We define Social Strategy as an effective translation of our mission into practice in line with accepted corporate values.
Crystal’s key Social Objectives are:
- To strengthen its Social Performance Management System (SPM) based on best international practices and integrate it into daily its business activities
- To achieve an optimal balance in double bottom line and become a leading MFI in the field of social responsibility and ethical microfinance
- To set up an effective, clear and comprehensive tools of SPM monitoring and measurement of the social impact
Crystal’s social strategy:
Doing Business Responsibly_SMART client protection Principles; UN Global Compact principles; Ethic Code.
Social Performance Management _Universal Standards for Social Performance Management; Social Ratings; Social Audits.
Social Investments _ Social entrepreneurship, Financial Education, Environnemental programs, Philantrophy.
On top of it Crystal is active in community investment through the wide range of initiatives, including the following:
Financial Education: Borrow Wisely Campaign
The Campaign promotes global client protection standards and financial education. In 2016 more than 8,000 borrowers have been reached and consulted by Crystal about how to borrow wisely and be protected from over-indebtedness.
Crystal Summer School
In 2013 Crystal launched a Summer School program, which offers students of Georgian Universities a unique opportunity to gain practical skills and theoretical knowledge in the field of financial services through intensive training courses and internship in Crystal.
Crystal Young Entrepreneurs School
Crystal established Young Entrepreneurs School program, which is implementing in 21 cities of Georgia in partnership with PH International, Crystal Fund and USAID. Young Entrepreneurs School entails training in two stages. At the first stage participants develop a variety of job skills, whereas the second stage entails preparation of investment proposal. Top projects get funding from Crystal.
Crystal is a financial partner of Social Entrepreneurship project, implemented by the Center for Strategic Research and Development Georgia. The project is aimed at the capacity building of social enterprises and to facilitate the economic empowerment of vulnerable groups in Georgia.
Charity projects and the sponsorship
Crystal supports different social and charity projects through partner NGOs. Annual social budget is defined as a 2% of the company’s net income. In 2016 Crystal spent GEL 105,000 for implementation of various social projects and initiatives in partnership with local charity organizations.
Self -Assessment of Client Protection Practices