In July 2017 “The First MicroFinance company” and USAID Agro Horizon project signed a Grant agreement to facilitate access to farmers’ financial resources through the introduction of innovative approaches in financing.
Under the agreement the USAID Agro Horizon project allocated a grant for the acquisition of 110 tablets and technical solutions to automate the lending process for clients of “The First MicroFinance Company”.
Loan processing automation will significantly simplify and speed up all process components, from creating of an application to the loan disbursement, which will lead to a significant increase in the number of disbursed loans and, accordingly, to optimize the work of specialists. In addition, electronic document flow reduces the risk of human factors and provides processing, centralized and reliable document storage and structured access to electronic archives.
“Over twelve-year period, the First Microfinance Company has accumulated considerable experience in lending to farmers, and the transformation of the company into the Microfinance Institution has opened new opportunities for expanding its activities and the range of offered financial products and services. In the meantime, we are always working on simplifying the loan disbursement procedure for the convenience of our clients, whose needs and aspirations always come at first! The introduction of electronic document flow into the lending process is another innovative solution that will now allow rapid assessment of the clients’ business on site, saving time and costs of farmers, which they will undoubtedly appreciate”, said the Company’s CEO Stefan Martiniak.
Innovation was introduced in the company’s branches: in Osh and Naryn oblasts. The positive experience of this joint project will give a boost to raise the financial involvement of farmers in the country, as well as to the development of remote customer service through electronic document flow.
The goal of the USAID Agro Horizon Project: increase productivity of agricultural producers and link them to markets, improve access to capital in agriculture, and generate employment. The project partners with agribusinesses to develop their supply base, upgrade their facilities and equipment, adopt quality and food safety standards, improve their management systems, and expand their markets.
“The First MicroFinance Company” CJSC founded by Aga Khan Agency for Microfinance, headquartered in Switzerland, currently has 13 branches in Kyrgyzstan. Aga Khan Agency for Microfinance is part of the Aga Khan Development Network. The First Microfinance Company is the second largest microfinance company in Kyrgyzstan. The company currently serves over 14,000 clients, of which 44% are women and 90% are clients from rural areas. The Company offers favorable interest rates on loans to develop such strategic areas for the country as animal husbandry and agriculture, commerce, small and medium businesses, improving housing conditions and education level.
were supported since FMFC began
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