A capacity-building grant from the SCBF combined with the company’s own contribution to enable Vitas Jordan to develop new strategies to reach out to the unserved SE segment. The project implemented by the BFC team of experts contributed to more targeted lending which catered to the needs of small businesses.
Within the frames of the “Support for the Agricultural Sector, Phase II” program, financed by the German KfW bank, “CARD AgroCredit” UCO CJSC and “Berkarat Jermots” LLC signed a partnership agreement for the purpose of the agricultural value chain financing.
The bank of experimentation and innovation
To keep up with the rapid changes and to sustain an edge on competitors Bai Tushum is almost forced to be innovative. This is one of the reason that for example online banking has now recently been introduced. Even though, especially in the rural areas, few people are apt in using modern smart phones or any sort of mobile banking technology, the implementation and the offer sends a message of Bai Tushum’s ambition – to possible clients and to the competitors.
Agriculture is Georgia’s lifeblood. Fifty-three percent of the country’s working population is engaged in agriculture, many working on small plots of one hectare or less. The family farm is the backbone of Georgia’s rich rural culture. But from a financial perspective, it’s far from a sure thing. The agriculture sector employs more than half of Georgia’s workforce but accounts for only 10 percent of GDP. Many farmers earn little or no cash income. When natural disaster strikes and crops fail, rural families have little to fall back on.
The fragility of that life became obvious in August 2015, when a storm destroyed roughly 2,300 hectares of land in Kakheti. Hail, rain, and wind whipped across the landscape for 25 minutes. During that time, numerous homes and large numbers of livestock and crops were destroyed. In the Akhmeta region, the entire grape harvest was destroyed by a mudslide brought on by the storm.
BFC took part in the workshop “The role of FinTech: challenges and opportunities for the banking sector” in Yerevan on June 27, 2016.
The event was organized by The Development Facility of the European Fund for Southeast Europe (EFSE DF) and the Central Bank of Armenia. In addition to providing a general overview of the challenges and opportunities that the banking sector faces in the modern world, the workshop also helped to enhance participant knowledge of FinTech, innovations in financial services, and current initiatives in traditional banking and startups.
The workshop was the third in an educational series that are part of a long-term effort between EFSE DF and the Central Bank of Armenia.
BFC was delighted to present on Value Chain Finance at the MFC annual conference, held on June 23-24, 2016 in Tirana.
During the session, BFC shared practical insights into the key success factors of making Value Chain Finance benefit all involved stakeholders.
Symbiotics prepared the terms of reference of the project, described as ‘developing financial education to low-income clients and enhancing financial and operational risk management’. Business Finance Consulting (BFC), as specialized consultancy selected for the project implementation, started training programs in March 2015. Grooming Centre’s clients range across various income and education levels, although the majority are low income and haven’t finished primary or secondary school.