AccessBank, a financial institution based in Azerbaijan, recently announced the launch of a new education loan product. The product is intended to finance students’ post-secondary education and offers lower interest rates for students earning high grades. AccessBank is partially owned by AccessHolding, a commercial microfinance holding company based in Germany that holds a stake in institutions in the following countries as of April 2010: Madagascar, Azerbaijan, Tanzania, Nigeria, Liberia and Tajikistan.
The mission of AccessBank is to provide access to financial services for Azerbaijan’s low- and middle- income households and micro- and small businesses. The Fitch Rating agency, an international credit rating agency with main offices in New York and London, has given AccessBank a BB+ rating.
According to the Microfinance Information Exchange, as of December 31, 2009, AccessBank had total assets worth USD 375 million, a gross loan portfolio of USD 297 million and 99,936 active borrowers.
By Jennifer Shevock, Research Associate
About AccessBank:
AccessBank was founded in 2002 as the Micro Finance Bank of Azerbaijan (MFBA) and was renamed AccessBank in 2008. AccessBank is owned by six organizations: the European Bank of Reconstruction and Development (EBRD) (20 percent), a financial institution owned by 61 countries and two intergovernmental institutions; the International Finance Corporation (IFC) (20 percent), the investment arm of the World Bank; the Black Sea Trade and Development Bank (20 percent), a financial institution with eleven European member countries; Germany’s KfW Development Bank (20 percent); AccessHolding (16.53 percent), a commercial microfinance holding company based in Germany; and LFS Financial Systems GmbH (3.47 percent), a German consulting and management company that focuses on microfinance projects.
According to the Microfinance Information Exchange, as of December 31, 2009, AccessBank had total assets worth USD 375 million, a gross loan portfolio of USD 297 million and 99,936 active borrowers.
Sources and Additional Resources:
Press release provided to MicroCapital by AccessBank.
MICROCAPITAL BRIEF: “AccessBank, a Microfinance Institution Based in Azerbaijan, Submits Pricing Data to MFTransparency, Provider of Pricing Data for the Microfinance Industry” February 9, 2010. https://www.microcapital.org/microcapital-brief-accessbank-a-microfinance-institution-based-in-azerbaijan-submits-pricing-data-to-mftransparency-provider-of-pricing-data-for-the-microfinance-industry/#more-4449
MICROCAPITAL STORY: “International Finance Corporation (IFC) Investing USD 15m in Azerbaijan’s AccessBank to Expand Microfinance Services” April 28, 2009. https://www.microcapital.org/microcapital-story-international-finance-corporation-ifc-investing-usd-15m-in-azerbaijan%E2%80%99s-accessbank-to-expand-microfinance-services/
MICROCAPITAL STORY: “Fitch Ratings Confirms Long Term Rating of BB+ for AccessBank in Azerbaijan” April 28, 2009. https://www.microcapital.org/microcaptial-story-fitch-ratings-confirms-long-term-rating-of-bb-for-accessbank-in-azerbaijan/
MicroCapital Universe: AccessBank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AccessBank
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