Financial Inclusion Organization “Crystal” ranked up in its social rating, having earned “A” from the international rating agency Microfinanza. With this result, the company further improved its 2019 rating of “A-“.
Improvement in 2020 Social Rating demonstrates the company’s high responsibility, which became even more apparent during the Covid-19 pandemics. It is noteworthy that several factors led to the improvement of the rating, with unwavering aspiration and commitment to the Sustainable Development Goals (SDGs) being the most important one.
In the course of the rating, “Microfinanza” particularly emphasized company’s initiatives aimed at mobilizing financial and non-financial resources in 2020 and delivering significant benefits, including non-financial services for customers to help them in coping with the pandemic and associated hardships. Crystal’s weekly remote trainings for female customers as well as establishing smooth transition into the distance working mode were mentioned as significant achievements.
The Microfinanza Rating positively assessed the annual social impact measurement, which will continue to be conducted in the company regardless of the pandemic. Crystal will conduct this year’s Social Impact Measurement with the help of the French Social Performance Management pioneer organization – CERISE.
“It is noteworthy that Crystal’s strategy pursues the principle of 3P (People, Planet, Profit), putting equal focus on people (employees, customers, society/community), the planet and the company’s financial gains. The company is also committed to 6 out of 17 Sustainable Development Goals (SDGs), having them fully outlined in Crystal’s Strategy Document. Today, corporate sustainability is seen as a cornerstone for ensuring effective communication with customers, investors and local or international partners, ensuring stability, sustainable development and strong business reputation. These were exact criteria that Microfinanza focused on while assessing the company’s this year’s social performance as well,” said Maya Kobalia, Head of Crystal’s Environmental and Social (E&S) Division.
About JSC MFO Crystal: JSC MFO Crystal (“Crystal”) is the leading financial inclusion organization and the largest (by assets) non-banking financial institution in Georgia. It manages a loan portfolio of GEL 315 million, employing more than 1,000 members of staff, operating through 48 branches and serving more than 100,000 unique customers across Georgia. Crystal acts as a platform for economic development, providing micro and small entrepreneurs and farmers with innovative financial products and services tailored to their needs. Crystal is the first Fitch-rated non-banking financial institution in the region. In December 2018, Crystal received the nation’s responsible business award, “Meliora“.