20 Feb 2024

CS, a leader in the development and implementation of innovative information solutions, has successfully implemented the B2ng::FIN back-office solution for balance sheet accounting (including loan agreements) and regulatory reporting generation for the Central Bank of the Republic of Uzbekistan at the microfinance company Agat Credit.

In 2023, Lotus Impact Finance, an investment platform associated with Crystal, a Georgian microfinance company that has been operating in the financial services market for 25 years, entered the market of the Republic of Uzbekistan, becoming a shareholder of the local microfinance company Agat Credit (MICROFIN MIKROMOLIYA TASHKILOTI LLC).

With the aim of implementing the best global practices and creating an optimal microfinance experience for Uzbek clients, Agat Credit has announced a complete upgrade of its IT infrastructure. This decision is identified as a strategic step to adapt to modern requirements and implement advanced technologies in financial operations.

To implement the IT infrastructure upgrade project, Agat Credit engaged several vendors, one of which was the CS Company. CS's tasks included the implementation of the back-office solution B2ng::FIN.

B2ng::FIN provides complete automation of loan processes and back-office operations for Agat Credit: from receiving a loan application to its full repayment or delinquent debts processing.

Additionally, B2ng::FIN provides the mandatory reporting for the Central Bank of the Republic of Uzbekistan generation and the integration with credit bureaus.

Thanks to the flexibility of B2ng::FIN settings, Agat Credit can independently, without further involvement of CS, configure numerous loan products, introduce additional controls and restrictions in business processes or system behavior logic, as well as generate reports across various indicators stored in the database.

Taras Leskiv, PM, CS

“The financial services market of Uzbekistan is not a new one for the CS company. Nevertheless, it was our first implementation in the financial company of the Republic of Uzbekistan. Thanks to the high professionalism of the team members involved in the project, we managed to transit the Agat Credit to operate on B2ng::FIN in a short period. Additionally, I would like to express gratitude to the team of managers from Lotus company for coordinating the collaboration between various vendors and directly with the employees of Agat Credit. Thanks to their work, we were able to complete this project within the specified timeline and without significant changes to the scope of work and implemented functionality”.

Manuchar Chitaishvili, Chief Executive Officer, Agat Credit

«We are pleased to be the first company to implement an international technological solution –  the core system in the microfinance market of Uzbekistan. This implementation has elevated Agat Credit to a new level of institutional maturity. It has allowed us to create a modern technological stack, and most importantly, it has enabled us to comply with the reporting and risk management standards set by our regulator. We highly appreciate both the functionality and architecture of the core system, as well as the rich experience and professionalism of the CS company's employees.Thanks to the support from Lotus, we were able to complete the project successfully within the shortest timeframe». 

Giorgi Janelidze,  керівник PM, Lotus Impact Finance

“The transition to a new system is always a challenging task, especially during the creation of a new technological infrastructure and the necessity to adapt to a new business model. Nevertheless, we successfully conducted numerous integrations, both local and international. Our collaboration with CS is invaluable. The CS team is a team of highly qualified professionals with extensive experience, who played a crucial role in the success of the project. Thanks to their experience, work ethic, as well as their support and collaboration with Agat Credit, we were able to complete the project successfully. Through the dedication of all parties, we achieved this efficiently, setting a new standard for this industry in Uzbekistan. I take pride in the work of our Lotus team, as their commitment and efforts also played a crucial role”.