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In English Azərbaycan dilində




At the fifth Annual Award Dinner hosted by AMFA on the 27th of January, where key figures of Azerbaijan microfinance industry including representatives from 20 member institutions and delegates from non-member banks, local financial authorities and international organizations took part, VF AzerCredit received an award for promoting transparent pricing/services in Azerbaijan microfinance industry.

The award was conferred on VF AzerCredit by a five-member Award Committee for transparently disclosing all information about the cost of loans, including information on: (a) interest rate; (b) method of calculation; (c) all fees and commissions; (d) collateral-related cost if required for specific products (collateral insurance certificates); (e) late penalties; (f) prepayment fees and providing complete information about all other features of products and services.

VF AzerCredit has endorsed the Smart Campaign Client Protection Principles and strives to ensure proper application of these principles in practice, including transparency principle. The organization’s endeavors to remain committed to these principles have been continuously recognized and supported by investors, network associations and international organizations. For instance, in 2009 MF Transparency recognized VF AzerCredit as a leader in transparent pricing in Azerbaijani microfinance industry.

All these awards and recognitions are results of the hard work done to ensure transparent information on pricing and terms and conditions of products and services. Necessary policies and procedures have been developed and confirmed to obligate VF AzerCredit staff, particularly loan officers, to provide customers with detailed information on available products, loan terms and conditions, disbursement and collection procedures, rights and obligations of customers, over-indebtedness, etc. All staff are periodically reminded that they should ensure transparency at all stages of relationship with customers – from promotion to loan account closing.

Prospective clients, in addition to receiving information upfront in plain language on annual percentage rate, total fees to be charged over the life of the loan, payment schedule and total number of payments that will be made over the life of the loan, late payment penalties, early closure terms, and dates and manner of imposing of such charges/payments, are explained how those charges/payments are calculated.

Clients are also provided with the contact information which they should use to direct their future questions or complaints in case they remain unhappy with the provided information.

VF AzerCredit will further continue its endeavors to employ all client protection principles in practice and offer affordable and transparent services to its respectful clients.

February 2012

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10Q Alasgar Gayibov Street,
Baku AZ1029

Phone: (+994 12) 447 38 17
(+994 12) 448 38 17