About Us

JSC MFO Crystal is a dynamically growing local microfinance organization, supporting development of micro and small business sectors in Georgia.

Crystal offers a wide range of high quality financial services to the customers including: micro, SME and agro loans for start-ups and operating businesses; housing and consumption loans; currency exchange services; remittances; utility payment service etc. 

Headquartered in Kutaisi (West Georgia), Crystal is mainly focused on micro entrepreneurs and farmers living and working in regions and remote areas. For 2017 almost 29% of the company’s loan portfolio is concentrated in non-urban areas.

   

The mission of JSC MFO Crystal is to support micro and small entrepreneurs and farmers in realizing their business potential, reaching financial stability and elevating their living standards. Crystal is seeking for long- term partnerships by offering transparent, innovative and fast financial solutions, tailored to the needs of customers, providing them with knowledge critical to their economic success.

      - Responsibility – responsible lending focused on avoiding over – indebtedness; overall social responsibility towards clients, staff, business partners, local community and the environment

     -  Transparency – clients can compare costs, terms and conditions of the loan and understand consequences of a default. Crystal’s relationship with clients, staff, funders and a wider society is based on transparency, frankness and fairness.

     -  Partnership – a long –term and equitable relationship with clients and funders. The cornerstone of Crystal’s approach is care towards partners and consideration of their interests.

     -  Access -our product design, lending standards, distribution channels and customer interfaces are all about access. We are always accessible to our clients, business partners and each other.

     -  Innovation - innovation and constant improvement is the way Crystal and its people work. We love technology and encourage creativity. Innovation is life!

   

In 1995, internally displaced persons from Abkhazia teamed up to set up a local non-profit organization – a charity humanitarian center “Abkhazeti”, which launched a pilot micro lending program in August 1998 with starting debt capital of  just $10, 000.

Following recommendations by donors and international rating agencies, in 2004 center “Abkhazeti” made spin-off of micro lending programs from other charity and social projects to set up a separate, independent entity.  That marks inception of Crystal Fund in April 2004. In line with requirements of the Georgian “Law on Microfinance Organizations”, Crystal Fund was transformed into and registered with the National Bank of Georgia as JSC Microfinance Organization “Crystal” in 2007. 

In October 2011, a US investment bank “Developing World Markets” (DWM) became the first institutional investor and shareholder of “Crystal”.  

   

The activity launched by “Crystal” in 1998 with just USD 10,000 debt equity has evolved to serve more than 60,000 customers and successfully manage loan portfolio of around GEL 150 million in 2017; The Company operates through a network of 50 regional branches and is represented in 8 regions of Georgia.

Crystal is the first Georgian microfinance organization, which managed to raise bank funding (2003).

Crystal is also the first microfinance institution in Georgia to be awarded an international credit (2003) and social (2010) ratings.

Robust institutional standards, commitment to social responsibility and transparency principles served Crystal to earn international recognition: platinum award (the highest prize) from MIX for social reporting (2012); CGAP award for financial transparency (2006); in 2011, Crystal was announced a winner in the call of Smart Campaign for “plain language loan contract”.

   

Financial partners:

Financial partners of Crystal include well-known and reputable international institutions, such as: EBRD, KfW, Commerzbank, IFAD, ResponsAbility SICAV, Developing World Markets, MicroVest, Oikocredit, IncofinGLS , Rural Impulse Fund, Credit Suisse Microfinance Fund, Symbiotics, Micro Credit Enterprises and other financial companies.

From October 2011 “Developing World Markets” (DWM), a US-based investment bank has become the first institutional investor and shareholder of the company.

Solid reputation:

Crystal is regarded in the international microfinance market as a responsible credit organization, boasting of 19-years’ experience of successful cooperation with financial institutions, development agencies and investment companies.  

Distinguished credit record:

Not a single case of arrears or delayed payment can be found in the whole credit record of Crystal. 

   

Crystal is one of the leading MFIs in the Georgian market. The recent spectacular growth explicitly demonstrates competitive power of the company, particularly in West Georgia.  Portfolio quality indicators remain to be one of the best in Georgia and throughout the Caucasus region.  

Ratios

2010

2011

2012

2013

2014

2015

Loan portfolio ($)

8,084,772

13,011,674

16,411,654

25,820,617

39,098,077

45,128,183.54

Total assets ($)

9,172,050

15,507,284

20,455,408

28,503,715

45,197,925

50,601,319

Average loan size ($)

1,461

1,457

1,300

1,223

1,035

1086

Rural clientele

42%

45%

47%

50%

52%

50%

PAR>30  

0.34%

0.23%

0.52%

0.48%

0.95%

1.31%

Written-off loans

1.8%

0.34%

0.56%

0.55%

0.60%

1.53%

Operational self-sufficiency (OSS)

134%

137%

138%

124%

125%

125%

Return on Assets (ROA )

8.10%

7.65%

7.94%

5.00%

5.20%

5.55%

Active loans  #

7,511

12,317

17,101

27,094

47,829

47,234

Personnel  #

100

124

162

249

336

494

Offices  #

15

16

16

22

27

31