MICRO FINANCE BANK EXPANDS ITS ACTIVITY
As has been announced earlier, MFBA intends to open a branch at the Airport bazaar before the end of this year. Until the branch building is ready to be used, clients from the airport bazaar will be served from the Bank’s Headquarters at 137 A. Guliyev street. Micro Loans up to USD 10,000 are extended for a maximum maturity of six months, whereas Small Loans between USD 10,000 and 30,000 can be given for up to 12 months for working capital. The monthly interest rates are 3% and 2,5%, respectively.
Meanwhile, MFBA’s loan portfolio continues to grow at a high speed, surpassing USD 2 million in the first week of September. In total, more than 2,100 loans for USD 3,4 million have been disbursed since the Bank’s opening in October last year. More than 700 loans have been fully repaid, evidencing the excellent payment behavior of Azeri businesses.
MFBA has been founded by a group of international shareholders (EBRD, IFC, Black Sea Trade and Development Bank, LFS Financial Systems) and is supported by the EU Tacis Programme and KfW. The Bank is managed by an international team of experienced bankers. Apart form its credit products, MFBA offers current account and Western Union money transfer services.
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