VF AzerCredit Wins International Finance Magazine's 'Best Microfinance Company Azerbaijan 2013' Award

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Mar 18, 2014, 05:00 ET

LONDON, March 18, 2014 /PRNewswire/ --

London-based International Finance Magazine has conferred the "Best Microfinance Company Azerbaijan 2013" award to VisionFund AzerCredit for achieving excellence in its services and demonstrating exemplary corporate social responsibility apart from high financial performance.

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IFM gave the award after a rigorous evaluation of 500 nominations by an internal research team and an external research agency. The International Finance Magazine has a readership across more than 200 countries across the world with more than 1 million average annual visitors.

VF AzerCredit's CEO Ljiljana Spasojevic said in statement: "We have always strived to create more and more opportunities for our customers whose needs are being continuously learned and incorporated into business processes. Constant product refinements and developments by VF AzerCredit contribute to the improvement of the welfare of micro entrepreneurs and self-employed people in Azerbaijan and have brought innovations to the microfinance sector in the country. And we are very excited to know that these achievements of ours have also been recognized with the Best Microfinance Company Azerbaijan 2013 Award by International Financial Magazine, UK."

VF AzerCredit was initially created in 1996 as a program of World Vision, a worldwide relief and development organization, to provide credit to ensure people can take control over their own lives and livelihoods. In 2002 VF AzerCredit was successfully registered as a Limited Liability Company and in 2003 obtained a license from the Central Bank to operate as an NBCO. In 2012 the shareholding structure changed with VisionFund International selling off 24 percent of the equity to Incofin and another 24 percent to Triple Jump while retaining the balance 52 percent. This was done to broaden and strengthen the shareholder base to open up new development opportunities.

Over the last five years, VF AzerCredit's net income has grown from $743,000 in 2009 to over $4 million in 2013. In line with its commitment to social goals and impact investing, the microfinance company currently operates 39 outlets in 32 districts, 22 of which are comparatively underserved rural areas.

The company's total number of active borrowers is over 70,000 and the portfolio is around $70 million. In 2012 only, VF AzerCredit created 817 jobs, sustained 115,884 jobs, provided loans to 20,022 women and impacted the lives of 165,725 children through its various micro-finance programmes.

Speaking at the award-giving function, IFM's publisher Sunil Bhatt said: "The award reflects the dedication of VF AzerCredit to not only financial but also social goals and its passion to deliver best services to its customers by working out new products (including Islamic microfinance products) and delivery channels, among others."

Headquartered in London, the IFM aims at providing information, analysis and insights for the global finance community. During the Annual 2013 IFA Awards, individuals and organizations across the world were rewarded for showing innovation and excellence in the global financial industry.

About VF AzerCredit

VF AzerCredit is a leading microfinance company in Azerbaijan. The mission of VF AzerCredit is to provide financial services which have a positive impact on the lives of the poor. The company currently operates 39 outlets in 32 districts, 22 of which are comparatively underserved rural areas, with a total portfolio close to $70 million. By continuous and active improvement of internal systems, VF AzerCredit has created an environment for future development and expansion into many more rural and remote areas which will be the focus of the organization for the coming years.

About International Finance Magazine

With its readership spread across more than 100 countries, London-based International Finance Magazine provides exclusive reports, analysis and commentary on banking, capital markets, wealth management, Islamic finance and technology.

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SOURCE International Finance Magazine