MFR rates JSC MFO Crystal, Georgia with A-

Milan, May 15th , 2019: After a thorough review of Crystal’s documents as well as after a week-long visit to Crystal’s Headquarters and Branches in Georgia, Global Rating Agency MFR and its Social Rating Committee – based on the Social Rating scale adopted by MFR – has assigned to the Financial Inclusion Organization Crystal the Grade: sA- (While AA being the highest Grade in MicroFinanza Rating)

The Executive Summary of Crystal’s Social Rating says that: “Crystal’s governance shows commitment to the institution’s triple bottom line (People, Planet, Profit). Social strategy is well formalized with annually approved social targets; Social responsibility towards staff is good due to well-balanced gender composition of staff, low staff turnover, competitive remuneration and systematic trainings offered to employees; Client protection principles are properly implemented; The context risk is medium with adequate infrastructure to prevent over-indebtedness. ”

“We are delighted to have been assigned the Social Rating A-, as a mark of recognition of Crystal’s social and environmental performance management. MFR has been vigorous and punctilious in their process. We are grateful to the team for helping us identifying potential future improvements. This leap in social performance is obviously a collective achievement of all Crystalians, the Board, our investors, lenders and supporters. Crystal remains fully committed to the desired outcomes described by 3P: Planet, People, Profit. “ Archil Bakuradze, Founder and Chairman of the Supervisory Board.

“It has been an absolute pleasure to work with Crystal and witness the significant improvements the company made over the past years. As MFR we would like to thank Crystal team for the great business relationship with MFR and we wish you great success in the implementation of social performance and client protection practices.” Chiara Pescatori, MFR Inclusive Finance Director.

About Crystal:
Crystal is Georgia’s leading non-bank financial institution, which manages 100 million USD loan portfolio, employees more than 1,000 professionals, operates through 62 regional branches and serves more than 100,000 unique clients across Georgia. Crystal acts as a platform for economic development of thousands of customers, providing them with innovative financial products and services tailored to their specific needs.

Crystal is the first Fitch-rated non-bank financial institution in the region to be assigned a ‘B’ Rating with a Stable Outlook. The company was also recently awarded with the prestigious CSR Award for the best practices of the gender equality principles – UN SDG #5, and the nation’s Responsible Business Award of 2018 as the Most Responsible Company of the Year 2018.