Tbilisi (GBC) - Lending of Microfinance organizations (MFOs) has increased by 10.5% annually, as of the first quarter of 2024.

However, the pace has slowed down. For the same period last year, the microfinance sector showed a growth of up to 13.5%.

As of Q1/2024, total lending of 34 MFOs amounts to 1.747 billion GEL (Q1/2023 - 1.581 billion)

More than half of the investments accounts for the 2 big MFOs, Rico and Crystal. MFO Crystal is transforming  into a microbank, while Rico remains the biggest player of the market, but with a narrow profile. MFO's portfolio is mainly a pawn shop.

MBC is also entering the banking market. Microbank license fee is GEL 100,000; of the bank – GEL 200,000; MFO – GEL 50,000.

TOP-4 MFOs by Loan Portfolio







Rico Express

484 417 000

465 400 751



453 320 300



Swiss Capital






101 068 700



Source: NBG&MFOs (Business-partner)