6 500 Kazakh rural inhabitants benefited from Microfinance Organization’s “Asian Credit Fund” non-financial services in 2015

January 26, 2016
Almaty, Kazakhstan

Microfinance organization Asian Credit Fund LLC (ACF) is one of the leading MFIs in Kazakhstan. Since 1997, when ACF was first started its lending services, Company had supported 39 260 of small entrepreneurs and rural households in total amount of 15 bln. loans inTenge (approx. 76 mln. USD).

Along financial services ACF had always been keen on providing its clients with non-financial services to help them to improve their businesses, quality of life, and income stream. In 2015 ACF formalized its non-financial initiative by creating Client Business Academia. During 2015 Client Business Academia taught 200 rural households from 56 villages throughout of Kazakhstan on “How to start your business”. The trainings were conducted by ACF professional trainers, with participation of local successful practitioners. Such collaboration of theory and practice helped rural population to receive valuable knowledge and advises from practitioners concerning animal breading and vegetable farming. All training participants highly regarded ACF ‘s non-financial services for the better life and asked to continue such important for them work. In 2016 ACF plans to extend the list of trainings by other business ideas such as poultry farming, small bakery, production of dairy products, storage for vegetables and fruits.

Financial education of ACF clients is the second part of non-financial services. In the middle of 2015 ACF continued its “Plan your future” initiative aimed on teaching rural households good money management practices with respect to earning, spending and saving. This time ACF focused on creating skills to keep family budget. In six months of 2015 almost 6 300 rural households (98% of them were women) received practical training on family budget development. By teaching people become financially literate ACF promotes attitudes and behaviors that support more effective use of financial resources. Even after six months of the initiative ACF measured a great impact of the initiative – 67% of training participants captured budget formation habit. According to conducted survey 52% of participants were interested in having money saving training and 35% – in training how to increase income. Such findings show that ACF financial education is a really important for rural households and essential for their success. ACF plans to continue helping rural communities with the financial literacy knowledge.