Basic economics tells us that the most successful businesses are those that can reduce costs and increase efficiency. Microfinance institutions are no different. World Vision Georgia’s microfinance organization, Credo, has launched a new, more efficient form of loan repayment. Credo now allows microcredit recipients to repay their loans at no charge via Payment Machines, called “PayBox”. They are located in shops, streets, and villages all across the country. PayBoxes are designed to increase convenience, save time for clients, and save Credo significant costs. PayBox repayment comes as just one step in Credo’s attempt to focus more on rural lending.
Credo’s mission is providing sustainable financial services to the entrepreneurial poor and Georgian micro- and small businesses, with a preference for rural activities and those businesses that create income and employment opportunities for the poor. Credo has its roots in the Georgia’s Entrepreneurs’ Fund, which began after the collapse of the Soviet Union and the Georgian Civil Wars. The Fund went through several transformations, finally resulting in the 2007 establishment of the LCC Microfinance Organization Credo.