales and field operations. These initiatives
contributed to FINCA Azerbaijan attaining a profit of 4.9 million
AZN in 2023, marking a 32.2% increase compared to the previous
year.
Commenting on these achievements, Timothy Tarrant, CEO at FINCA
Azerbaijan, stated: "We are thrilled with the positive response to
our loan products. The successful repayment of our inaugural bond,
along with strategic partnerships and ongoing initiatives, reflects
our unwavering commitment to responsible finance and customer
satisfaction. We plan to grow 20% during 2024 by introducing
additional product innovations, and we plan investments in
technology and a continued focus on expanding financial outreach to
rural households and agricultural communities."
Throughtout the past year FINCA Azerbaijan has been actively
working on improvements to its customer service. This included
introduction of new digital-based communication tools, continuous
training and development programs to ensure that customers receive
the highest standard of service. The organization also successfuly
relaunched customer education activities to reconfirm its
commitment to improving financial literacy awareness and skills
among its customers, contributing to their long-term financial
well-being.
About FINCA Azerbaijan
FINCA Azerbaijan is a leader in responsible finance, serving
small businesses across the country with loan products to promote
profitable business activity. Established in 1999, FINCA Azerbaijan
is part of FINCA Impact Finance's global network of 16 banks and
microfinance institutions, reaching more than 2.8 million clients
on five continents.
For more information about FINCA Azerbaijan activities please
visit or official
social media accounts.
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