The First MicroFinance Company opened a branch in Bishkek

The First MicroFinance Company opened a branch in Bishkek

Today the official opening ceremony of the first Bishkek branch of the First MFC (The First MicroFinance Company) took place, which is located at 178, Chui street (intersection with Umetaliev street).

According to Stefan Martiniak, Chief Executive Officer of the First MFC, the Bishkek branch opening was one of the strategic objectives of the Company’s development, history of which began in 2006 in the south of Kyrgyzstan. “In 13 years, the company has confidently developed from being an Aga Khan MicroFinance Program to successful transformation into a microfinance company. In this period the First MFC became the second largest microfinance institution in the country with total assets of more than KGS 1 billion and a client base of more than 17 thousand clients. While continuing to work with clients who live in remote rural areas, we pay special attention to farmers, the agricultural sector, small and medium businesses, creating an attractive environment for financing. Now we have become even closer and more convenient for our clients in Bishkek. By opening a branch in the center of the capital, we were striving to create all conditions for fast, convenient and high-quality service while continuing to be a reliable partner offering profit-making financial solutions”.

The mission of First MFC is to improve the standards of living of the population by helping them to improve their incomes through the provision of affordable and reliable financial services.

Since its foundation, the company has provided services to over 100 thousand clients from remote regions of Naryn and Osh oblasts, having a positive effect on the lives of more than 400 thousand people in Kyrgyzstan.

Along with the development of innovative products and remote service channels, we plan to further develop the company’s branch network. The Bishkek branch is the 14th branch of the company. We are proud of our customers’ trust, which is evidenced by the repayment rate of our loans - 99.5% of our customers return loans in a timely manner. I believe that our responsible and client-friendly approach, expanding access to finance in the regions of Kyrgyzstan, a professional team and openness to partnership and cooperation let us to increase the market share and achieve the goals set for the company to improve the living standards of the population of Kyrgyzstan,” said Rishat Mukhamedzhanov, Chief Operations Officer of the First MFC.

According to Zakir Sulaimanov, one of the first clients of the Bishkek branch who participated in the official opening ceremony, the loan conditions of the First MFC are simple, understandable and beneficial. “The company’s branch is near my workplace. Now time has become a very valuable resource, and therefore, at the First MFC, I particularly appreciated unsecured loans, quick application consideration, the minimum package of documents and the possibility to open a credit line,” he said.

Reference information:

The First MFC (The First MicroFinance Company) was established by the Aga Khan Agency for Microfinance, founded in Geneva, Switzerland. The First MFC started its activities in 2003 within the framework of projects in the remote regions of Alai and Chon-Alai. In October 2006 the Company was officially registered in the status of a Microcredit company. In September 2017 the First MFC transformed into a microfinance company and obtained a license of the National bank of the Kyrgyz Republic. Presently, the company has 14 branches, 10 of which are located in Osh oblast, 3 - in Naryn oblast, 1 in Bishkek. The company provides services to over 17,000 customers, 90% of which are clients from rural areas. Loans are issued for the development of such strategic areas for the country as animal husbandry and agriculture, trade, small and medium business, housing improvement and education.

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