The Banker Awards 2020 Bank of the Year to FINCA Kyrgyzstan
FINCA Kyrgyzstan has been recognized as Kyrgyzstan’s 2020 Bank of the Year by The Banker.
“FINCA Bank [Kyrgyzstan] stepped up its game in the past 18 months, focused on meeting the requirements of its customers,” according to The Banker. “The bank identified a need to improve financial literacy in Kyrgyzstan and created a number of services to fill this gap.”
FINCA Kyrgyzstan launched in 1995 as a microfinance institution dedicated to promoting small business development, primarily serving women borrowers through the group lending model. The institution’s first credit group was formed in Chui province. Adapting to the needs of a growing market, FINCA Kyrgyzstan expanded its offering, disbursing its first individual loans in 1998. While the organization continues to provide group loans, the vast majority of borrowers now access individual loans. FINCA Kyrgyzstan became FINCA Bank Kyrgyzstan in 2015, a fully licensed bank authorized to accept client deposits.
Continuing to expand its offerings of financial products and services, the bank now offers money transfer services and savings products in addition to a wide range of group and individual loans. In 2014 the bank received Smart Certification for its long-standing and sustained commitment to upholding the Smart Campaign’s seven client protection principles for responsible banking. Today, the bank employees more than 1,200 people.
In July, FINCA Kyrgyzstan partnered with the IFC to launch a new mobile application called “FINCA Dan” (Дан / DAN means “seed” in Kyrgyz) which provides education and financial support services. The objective is to raise the financial literacy rate and improve financial habits.
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