Microenterprise Development Fund
(MDF) is an Armenian non-for profit organization founded in 2000,
as a result of merger of two microfinance projects run by Save the Children Federation Inc
(280K USD initial capital) and Catholic
Relief Services (190K USD initial capital). The ultimate purpose of
this merger was to create a single unit professional microfinance institution
that clients of both programs could have relied in the long-run. Since then,
MDF has passed through several and significant phases of institutional
transition and structural changes, by delightfully passing all the challenges
on its way through. The success factors were MDF’s core values and its strong
commitment to them, which are Customer
satisfaction, Commitment to mission, Quality and Competitive Products,
Excellence, Teamwork, Professionalism and Accountability.
As of today, with assets of about
15 mln USD and clients of about 12,500 all over Armenia, MDF fosters
micro-entrepreneurship by providing loans to micro and small entrepreneurs, with 60% of its loan portfolio
allocated in rural area.
MDF continuously improves and
diversifies its services to ensure institutional growth, client retention, and
increased customer loyalty and satisfaction with all aspects of the fund's
operations. For this reason, MDF has founded (2010) a Universal Credit
Organization called KAMURJ (full ownership over its subsidiary), to separate financial services from its core non-financial services. By doing so, MDF
aims to reach a unique synergy effect, serving its clients two-handed.