General information
In 1999, when micro-financing market was in the early stage of formation and development in the Republic of Armenia, “FINCA International Inc.” Not-for-Profit Corporation established “FINCA” Charitable Foundation aiming to provide financial services to the lowest-income entrepreneurs, who did not have access to lending of financial institutions.
“FINCA International Inc.” Not-for-Profit Corporation was founded by John Hatch in the USA in 1984, which in its turn founded micro-financial organizations in several countries of the world. During the inception period, John Hatch was working in Bolivia, in a USAID rural development program. Working with peasants receiving low income, recognizing their work abilities and issues, Hatch understood, that the main reason that prevents that peasants from borrowing from financial institutions was the absence of collateral. John Hatch noted that many rural working poor are economically active and capble of paying off both the principal amount and interest. He developed and implemented a specific and critical micro-financial program for the provision of small loans, in the scope of which the loans were provided without collateral, and the peasants who received the loans were responsible to repay the loans. The peasants formed groups, made joint decision on use of loan funds, and on paying off the debts.
At present this method of lending, created by John Hatch, is called “Village Banking” and is known throughout the world.
Microfinance has been recognized as a very efficient method of combating poverty, for which Mohamed Unus, a member of “FINCA International Inc.” Not-for-Profit Corporation Board of Trustees, was granted Nobel Prize in 2006.
Today “FINCA International Inc.” has a large network of micro-financial institutions in 21 countries in Eurasia, the Middle East, Latin America, and Africa, as well as more than 800 000 clients. “FINCA International Inc.” expands the volume of its activities every year, offering to its clients a wide range of financial services.
In the Republic of Armenia “FINCA” became one of the leading microfinance organization in a short period of time.
In 2006, conditioned by the amendment of Republic of Armenia legislation, Republic of Armenia Central Bank registered and licensed “FINCA” universal Credit Organization closd joint-stock company, the sole founder and shareholder of which was also “FINCA International Inc.” Not-for-Profit Corporation. On November 1st, 2011 shares of “FINCA” UCO CJSC owned by the sole shareholder of “FINCA” UCO CJSC “FINCA International Inc. were transferred to “FINCA Microfinance Cooperative U.A.’. Netherlands based company. “FINCA Microfinance Cooperation U.A.” has been incorporated in Netherlands by “FINCA Microfinance Holding Company” LLC and “FINCA International” LLC.
At present “FINCA” UCO CJSC has a large network of branches and representative offices throughout almost all regions of the Republic of Armenia.
Dear customer, in case of discrepancies between Armenian and English languages of the information published on the company's website, you should rely on the Armenian version.
