Georgia has a population of 4 million, according to the World Population Review. Fifty percent of them live in rural areas, and thirty-six percent have to manage on less than $2 a day. Since 1990, Georgia has developed into a model market for microfinance. The sector is today one of the main pillars of the Georgian economy. This is having an impact; almost every adult in Georgia now has access to credit.
The microfinance institution Credo today serves fifty percent of all Georgian microfinance borrowers. The key to Credo’s success is its constant search for innovation. One of its innovations has provided it with an extensive distribution network in rural Georgia.
There was a strong demand for financial services in the villages but there was no one to meet that need. This is why Credo launched their Village Loans project. They appointed village councils representatives in the villages. Today, two thousand five hundred of them find new clients for Credo.
Credo today serves 180,000 borrowers who have loans totaling $164 million. Credo serves clients such as Pikra Bandzeladze from the Georgian capital, Tbilisi. In 2013, she set up her own taxi company, thanks to her access to start-up financing provided by Credo to close another gap in the market. She obtained a start-up loan from Credo after being turned down everywhere else. The team at Credo not only gave her a loan but also actively advises her on how to use the money most effectively.
Pikra Bandzeladze now employs nine dispatchers. They take calls from six hundred passengers a day and dispatch 100 taxi drivers. The entrepreneur has ambitious goals. She will soon have 400 taxi drivers under contract.
Find out more about Fern Software solutions, click here to request for our brochures for free!