MFR Central Asia

MicroFinanza Rating | Central Asia

231 Tynystanova Str., apt. 14. 720011, Bishkek - Kyrgyz Republic
+996 312 624441
MicroFinanza Rating – Bishkek, is the leading microfinance rating agency in Central Asia and the Caucasus and the only one with an established office in the region. From our regional office in Kyrgyzstan, we cover Central Asia, the Caucasus, Mongolia, and Russia. Over the past 10 years, we have carried out over 190 assessments ranging from institutional diagnostics of emerging MFIs to comprehensive financial and social ratings of some of the biggest MFI Banks in the region. Our global expertise in microfinance, coupled with our deep knowledge of the local contexts on the ground, makes us an ideal partner for MFIs, investors, and donors looking for timely and high quality independent assessments to support decision-making. Our recent missions in the region include Due Diligence for the KfW Housing Finance program and such currency hedging funds as TCX and MFX, Loan Portfolio Audits for the Wholesale Lending project (GIZ, EBRD-BAS), Social Ratings, and SMART Campaign Client Protection Certifications (IFC, Deutsche Bank).
CountryOur clients in the Region
Armenia ECLOF Armenia, SEF International
Azerbaijan AccessBank, Aqroinvest, AqrarCredit, AZERCREDIT, Azeristar, CredAgro, DemirBank, Finca, FINDEV, Komak, MikroMaliyye, Normicro
Georgia BIG, CHCA, Credo, Crystal
Kazakhstan A-Invest, Arnur Credit, Asan Alisher, Baspana, Bereke, FESF, FFSA,Komek, KMF, Moldir, Nesie Meken, Sator, Yris, Zaman, ACF
Kyrgyz Republic ABN, Agrocredit Plus, Agro Finance, Ak-Shoola, AmanBank,Arysh-Kench, Bai-Tushum, Elet Capital, Finca, Frontiers, KAFC, KB Kyrgyzstan, KICB, Kompanion, Mehr-Shafkat Sahovati, Mol Bulak, OXUS, Salym Finance, Tolubay Bank, Universal Finance & Credit
Mongolia Credit Mongol, Transcapital, BID
Russian Federation CEF, Doverie (Perm), FINCA Samara, Fisht (Agdeya), Flora (Yaroslav), FORA FUND, ForUs Bank, Garant (Saratov), Kikvidzenskij (Volgograd), Krest'janin (Saratov), Nadjezhda (Saratov), Nadyesda (Buryati), Narodny Credit, RCCDF, Russian Swiss Foundation (Kaluga & Voronezh), Sodruzhestvo (Stavropol & Kamchatskiy &Yaroslav)
Tajikistan Arvand, Asti, Bovari, Eskhata Bank, First Microfinance Bank Tajikistan, Furuz, Haqiq, Humo, IMON International, Jovid, Microinvest, Nov-Credit, OXUS, Phoenix Plus
Uzbekistan Microcredit Bank


"KfW has been working with Microfinanza Rating in various transactions, mainly in Tajikistan and the Kyrgyz Republic. The team is professional and committed. Their expertise is well perceived both by the local financial institutions and government representatives. Microfinanza Rating is unique, as it combines many years of local expertise with best international analytical practices."
Dr. Dareg Zabarah,
Senior Project Manager, KfW
"As a first SMART Certified financial institution in Georgia, FINCA Bank Georgia highly rates the knowledge on the microfinance sector demonstrated by MicroFinanza Rating team. Their professional approach and solid experience resulted in objective, rational analysis of policies provided by FINCA Bank Georgia. Recommendations provided by MicroFinanza team have been highly beneficial in strengthening the bank’s commitment towards customer protection principals."
finca Georgia
Vusal Verdiyev,
Chief Executive Officer, Finca Bank Georgia
"IFC’s Azerbaijan and Central Asia Micro- and Responsible Finance Program has been very pleased to work with MicroFinanza Ratings. MFR provides high-quality diagnostic assessments of financial institutions’ alignment with SMART criteria, that is one of the key components of our program to strengthen financial institutions’ practices. MFR also has a wealth of experience and knowledge advising financial markets supervisors about sensible approaches to microfinance regulation and consumer protection. The MFR team has been an asset to our dialogue with financial institutions and regulators in the region."
Colleen Mascenik,
Program manager, Azerbaijan and Central Asia Micro- and Responsible Finance International Finance Corporation

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