FINCA Georgia Becomes a Bank
Gaining access to a broader array of financial services is now accessible to even more low-income Georgians, especially those living in rural areas, with the transformation of FINCA Georgia into a licensed, regulated banking entity. FINCA Georgia’s more than 45,000 current clients will now be able to access savings products, as will other Georgians who may not have a safe place to save.
FINCA President and CEO Rupert Scofield had high praise for the local team on their achievement. “The FINCA Georgia team has worked long and hard to reach this historic milestone, becoming the first Subsidiary in FINCA’s Eurasia Region to be granted a banking license. FINCA Georgia has been a leader in promoting the country’s financial inclusion efforts, going back almost 15 years, focusing their efforts on improving the lives of the hardworking poor living in remote areas.”
FINCA Georgia CEO Vusal Verdiyev commented that, “FINCA Georgia has been one of the pioneers in the field of Georgian microfinance since its inception, focusing on the creation of a credit culture in remote areas in Georgia. Moving forward, an additional emphasis will be placed on creating a savings culture to ensure financial inclusion not just via credit services, but also for savings products, as well.”
Mr. Verdiyev noted that, as of December 2012, over 87% of FINCA Georgia clients accessed services outside of the capital city of Tbilisi. He said he and his staff will continue their dedicated efforts to advance the provision of microfinance services that include credit, savings, remittances, and other services, with a strong focus on the core clientele of low-income people, largely in rural areas, while operating on commercial principles of performance and sustainability.
FINCA Bank Georgia, JSC is owned by FINCA Microfinance Holding Company LLC (FMH), a subsidiary of FINCA International, Inc., which is comprised of socially-responsible investors that bring strong financial backing, excellence in corporate governance, as well as commitment to the social mission of improving living standards in marginalized communities through effective financial services. FMH holds and manages FINCA’s subsidiaries in 22 countries, including both banks and non-bank financial institutions, and provides its life-changing services to more than 1 million borrowers globally.