Inecobank and EFSE expand access to financing for micro and small enterprises in Armenia
16.07.2019,
13:03
The European Fund for Southeast Europe (EFSE) has provided a new loan to its partner Inecobank in Armenia to boost micro and small enterprise (MSE) financing in the country, the press office of the bank reported on Tuesday.
YEREVAN, July 16. /ARKA/. The European Fund for Southeast Europe (EFSE) has provided a new loan to its partner Inecobank in Armenia to boost micro and small enterprise (MSE) financing in the country, the press office of the bank reported on Tuesday.
The fund’s investment of USD 10 million aims to further expand the bank’s engagement with MSEs, by increasing financial inclusion and contributing to their sustainable growth and development.
A long-standing EFSE partner since 2012, Inecobank ranks sixth by asset volume in the Armenian banking sector. The bank has proven its commitment to serving EFSE’s target group of MSEs and advancing entrepreneurship finance in Armenia, by providing financial products and services tailored to the specific business needs of local entrepreneurs.
EFSE Board Chairman Christoph Tiskens said: “This loan will continue to strengthen EFSE’s impact in Armenia and leverage our valuable partnership with Inecobank as one of the leading providers of MSE financing in the country. By increasing entrepreneurs’ access to sustainable financing, we are jointly pursuing our mission of fostering business and economic development in the region.”
Tigran Davtyan, Chief Executive Officer of Inecobank, commented: “EFSE has been a strategic partner of Inecobank and continually enabled us to tailor targeted lending, helping us match the demand in the market fairly and efficiently. This transaction is no exception, and it seeks to strengthen our engagement in facilitating MSME business growth in Armenia.”
Inecobank CJSC is one of the leading banks in the South Caucasus region, focused on individual customers, small and middle market businesses and large corporations offering a full range of banking services including break through and innovative digital banking solutions. For over 23 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 200 000 online users.
Inecobank developed and delivered industry-leading digital banking solutions with the purpose of introducing an entirely new culture of banking services.
In 2009 the Bank digitalized and fully automated the “Point of Sale Loan” product, reducing the loan generation time from 3-4 days to a few minutes.
In 2012, with the introduction of InecoOnline, the Bank was one of the first to provide 24/7 banking services to its customers.
In 2014 the Bank launched InecoMobile, its Mobile banking application, which is the most popular banking application in Armenia with over 100,000 users.
In 2017, the Bank was the first to introduce a fully automated consumer lending solution through its mobile and online applications, which generates consumer loans 24 hours a day, 7 days a week.
In 2018, the Bank was the first banking institution in Armenia to introduce InecoPay, the cashless payments new system.
One of the largest development finance funds worldwide, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. --0---
The fund’s investment of USD 10 million aims to further expand the bank’s engagement with MSEs, by increasing financial inclusion and contributing to their sustainable growth and development.
A long-standing EFSE partner since 2012, Inecobank ranks sixth by asset volume in the Armenian banking sector. The bank has proven its commitment to serving EFSE’s target group of MSEs and advancing entrepreneurship finance in Armenia, by providing financial products and services tailored to the specific business needs of local entrepreneurs.
EFSE Board Chairman Christoph Tiskens said: “This loan will continue to strengthen EFSE’s impact in Armenia and leverage our valuable partnership with Inecobank as one of the leading providers of MSE financing in the country. By increasing entrepreneurs’ access to sustainable financing, we are jointly pursuing our mission of fostering business and economic development in the region.”
Tigran Davtyan, Chief Executive Officer of Inecobank, commented: “EFSE has been a strategic partner of Inecobank and continually enabled us to tailor targeted lending, helping us match the demand in the market fairly and efficiently. This transaction is no exception, and it seeks to strengthen our engagement in facilitating MSME business growth in Armenia.”
Inecobank CJSC is one of the leading banks in the South Caucasus region, focused on individual customers, small and middle market businesses and large corporations offering a full range of banking services including break through and innovative digital banking solutions. For over 23 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 200 000 online users.
Inecobank developed and delivered industry-leading digital banking solutions with the purpose of introducing an entirely new culture of banking services.
In 2009 the Bank digitalized and fully automated the “Point of Sale Loan” product, reducing the loan generation time from 3-4 days to a few minutes.
In 2012, with the introduction of InecoOnline, the Bank was one of the first to provide 24/7 banking services to its customers.
In 2014 the Bank launched InecoMobile, its Mobile banking application, which is the most popular banking application in Armenia with over 100,000 users.
In 2017, the Bank was the first to introduce a fully automated consumer lending solution through its mobile and online applications, which generates consumer loans 24 hours a day, 7 days a week.
In 2018, the Bank was the first banking institution in Armenia to introduce InecoPay, the cashless payments new system.
One of the largest development finance funds worldwide, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. --0---
