Microcredit organizations improve their portfolios
Microcredit organizations are improving their portfolios. According to ranking.kz analytical portal, in the 1st quarter of 2015 the share of risky loans with overdue of more than 30 days in the total loan portfolio of MCO sector in rural areas was 11.0% against 18.5% a year earlier. Today, the microfinance sector is preparing for reorganization and MCOs are eager to share information about borrowers with regulators and other financial institutions.
Raihana LATYPOVA, DIRECTOR, CLIENTS SERVICE DEPARTMENT, ‘FIRST CREDIT BUREAU’ LLP:
- Now, due to the change in the law, part of microcredit organizations is being transformed into microfinance. New microfinance institutions are being created. And all of them have the right to enter into contracts with the first credit bureau on a voluntary basis and to exchange information. 10:27. Now microfinance organizations understand that it is quite difficult to carry out the process of lending without this information.
As of April 1, there are over 620 organizations offering microfinance services to the population and business in the country.