Tbilisi (GBC) - The network of microfinance organizations (MFOs) has expanded. It has been growing steadily by 7-8% annually, although at the beginning of the year it suddenly decreased by 1,000 staff, as the largest employer, Crystal, received a microbank license and moved to the banking market with its staff. Before that, MBC, with 250 employees, had been operating.

At the moment, 30 MFOs remain in the market, with about 3,500 staff. Rico employs about 900 staff, and Swiss Capital employs about 500.

Rico is represented by the largest network, with 67 service centers (H1/2024 – 61). Swiss Capital is third with 35 branches (H1/2024 – 33). The second is "CreditService+" with 50 service centers.

Retaining personnel cost the sector 100 million in 2024. Of this, 23.3 million are "Rico" expenses ((H1/2024 – 10.5 million).

 TOP-5 MFOs By Employee Number

 

 

2024 

 

H1.2024 

Rico

846

 

750

Swiss Capital

469

 

378

Leader Credit

375

 

375

CreditSrvice+

333

 

331

Lazika Capital

321

 

450

     

Source : NBG