1995: FINCA is established in Kyrgyzstan
FINCA Kyrgyzstan is established as a program for providing credit to low-income entrepreneurs, most of whom are women, through the group banking model. The first banking group is formed in Chui province.
1998: Individual loans are introduced
With FINCA Kyrgyzstan now successfully operates in the Osh, Jalal-Abad, Issyk-Kul and Naryn provinces, individual loans are introduced for the first time. The total client base numbers 10,000 people.
2001: The number of FINCA Kyrgyzstan clients reaches 20,000
The number of FINCA Kyrgyzstan clients reaches 20,000 people. The institution’s network covers the entire country and its loan portfolio amounts to USD 3,272,782.
2003: “FINCA Microcredit Company” is established
In accordance with Kyrgyzstan’s new microfinance regulations FINCA Kyrgyzstan is re-registered as Joint Stock Closed (CJSC) “FINCA Microcredit Company”. FINCA Microcredit Company becomes a member of the Credit Information Bureau.
2005: FINCA celebrates ten years of successful operation
In ten years of operations, 26,000 people are now active customers. Two new loan products, the “Express-loan” and “Aiyl-loan” are introduced. The terms and conditions and analytical methods of “Aiyl-loan” are developed especially for rural entrepreneurs. FINCA Kyrgyzstan becomes a member of the American Chamber of Commerce in the Kyrgyz Republic. FINCA Kyrgyzstan is a founding member of the Association of Microfinance Institutions (AMFIs).
2007: The company increases its client base to 50,000
The company increases its client base to 50,000, confirming its status as the leader in Kyrgyzstan’s microfinance market. The company now has 65 branches and 540 employees.
2009: FINCA Kyrgyzstan increases its client base to 100,000
«Life for all 100!» is the company’s motto for 2009. In May 2009, FINCA Kyrgyzstan reaches 100,000 active customers. In honor of such a remarkable event, a special campaign for staff and clients is announced by which more than 100 prizes are rewarded to the most active clients and successful customer relationship officers.
2010: FINCA Kyrgyzstan client takes part in 25th-anniversary celebration of FINCA International in New York
Despite difficult macroeconomic conditions in the country, FINCA Kyrgyzstan takes the biggest share in total volume of the credit portfolio among members of the Association of Microfinance Institutions – 29%. A number of measures are taken to improve conditions for clients. The participation of a FINCA Kyrgyzstan client at the 25th-anniversary celebration of FINCA International in New York is one of the brightest events of the year.
2012: FINCA launches a project to enhance financial literacy
Over two years, financial literacy trainers hold 576 training exercises involving 10,798 beneficiaries. FINCA Kyrgyzstan takes part in Global Money Week, conducting training exercises for pupils and students and producing a training manual.
2014: Loan product “Unom” is launched
In April 2014, the loan product “Unom” is launched to building the population’s capacity to save costs on energy consumption. The company actively supports social initiatives and becomes a partner of the educational project “Kindergartens on dzhailoo” which helps prepare children for school. Additionally, FINCA Kyrgyzstan supports the opening of the first educational center “Unique” under the Institute of Higher Education and conducts activities to repair schools, training facilities and educational institutions. In December, FINCA is awarded Smart Certificatiation for continued compliance with the highest industry principles of client protection, joining an exclusive group of 29 certified financial institutions around the world.
2015: FINCA Bank Kyrgyzstan is established
In March 2015, the CJSC “FINCA Microcredit Company” obtains a banking license and is transformed into CJSC “FINCA Bank”, fully-licensed to take deposits for the first time. By 2018, the bank holds more than USD 42 million in client deposits.
2017: FINCA Bank launches ELSOM
FINCA Bank Kyrgyzstan launches ELSOM, a mobile e-wallet application that enables payments and transfers, loan repayment and savings deposits all via smartphone, putting financial power in the hands of people wherever they live. In 2018, nearly 20 percent of the bank’s total transactions are processed via ELSOM.