Message from the Chairman
It has been 15 wonderful years since we began our journey to support the poor, those with low-income, the self-employed and household-based entrepreneurs as well as SMEs that have limited access to formal financial institutions. Today BID NBFI is a market leader in the micro financial sector of Mongolia with acknowledgment from the government as well as our peers.
BID NBFI has been providing professional and fast financial services to clients while taking into account their personal needs, rights and demands in line with our mission.
Along the journey, we have been hit by several economic crises, however, we have successfully overcome each and every one of them thanks to the hard work, dedication and commitment of our staff and the management team. In the last 15 years, we have managed to disburse USD $60 million to 50 thousand clients.
We planned to approach the microfinance market more aggressively in 2018 as we aimed to broaden our scope, opening new branches in the countryside where both our green and eco loan products can reach their designated clients. Also, over 50% of the Mongolian population live in the capital city Ulaanbaatar, therefore it is essential that we reach every market segment in this area which is why we are opening 3-4 new branches in the outskirts of Ulaanbaatar.
By 2019 Q1, our total asset reached USD $10.5 million and GLP got $8.1 million. With the expansion plan, our client number increased to 2599 by 2019 Q1 and it will surely increase drastically in the coming years.
Social responsibilities and social performances have been our main focus since BID's establishment. We implemented the Universal Standard for Social Performance Management and endorsed Smart Campaign which contains social responsibility for clients and employees. Our Social rating score in 2014 was a B+.
We abide by the proverb "Give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime." This is our philosophy towards our non-financial services. Within the framework we have designed, we officially launched a financial literacy training program for our clients.
We will become the leading developer in the microfinance sector through financially inclusive services in the country.
I would like to hereby extend my deepest appreciation and gratitude to all the partners, the stakeholders and our staff for your continual support, commitment, loyalty and devotion.