Strengthening Georgia’s business resilience in the finance sector

What does it mean to realise financial inclusion during Covid-19 times? What can effectively strengthen staff resilience and ensure business continuity during the current pandemic? Read how the Credo Bank and the microfinance organisation (MFO) Crystal in Georgia managed the challenge supported by AFC.

In 2019, the Eastern Neighbourhood Technical Assistance Programme for Financial Inclusion (ENTAFI) was launched to support Partner Financial Institutions (PFIs) of the European Investment Bank (EIB) in crediting any kind of micro, small and medium-sized enterprises in a sustainable and responsible way. In Georgia, the ENTAFI strongly supported two PFIs to overcome the challenging pandemic years 2020 and 2021.

One of the leading banks in Georgia – the Credo Bank – created a Business Continuity Plan (BCP) to the existing and upcoming risks and threats during the Covid-19 pandemic. The BCP aims at stabilising and increasing the resilience of the bank’s business. At the same time, supporting micro enterprises shall reinforce economic development in Georgia. The BCP allows the bank to prepare for potential crises – the plan defines roles and responsibilities of the staff, determines the most effective communication channels in case of emergency including the identification of measures. As a result, Credo Bank has been able to deliver continuous service to its clients. The MFO Crystal is the largest non-banking financial institution in Georgia serving more than 100,000 unique customers across Georgia. We updated and tailored their Staff Resilience Strategy and the Remote Work Manual to Covid-19 circumstances. In addition, the top and middle management benefitted from individual and group coaching.

“Many techniques important for managers have been transferred to practice for further use, and coaching culture is underway to be applied at Crystal.”

Salome Kvakhadze, Head of Talent Development and Management Department at Crystal MFO.

“I would like to thank the EIB and AFC for successful implementation of the Business Continuity Plan, which is especially important in current unprecedented Covid-19 times.”

Zaal Pirtskhelava, Chief Executive Officer of Credo Bank

In Gori, an SME producing apples in an orchard is being supported by the project.

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