Microfinance Leader “Crystal” Set to Launch New Products Within Three Months, Says Mariam Nanava
Microfinance organization Crystal, which recently obtained a microbank license, is preparing to launch a suite of new products and services over the next three months. Mariam Nanava, Head of the Product Development Department at Crystal, shared the company’s upcoming plans in an interview with Business Partner, noting that the transition into a microbank represents a significant new chapter for the 27-year-old institution.
“We received our microbank license on February 12 and are now in a very active preparatory phase,” said Nanava. “Microbanking is still relatively new in the Georgian market, so there is considerable curiosity about what Crystal will offer and how our services will evolve to meet the changing needs of our users.”
Nanava explained that customer interest has been high across all communication channels — including branches, social media, and the company’s hotline — with one of the most frequently asked questions being whether the company will begin accepting deposits.
“While we’ve long offered a wide range of credit products, there’s now growing interest in non-credit offerings,” Nanava noted. “In response, we’ll be launching our first new product — an investment instrument called the ‘coin’ — even before our full suite of services is rolled out.”
According to Nanava, the coin functions similarly to a deposit but is technically classified as a security. It will be available in three currencies — GEL, USD, and EUR — and will be offered to both individuals and legal entities.
“This product is an excellent investment tool,” she said. “With interest rates that are 2–3% higher in GEL and up to 4% higher in foreign currencies compared to traditional bank deposits, we believe it will be very appealing to the public.”
Nanava emphasized that the product was under development even before the company transitioned into a microbank, as microfinance organizations were not previously allowed to accept deposits. “For Crystal, this product is crucial. It allows us to attract local funding at a more competitive cost, which in turn enables us to offer better credit terms to our clients.”
The move toward becoming a microbank, Nanava said, is a continuation of Crystal’s longstanding commitment to innovation and trust. “We’ve weathered many challenges since 1998 — from economic fluctuations to the pandemic. The trust we’ve earned from both clients and regulators, including the National Bank of Georgia, gives us confidence that we’ll succeed in this new role as well.”
Regarding Crystal’s competitive stance, Nanava stated that the company has already been competing with traditional banks for many years. “Our goal now is to further develop both traditional and digital banking services, making us even more accessible and convenient for customers.”
With its official transformation into a microbank, Crystal is set to broaden its offerings and strengthen its position in Georgia’s financial sector, promising more inclusive, customer-focused services for individuals and businesses alike.
