FINCA Results

Measuring Our Impact

Social Performance Management

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Armenia

Armenia is a lower middle-income country, with an estimate GDP of $3,898 per-capita. Fourteen percent of this income comes from remittances, or money sent into the country from Armenians working elsewhere. Nearly a third of its population lives below the poverty line. Established in 1999, FINCA Armenia operates through 38 offices throughout the country. It offers loans for businesses, farmers and consumers.

Explore Armenia Data ↓

Financial Inclusion

Armenia:
Reaching the Financially Excluded

48% Adult population financially excluded
7,730 36% Female borrowers % #
21,240 Total FINCA clients
9,346 44% Borrowers in rural areas Poverty is high throughout Armenia, but it is particularly acute in the more rural areas. % #
21,240 Total FINCA borrowers

Despite notable progress in recent years, 55 percent of adults lack access to a basic bank account. FINCA reaches some of the most excluded populations in Armenia. Women account for about a third of our customers, and just under half are from rural areas, where services of all kind are in short supply.

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Living Standards

Armenia:
Quality of Life

3,398 16% Client homes without water % #
0 0% Client homes without electricity % #
6,160 29% Client homes without access to Internet Internet access in Armenia has been improving over the past few years, and is actually higher in Armenia than in the region overall. % #
637 3% Clients who don’t own their home % #
0 0% Head of household with primary education or less % #

Like most people in the region, FINCA's clients in Armenia enjoy full access to electricity and relatively high levels of education. Although Armenia has abundant water resources, however, a portion of the population -- including 16 percent of FINCA customers -- must travel long distances to collect it at source. Also, while Internet penetration has improved in recent years, about a third of our borrowers do not have access to this important service.

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Income & Employment

Armenia:
Income & Employment

$2,910 55% Average annual profit % #
1.7 Average # of employees per client enterprise
36,817 People employed in FINCA-funded enterprises
6,911 19% Employees hired due to FINCA loan % #
29,454 80% Wages paid above the poverty line % #
Explore FINCA Loan Sectors

FINCA's customers in Armenia are savvy business people. Their businesses earn the highest profit margins among all FINCA customers -- about 55 percent of total sales wind-up as net earnings. However, the average value of these profits is quite low, at less than $3,000 per year. Nonetheless, most employees are paid a living wage, meaning that their earnings are above the national poverty line.

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Women’s Empowerment

Armenia:
Empowering Women

7,730 36% Female borrowers % #
2,998 14% Clients with female-headed household % #
5,196 24% Households with female as main earner % #
5,735 27.0% Businesses run by women % #
16,355 44% Women employed by enterprises Avg. #
6,995 19% Jobs created by women % #

Women make up about a third of FINCA's borrowers in Armenia, and most of them are the main source of income for their families. Single mothers make up 14 percent of all borrowers, which is the second highest in the region after Tajikistan. Many of our female borrowers, however, are in business with a male family member, reflecting more traditional social norms that are common throughout this region. Having access to credit, however, gives women greater responsibility and authority within the business.

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Clients’ Goals

Armenia:
Attaining Business and Personal Goals

Goals Set By FINCA Borrowers
Goals Met By FINCA Borrowers
913 4% Start a business % #
6,584 31% Expand a business % #
446 2% Invest in education % #
4,843 23% Improve their home % #
2,379 11% Buy an asset % #
2,782 13% Pay down debts % #
420 46% Start a business % #
2,914 44% Expand a business % #
93 21% Invest in education % #
1,183 24% Improve their home % #
725 30% Buy an asset % #
1,224 44% Pay down debts % #

FINCA's clients in Armenia have a variety of goals. While 31 percent of them want to grow their business, another 23 percent aim to improve their home. Our borrowers also use their loans from FINCA to pay-down more expensive forms of credit and to purchase assets. These activities show how access to credit gives our clients greater financial autonomy and freedom to allocate resources towards the ends they consider most useful.

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Business Activities and Profit

Armenia:
Poverty, Economic Sectors, Jobs and Profits

FINCA Loan Sectors

2,549 12% Trade % #
5,098 24% Services % #
1,062 5% Manufacturing % #
2,336 11% Crops % #
10,195 48% Livestock % #

Profit and Profit/Sales Ratio by Sector

$4,974 40% Trade Profit/sales ratio Avg. profit
3,109 50% Services Profit/sales ratio Avg. profit
$4,601 47% Manufacturing Profit/sales ratio Avg. profit
$3,109 63% Crops Profit/sales ratio Avg. profit
$2,073 60% Livestock Profit/sales ratio Avg. profit

Jobs by Sector Due to FINCA Loan

561 8% Trade % #
1631 24% Services % #
573 8% Manufacturing % #
374 5% Crops % #
3,772 55% Livestock % #

Eurasia Stories

FINCA Kosovo Client Shadije Asllani

Reaping the Rewards of Asparagus in Kosovo

Shadije Asllani is a successful asparagus farmer in Kosovo. She used microfinance loans from FINCA to realize her dreams.
Read Shadije's Story
Konul Khalilova is employed by a FINCA client.

A Dream in Sight

Konul Khalilova is one of two employees at a busy women’s clothing shop, owned by a FINCA Azerbaijan client. Konul is a...
Read Konul's Story
Mahkputza FINCA Kyrgyzstan client

The Impossible is Possible

With the fall of communism in Kyrgyzstan government support of the healthcare system was slashed. Doctors like Makhpuza saw their incomes plummet...
Read Makhpuza's Story

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