Central Asia

MFR | Central Asia

We have been operating in the region since 2004, based out of our office in Bishkek, Kyrgyz Republic, since 2007. From our regional office, we cover Central Asia, the Caucasus, Mongolia, and Russia.

MFR is the leading specialized rating agency in Central Asia and the Caucasus and has carried out over 240 assignments in the region since inception. Our clients in the region include microfinance institutions of various legal type and size as well as universal banks including leading market players. Over the years we have partnered with bilateral and multilateral DFIs, investors, international hedging facilities and local regulators.

Our staff is highly qualified and capable to deliver services in English and Russian.

Discover more on our clients: Visit Our Reports and become a Subscriber.


Meet Our Team

Farida Abdulhafizova

Farida Abdulhafizova

Regional Manager Central Asia, Russia and the Caucasus
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Bekzat Iskander uulu

Bekzat Iskander uulu

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What our Clients say

“KfW has been working with Microfinanza Rating in various transactions, mainly in Tajikistan and the Kyrgyz Republic. The team is professional and committed. Their expertise is well perceived both by the local financial institutions and government representatives. Microfinanza Rating is unique, as it combines many years of local expertise with best international analytical practices.”

“As a first Smart Campaign Certified financial institution in Georgia, FINCA Bank Georgia highly rates the knowledge on the microfinance sector demonstrated by MicroFinanza Rating team. Their professional approach and solid experience resulted in objective, rational analysis of policies provided by FINCA Bank Georgia. Recommendations provided by MicroFinanza team have been highly beneficial in strengthening the bank’s commitment towards customer protection principals.”

“IFC’s Azerbaijan and Central Asia Micro- and Responsible Finance Program has been very pleased to work with MicroFinanza Ratings. MFR provides high-quality diagnostic assessments of financial institutions’ alignment with Smart Campaign criteria, that is one of the key components of our program to strengthen financial institutions’ practices. MFR also has a wealth of experience and knowledge advising financial markets supervisors about sensible approaches to microfinance regulation and consumer protection. The MFR team has been an asset to our dialogue with financial institutions and regulators in the region.”