Global microfinance leader FINCA and First Access, whose technology predicts the credit risk of borrowers in informal markets, announced a new collaboration that will create the largest and most sophisticated alternative credit-scoring approach by a microfinance institution (MFI) in the world.  The partnership will vastly improve FINCA’s outreach to excluded populations.

First Access will analyze existing client data from FINCA’s operations, as well as subscriber data from local mobile network operators (MNOs), to establish credit scores for low-income clients who lack sufficient formal credit history to secure small loans to build businesses or support emerging personal needs.

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This year FINCA Kyrgyzstan celebrates its 20^th anniversary. For less than a quarter of a century, the microfinancial organization managed to grow into one of large commercial banks with the developed network of branches providing a wide range of financial services. Today FINCA Bank has 72 service outlets in all the regions of Kyrgyzstan. By this moment, more than 115 thousand clients have chosen FINCA Bank as their financial partner.

On the occasion of the 20th anniversary of FINCA Kyrgyzstan, the top management of FINCA has arrived. The visitors included: the President of FINCA International and Co-CEO of the FINCA Microfinance Holding Company Rupert Scofield, the Co-CEO of the FINCA Microfinance Holding Company Andrée Simon and Regional Director for Eurasia Jeff Flowers.

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On March 14, 2016 the Monetary Regulation Committee of the National Bank of the Kyrgyz Republic took a decision to decrease the interest rate of «overnight» deposits by 200 basis points to 1 %. The decision is effective as of March 15, 2016.

On February 17, 2016, the USAID Business Growth Initiative (BGI) Project, in collaboration with the Union of Kyrgyz Banks and ISR Consult, held a round table for 70 representatives of banks, non-bank financial institutions, leasing companies, government agencies, business associations and international financial institutions, to discuss the results of the Kyrgyz leasing market study conducted during the last half of 2015. The study was conducted to better understand the leasing market and what is restricting its growth.

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CJSC “Kyrgyz Investment and Credit Bank” became the participant of the program for target financing of business from the Russian-Kyrgyz Fund of Development.

On February 5, 2016 the agreement between CJSC “Kyrgyz Investment and Credit Bank ” and Russian-Kyrgyz Fund of Development on granting to KICB the credit line in the amount KGS 350 million on financing of investment projects in business was signed. The credits will be issued in the national currency by preferential rate 12% per annum for term from 3-60 months.

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