Banking
Posted:
5 years ago
Seventeen Microfinance Organizations Suspended Operation Year on Year
One more microfinance organization has been abolished, under the decree that the National Bank’s vice president passed on August 12. Under the decision, Credit Service MFO will stop operation, its registration was cancelled and the company liquidation process is underway.
In 2019 microfinance organizations are abolished almost every month and the National Bank’s statistics proves this. Namely, according to the NBG website, 65 microfinance organizations were recorded in Georgia in January 2019, 63 ones - in February, 61 ones in March-April, 58 ones in May, 56 ones in June and 54 ones as of August 23.
It should be noted that the number of microfinance organizations in Georgia has decreased by 17 ones year on year. There were 71 MFOs in Georgia in August 2018.