Our local partner in Georgia

Crystal is a dynamically growing local microfinance organization (MFI), supporting development of micro and small business sectors in Georgia. Crystal offers a wide range of high quality financial services to the customers, including: micro, SME and agro loans for start-ups and operating businesses, housing and consumption loans, currency exchange services, remittances and utility payment services.

Headquartered in Kutaisi (West Georgia), Crystal is mainly focused on (micro) entrepreneurs and farmers living and working in regions and remote areas. Around 24% of the company’s loan portfolio is concentrated in non-urban areas. Holding a market share of around 6%, Crystal is the 4th largest MFI in Georgia among 62 registered institutions.

CEO and Founder Malkhaz Dzadzua is an International Certified Expert in Microfinance and Risk Management with over 21 years of experience in Social Entrepreneurship and Financial Services. He focusses on Strategic Leadership, General Management, Business Development and Investor Relations. Malkhaz holds a Master's degree in economics and management by Georgian State Subtropical University. He successfully completed several Executive Education and Certification programs, including Harvard Business School and Frankfurt School of Finance & Management.

General information

  • Full nameJSC Microfinance Organization Crystal
  • CountryGeorgia
  • Head officeKutaisi
  • Founded in2004
  • Active on Lendahandsince May 2017

Year Report 2015

Financial indicators June 30, 2016

  • Number of SMEs in loan portfolio5,400
  • Total assets$ 56,200,506
  • Leverage ratio25%
  • Loan portfolio$ 49,588,682
  • Write-off ratio last 12 months1.2%
  • % loan amount in arrears (>90 days)0.48%
  • % loan amount in arrears (>180 days)0%

About Georgia

The current republic of Georgia is created as a result of the disintegration of the Soviet Union in 1991. The majority of the Georgians is Christian (84%) and belongs to the Orthodox Church, mainly to the Georgian Orthodox Church, although a small part belongs to the Russian Orthodox Church, especially the Ossetians. Exports include citrus, tea, tobacco and grapes. The agrarian sector producing grains, maize and fodder is intensive and highly mechanized. The livestock sector includes cattle, sheep, goats and pigs. According to the Development Program of the United Nations, more than half (54.4%) of the Georgian population lives below the poverty line.

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