OUR MISSION IS TO PROVIDE FINANCIAL SERVICES
WHICH HAVE A POSITIVE IMPACT ON THE LIVES
OF THE POOR
Vision Fund 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 obtained Central Bank license in 2003.
Although much has changed since then, the vision of VF AzerCredit is still to assist people in developing a positive and self-sustainable lifestyle.
The mission of VF AzerCredit is to provide financial services which have a positive impact on the lives of the poor.
The primary objective of VF AzerCredit has always been to provide loans to those who are not able to access facilities through the conventional banking system. This implies that AzerCredit works both in the urban and rural areas of Azerbaijan but the emphasis is placed on providing loans to micro and small rural entrepreneurs and self-employed poor, covering remote areas which are not bankable. However the sole focus on loan is being replaced by a wider view on microfinance now as VF AzerCredit has developed into a strong financial institution.
Constant product/process refinements and product developments introduced by VF AzerCredit have brought innovations to the microfinance sector of Azerbaijan and more opportunities for customers whose needs are being continuously learned and incorporated into business processes.
Currently AzerCredit provides the following groups of products to target clients:
VF AzerCredit currently operates 31 outlets in 26 regions, 18 of which are comparatively underserved rural areas. Rapid growth of the branch network in underserved rural areas provides the foundation for continued growth in the coming years.
- Micro and small business loans, including agriculture loans issued both to individuals and solidarity groups with the intention to directly support clients` businesses: Group Urban and Group Agriculture Loans, Individual Urban and Agriculture Micro Loans, Individual Urban and Agriculture Small Loans;
- Household loans issued to finance the purchase of home appliances, furniture and the like;
- Family loans issued to provide funding for covering tuition fees, building or repairing houses, arranging vacation, receiving medical assistance, organizing wedding or engagement ceremonies, etc.
By the end of 2012 the total number of active borrowers was 59,751 and the portfolio was over $56 mln. In line with these figures, VF AzerCredit keeps an outstanding portfolio quality, as PAR>30d is around 0.3%.
Being an equal employment opportunity provider, VF AzerCredit employs about 450 staff members, who are the main asset of the organization.
The organization is actively investing in developing social performance management system as a part of its strategic plan, as it looks to support the double bottom-line. The poverty measurement tool has been introduced and is permanently used at VF AzerCredit starting from October 2009. The poverty measurement tool provides an opportunity to measure the poverty level of targeted clients and in future will help gauge the impact of VF AzerCredit on the lives of the poor.
Recognizing that its operations have direct and indirect impacts on the environment, VF AzerCredit has recently adopted and is implementing Environmental Policy to ensure the environmental soundness and sustainability of its operations, support the integration of environmental considerations into the decision-making process and promote responsible environmental attitudes both internally and externally.
VF AzerCredit is continuously working on improving customer service. The first step in this direction was creation of a reliable feedback system of customer grievance and suggestions through various ways. The next steps are the implementation of comprehensive Customer Service Standards, undergoing Client Protection certification, developing client loyalty appreciation, etc. Client Relationship Management will remain one of the focus areas in the coming years.
- VF AzerCredit received recognition certificate from Azerbaijan Microfinance Association as acknowledgement for pioneering participation in Advancing Social Performance Management in Azerbaijan, which included undergoing the process of social audit;
- "The Best Community Impact Provider in Azerbaijan" nomination was awarded by Azerbaijan Microfinance Association, thus the organization was recognized as the MFI with the best community impact on the market;
- By the Certificate of Recognition received, VF AzerCredit was Ranked 66th on the Portfolio Quality List by the Microfinance Information Exchange;
- Certificate of Recognition, VFI Green "Good Performance" Rating for the year 2008.
- VF AzerCredit went through Financial and Social Rating conducted by Microfinanza Rating. Thus, AzerCredit became the first institution in Azerbaijan to go through social rating;
- VF AzerCredit was audited by a big four audit company and received an unqualified opinion, which is indeed a success for an MFI;
- Our performance was highly recognized by the microfinance industry by receiving Silver Award from CGAP, Ford Foundation and Michael & Susan Dell Foundation for reporting on Social Indicators to MIX;
- MFC awarded acknowledgement for pioneering participation in the project Advancing Social Performance Management in Azerbaijan using MFC Quality Audit Tool;
- MF Transparency recognized VF AzerCredit as a leader in transparent pricing in Azerbaijani microfinance industry.
- CGAP, Susan and Michel Dell Foundation together with MIX awarded a Gold Award for Social Performance Reporting to MIX at the MFC conference in Astana, Kazakhstan in May 26, 2010;
- Award "Member of the year 2010" given by AMFA in October on the 5th Azerbaijan Microfinance Conference "Responsible Micro-Finance in Azerbaijan".
- VF AzerCredit was awarded as the "Best Member Succeeding in SMART Campaign Client Protection Principle 4: Ethical Staff Behavior" by Azerbaijan Microfinance Association.
- CGAP, Michael and Susan Dell Foundation, Ford Foundation together with MIX awarded a Platinum Award for social performance reporting in 2011. The Platinum Award was introduced in 2011 as the highest level of the award from MIX.
VF AzerCredit`s leadership on Azerbaijan microfinance market and active improvement of internal systems creates a perfect environment for future development of the organization and expansion into many more rural and remote areas, which will be the focus of the organization for the coming years.
- VF AzerCredit received an award for Promoting Transparent Pricing/Services in Azerbaijan Microfinance Industry at the fifth Annual Award Dinner hosted by AMFA in Baku on 27 January 2012.
- MF Transparency renewed the official Seal of Transparency awarded to VF AzerCredit for the period of April 2012 - April 2013.
- VF AzerCredit received the MFC and Smart Campaign Good Practice Award in Mechanisms for Complaint Resolution at the MFC Conference held in Tbilisi from 28 to 30 May.
Chair of the Management Board of VF AzerCredit is Ljiljana Spasojevic
Deputy Chair is Samir Jafarli