Crystal Releases its Social Impact Assessment Report

The financial inclusion organization Crystal has released the results of its 2022 social impact assessment, entailing a detailed study of the socio-economic impact the company’s credit services have on its customers. The findings were presented at the event dedicated to the 25th anniversary of Crystal.

According to the conducted research, “Crystal” rates the highest in customer rights protection vis-a-vis more than 120 microfinance organizations and banks worldwide.

As the results show, after cooperation with “Crystal”, the financial abilities of customers have enhanced: the quality of life improved for 86% of respondents, and 70% of business customers saw an increase in their business income.

It is noteworthy that the research also entailed a study of the impact “Crystal” loans have on the self-perception of customers. As the study revealed, the company’s credit products bring significant positive change in this light as well: clients become more self-confident, they make financial decisions more easily, and at the same time,  they grow more able to achieve the set goals.

The results of the study also emphasize the positive customer experience with Crystal: for 96% of clients, the company’s fees are easy to understand, 99% are fully informed about the commissions, and 94% have never had any difficulties with the service.

It is worth noting that the company also studied the impact the business consulting and mentoring of “Crystal” has on small and medium enterprises. According to the study, 92% of the respondents mentored by Crystal notice an improvement in their business. After receiving business consulting and mentoring, 61% of the respondents saw a significant increase in their business income.

“We strive to distinguish ourselves in every respect, to remain a transparent, commercially viable and investor-attractive organization, upholding the highest standards of corporate governance and bringing a positive change to people and their families through increased access to finances. To this end, we continue to finance internally displaced persons, and we are glad that Ukrainian IDPs can also benefit from our products. We have certain experience in funding young entrepreneurs in Abkhazia, and we will continue our efforts in this direction” said Archil Bakuradze, Chairman of Crystal’s Supervisory Board.

Crystal conducts social impact assessment every year. The findings of the study are incorporated in the planning and implementation of the company’s future strategy.

The quantitative part of 2023 research was carried out in cooperation with the company “60_Decibels”, whereas the qualitative part, involving in-depth interviews and focus groups, was done in-house by Crystal.