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

Nurjana Shadykhanova

Nurjana Shadykhanova

Regional Manager Central Asia, Russia and the Caucasus
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What our Clients say

“The Social Rating helped us to positively reshape the way of thinking how we do our business. We practiced the SPM principles, but MFR’s assessment has helped us to document and to reformulate them. During the Social Rating process MFR looked at various components of the performance and mixed them into one outcome. The procedure was comprehensive and the whole assessment process was done in a great level of paying attention even to the smallest details. Social Rating was important not just for our target audience but for ourselves as well. The final grade inspired our company to move to a new level of development, where we position ourselves not just as a financially viable company, but also as the one that cares about the planet, local community, environment and making an impact. If we qualify ourselves as the company doing good for customers and eradicating poverty, then practices should be aligned with this big goal and the Social Rating has helped us to check it once again. The extended debriefing session, held on the last day, became a good closure for the extensive preparatory stage and detailed four-day interviews. It allowed to wrap up the process highlighting the best practices and areas that have some room for improvement. The process would not be comprehensive and complete without this session. ”

“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.”