Creating Opportunities Through Financial Inclusion

JSC Microbank Crystal

March 2025

In Georgia, a nation rich in history and culture, JSC Microbank Crystal (Crystal) has emerged as a crucial enabler of financial inclusion and economic growth. Established in 1998 by internally displaced persons from Abkhazia region, Crystal began as a humanitarian initiative with an initial debt capital of just USD 10,000. Over the years, it has evolved into a comprehensive financial institution, addressing the financial needs of underserved communities, particularly in rural and semi-urban areas, where access to traditional banking services remains limited. Aligning with the Sustainable Development Goals (SDGs)1 1 (No Poverty), 8 (Decent Work and Economic Growth), and 5 (Gender Equality), the institution fosters entrepreneurial development and helps uplift marginalized populations.

Building Opportunities in Rural Georgia

From its inception, Crystal has focused on providing microloans to small businesses and entrepreneurs who are often overlooked by traditional financial systems. Supported by responsAbility, Crystal has expanded its operations across Georgia, with a special emphasis on rural populations. In February 2025, the National Bank of Georgia granted Crystal a microbank license, enabling it to offer a broader range of financial solutions and further its mission of supporting local businesses and fostering innovation.

Empowering Local Entrepreneurs

Sopio Nagervadze, the founder of Emas Flowers in the municipality of Khelvachauri in southwestern Georgia, has been running a decorative plant business for seven years. In 2021, during the pandemic, she launched an online store and sought financial support from Crystal. With the loan, she purchased necessary inventory and seedlings, allowing her to offer a diverse range of plants online. "I always wanted to have all types of flowers displayed in my store, so that customers of any taste could find a desirable option," recalls Sopio. Her dedication and Crystal's support have enabled her business to thrive, even during challenging times.

Another borrower, Madona Gabisonia, returned to the southwestern Georgian village of Gvara, in Kobuleti, after years abroad, determined to restore her family's neglected tangerine and hazelnut farm. With funding from Crystal, she rehabilitated the fields, installed an irrigation system, and built a new fence. During the harvest season, Madona's farm employs more than ten people. "It's gratifying to see that my return proved beneficial not only for my family but for other villagers alike," says Madona, who continues to plan further development for the farm.

Expanding Financial Inclusion

Crystal manages a loan portfolio of GEL 532 million (~USD 195 million), serving approximately 114,000 customers across Georgia, with a team of over 985 staff across 48 branches. By championing financial inclusion and entrepreneurship, Crystal is transforming lives and communities, fostering economic growth, social progress, and gender equity across the country.

Impact indicators

This section highlights specific impact indicators2 achieved by JSC Microbank Crystal (Crystal), showcasing the social and economic contributions made through the portfolio company's activities on the ground.

PROVIDE ACCESS TO FINANCIAL SERVICES FOR LOW-INCOME HOUSEHOLDS

Crystal is dedicated to ensuring that underserved populations, particularly in rural areas, have equal access to economic resources. Through its microfinance services, the institution helps empower individuals to improve their livelihoods and strengthen their communities.

Rural end-borrowers of portfolio company

Share of rural end-borrowers of portfolio company

Average loan size to microfinance end-borrowers

CREATE JOBS BY SUPPORTING SMALL AND MEDIUM ENTERPRISES (SMEs)

Crystal plays a vital role in fostering economic growth by supporting micro, small, and medium enterprises (SMEs). By providing tailored financial solutions, the institution helps create jobs and build resilient local economies.

SMEs supported by portfolio company

Average loan size to SMEs

SUPPORT GENDER EQUALITY VIA WOMEN’S ECONOMIC EMPOWERMENT

Crystal is committed to promoting gender equality by empowering women through economic opportunities.

Female end-borrowers of portfolio company

Share of female end-borrowers of portfolio company

1 While we support the SDGs, we are not associated with the UN and our products are not endorsed by them.

2 Current active borrowers, as of 31 December 2024.

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