Crystal’s 28-year history reflects a compelling and enduring journey of organizational success—one consistently driven by growth, development, and tangible results. This, however, was preceded by a long, compelling, and challenge-filled journey.
Over the past 28 years, Georgia itself has undergone profound transformation. During this time, JSC Microbank Crystal evolved from a non-profit organization by a group of internally displaced persons (IDPs) into the largest micro bank in the country. From its earliest days, Crystal has remained firmly committed to creating positive impact across all aspects of its operations. The organization was founded on the belief that displaced people best understood their own needs. Its innovative, community-driven approach — was shaped by the evolving realities of the populations it served.
The first microfinance operations were launched in 1998 with the support of the International Rescue Committee. Over the following three years, this initial phase of microfinance activity supported thousands of micro-entrepreneurs in western Georgia. This success attracted additional grant funding from the United States Agency for International Development (USAID), the Dutch Refugee Foundation (Stichting Vluchteling), and the United Nations High Commissioner for Refugees (UNHCR). By 2001, the microfinance program had achieved operational self-sufficiency. Grant funding was gradually phased out, and the organization shifted its focus toward funding from microfinance investment vehicles and commercial banks. In 2007, following the adoption of new legislation governing microfinance institutions, the Crystal’s commercial operations were transferred to the newly established JSC MFO Crystal, certified by the National Bank of Georgia.
Positive impact remains a core pillar of Crystal’s strategy and is embedded through its Triple Bottom Line business model, which assigns equal importance to people, the environment, and profit in the pursuit of sustainable development. Market-leading customer protection standards and award-winning transparency are complemented by environmental and social initiatives aimed at supporting the growth of micro and small-sized enterprises across Georgia.
The evolution of Crystal’s services is also reflected in its workforce of nearly 1,000 multidisciplinary professionals. Throughout this period, Crystal’s customer-centric and innovative financial services expanded to nearly every region of Georgia.