The Financial Inclusion Organization Crystal continues its banking transformation program and recently signed a technical assistance agreement in the amount of EUR 200 000 with its long-standing partner FMO, the Dutch entrepreneurial development bank. The two-years assistance program will contribute to the banking transformation objective.
Crystal launched transformation project in the second half of 2021. Banking transformation is a complex process, including changes in the organizational structure and processes, implementation of new core banking software, development of new risk management system, up-skilling of employees, etc.
Ilia Revia, Chief Executive Officer of Crystal commented: “We are intensively preparing for the banking transformation in every direction. Significant steps were taken in 2021 as we managed to entirely replace our core banking software system. Crystal is actively supported by our European partners in the process. We are honored that a leading, highly reputable financial organization such as FMO, will be involved through the technical assistance program”.
Andrew Shaw, Head of FMO’s Capacity Development program commented: “Crystal has taken great strides in its digital transformation, further consolidating its position as Georgia’s leading microfinance institution; it is innovating for a bright future for itself as an institution and for the customers that it serves. FMO and Crystal’s relationship goes from strength to strength, and we are proud to partner with them for this important and strategic project.”
Crystal and FMO have enjoyed fruitful cooperation since 2017. Through this new senior loan injection both companies have demonstrated longstanding reliable and effective partnership at a time of increased market uncertainty caused by COVID-19 pandemic, which severely disrupted financial markets and worldwide economy. This facility will contribute Crystal’s provision of financial services and will support development of the green projects and recovery process for the people impacted by COVID-19 across the country.
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a close to 50-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 12.5 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl