JSC MFO Crystal, Georgia

mrc_fin10JSC Microfinance Organization Crystal and consulting company Business & Finance Consulting (BFC) have completed a series of trainings and seminars, bringing new techniques and professional experience to one of the leading groups in the Georgian microfinance sector.

In May 2011 Crystal’s credit and management staff successfully completed the EBRD-funded training project, which consisted of several of seminars and in-depth training sessions. Swiss-based consultancy Business & Finance Consulting (BFC) conducted the trainings, which improved Crystal’s professional skills and experience in four important areas:

  • Business and financial analysis for credit staff.
  • Credit risk methodology, scoring system and portfolio rating.
  • Development of an Internal Audit system.

Special assets management—approaches to the collection of problem loans.

52 employees from across Crystal’s branch network and its headquarters benefited from the trainings, allowing better service and results both for the organization and for clients at all of its branches. The training program was tailored specifically to Crystal’s needs, and included individual consultations to support department managers in developing action plans and midterm strategies.

Crystal’s General Director, Malkhaz Dzadzua: “I have known BFC for a long time now and worked with them on several projects. The quality of their work is very high, and their individual approach to our needs is what we really required for improving our organizational structure and lending approach.

Crystal’s senior management expressed their gratitude to partner companies BFC and EBRD for the effective and fruitful cooperation enjoyed in the previous months. They said they hope to continue these mutually beneficial relationships in the near future by working together on joint projects.

Crystal has already begun implementing the highly-valuable recommendations from BFC’s expert trainers. As a direct result of the consultancy’s training and advice, Crystal has improved its management of potential risks, providing firm support for the organization’s future development.

BFC’s Managing Director, Michael Kortenbusch: “The cooperation with Crystal was not a one-way street. BFC received new and fresh insights about micro lending in Georgia today. Working with one of the leading Microfinance Organizations in Georgia made this assignment very rewarding, as did Crystal’s high level of professionalism.”

Thanks to the further development of Crystal’s risk management approach, internal audit system and credit lending technology, Crystal can do its work more efficiently—which means better services for its clients.

About Crystal

JSC MFO Crystal is one of the leading MFIs supporting development of micro and small business sector in Georgia with focus on rural areas. Crystal started lending operations in 1998 and nowadays serves more than 8,500 active clients and manages a USD 9 million credit portfolio. Company has a wide branch network comprising 15 offices covering 5 main regions of the country. Having 7% of market share, Crystal is the third largest MFI in Georgia among 51 registered non-bank institutions.

About BFC

BFC is one of the leading consulting companies in the field of Microfinance Development, with a depth of experience in Eastern Europe, Asia and the NIS countries. BFC was founded in 2003 and has more than fifty employees across Europe, North America and Asia. Headquartered in Switzerland, BFC also has offices in Moldova, Georgia, Armenia, Russia, and Tajikistan.

BFC has completed more than 60 projects so far in more than 33 countries.