Revenue Of Microfinance Organizations Is Diminishing
In Q1 2018, net revenue of microfinance organizations operating in Georgia made 233 477 GEL. Compared to the same period of last year, revenue of MFOs reduced 3.4 times. For comparison – over the period of January-March last year, revenue of microfinance organizations was 17.7 mln GEL.
In Q1, 73 microfinance organizations operated in Georgia, while last year, in the same period, number of MFOs was 83. Company Chrystal has the most employees – 967. It is followed by Rico Credit with 342 employees and MFO Creditservice+ with 338 employees.
Within the accounting period, microfinance organizations issued 921 031 loans with total volume of 1 175 288 743 GEL, of which 15.3 mln was given to legal entities and over 1.1 bln GEL – to physical persons.
Total assets of MFOs exceeds 1.5 bln GEL.
According to the National Bank of Georgia, credit unions, operating Georgia, ended last year with losses. Namely, according to financial information submitted by them to NBG, loss was over 1.4 mln GEL.