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Microfinance Organization (MFO) “Swiss-Credit” Ltd. Ethic Code Print E-mail

January, 2011


The purpose of Code of Ethics is to demonstrate the company’s commitment to the highest standards of ethical behavior.

The everyday activities of the company confirm its desire to demonstrably lead and promote good ethical behavior.

Employees of the company are obliged to follow the highest standards of the ethical behavior, to ensure that its spirit and provisions are respected and act according to these standards throughout the company and with third parties.


The Corporative Values of MFO Swiss-Credit


1. Responsibility to Employees


• The company's core strength and value are its employees, which the company is very proud of;

The company is operating with competent and high qualified employees and supports their trainings and development;

• The main working principle at Swiss - Credit is equality - Any employee has equal opportunity in terms of promoting or assessment. The company conducts objective and fair policy towards employees;

• The company employees are provided with stable and development-oriented work environment;

• The company encourages its staff to fully participate in company’s everyday decisions and to feel their importance and necessity – responsibility and interest to be involved in decision making process;

• The company provides occupational safety of every employee;

• Each employee understands how his/her performance will be evaluated and rewarded by the institution;

  • The company support formation and strengthening of group aspiration within the company and in micro groups in general;
  • The company is thus committed to treating all employees with dignity, trust and respect;
  • To building a long-term relationship based on Georgian labor law and the respect of human rights;
  • We are proud with the loyalty and achievements of our staff.  This kind of loyalty is achievable only in conditions of trustiness, open and transparent relationships; Relationships between employees and direct reporting to the supervisors are implementing with the loyalty and according to the highest standards of the ethical principles;
  • Selection, recruitment, promotion and compensation of employees are implementing according to their performance and achievement of planned goals;
  • These principles do not limit the right of the company to enforce discipline or to terminate workers in accordance with Georgian legislation.


2. Confidentiality


• The company informs clients of their rights;

• The company collects, reports, and ensures the accuracy of client-level data that are specific to the company’s social goals;

  • The company provides accurate and timely account information;
  • The company has a privacy policy of clients’ information confidentiality and provides appropriate technology systems;
  • The company employees are obligated not to disclose confidential information which they receive while on duty. Employees are required not to use, publish, disseminate or disclose to any person, other than those officials or employees, any commercial or confidential information;
  • The Employee of the company shall keep company’s confidential information secret. Such as, information about the financial plans and operations; internal standards and methodology; Annual and multi-year financial plans; Internal instructions and regulations.


3. Clear Corporate Identify and Branding Policy

• The company sets and monitors growth rates that promote both financial sustainability and client wellbeing; • Pursuit of profits does not undermine the long-term sustainability of the institution or client well-being;

• The company’s strategy defines measurable social targets for client-level outputs and outcomes;

• Any employee of Swiss-Credit is the representing face of the company and in any social gatherings is associated with the company name, thus their actions should always be in harmony with company’s social goals and above stated ethical standards.


4.  The Company’s Ethical Principles


The company is committed to act ethically in all aspects of its business. Swiss-Credit is committed to conducting business in a fair, honest and sound manner to help assure that the long term interests of its shareholders are being served.


As part of this commitment, this Code of Conduct sets outs the policies and procedures for the fair and honest business practices and behavior that Swiss-Credit expects from its staff. This Code applies to all Swiss-Credit employees, contractors, officers and members of the Board of Directors, who are referred to below as “Employees”.


The company’s ethical standards are based on the following principles:

• Honesty

• Integrity

• Fairness

• Transparency


All of the company’s ethical standards are based on:

• Respecting the rule of law, Georgian laws and regulations, and showing respect for human rights.

• An Employee must take no action on Swiss- Credit’s behalf which the Employee knows, or suspects that it violates any applicable law or other act.

• Managing the company’s financial and operational performance to maximize the long-term value for its shareholders; Employees must maintain truthful business records that accurately and fairly reflect Swiss- Credit business and financial transactions. Employee must not falsify or forge any business records.

• Swiss- Credit shall at all times provide full, fair, accurate, timely and understandable disclosure in report and documents that it files with, or submits to any regulatory authorities, and on other public communications made by Swiss- Credit.

• Conducting business with integrity and fairness, renouncing bribery and corruption or similar unacceptable business practices – are the criterias on which the Ethical Code of Swiss- Credit is based;

• Swiss- Credit will not tolerate, and no Employee may pay, offer or authorize any bribe or any other unlawful payment on behalf of Swiss- Credit. Any Employee with knowledge of a request for payment of a bribe must immediately disclose the information to the company management;

• Demonstrating respect for the community the company operates in, as well as for the natural environment.



5. Ethical Standards for the Company’s Relationship with its Stakeholders

Relations with Customers

• Customer satisfaction is tantamount to the company. Safe and quality products and services, fair pricing and appropriate after-sales service shall define the company’s relations with its customers.

Relationship norms:

• Each employee shall be attentive, fair and patient to customer;

• It is forbidden to communicate with customers in an unpleasant, condescending manner, as well as engaging with them in too close and friendly relations;

• Employees should establish reliable and favorable business like relations with customers.


While communicating with customers its strictly prohibited to:

• Assault;

• To be in any kind of moral or financial obligation to the customer: accepting expensive gifts or any other form of benefit service (including invitation) the value of which amounted to more than 20 GEL.


Relations with its Business Partners and Lender

• Swiss-Credit believes that a long-term relationship with its business partners and lenders founded on respect, trust, honesty and fairness is vital to its success.

• The company will put forth its best effort to only cooperate with those business partners and lenders that share the company’s ethical standards.

• The company will respect the sanctity of contracts and business relations.

• Contractual negotiations shall be conducted on the basis of mutual advantage.

• Business relations shall be based on high performance standards, delivering in a timely and qualitative manner.

• In case of a commercial dispute, the company will strive to negotiate and compromise in good faith in order to reach an amicable solution.


Relations with Government

• The company will pay all taxes that are owed and due, fully and in a timely manner;

• The company abides by all regulations of the National Bank and Georgian legislation;

• The company seeks to build and manage a sound relationship with the National Bank and other governmental authorities on an arm’s length basis. No attempts to improperly influence governmental decisions shall be made, and the company will not offer, pay, solicit or accept bribes in any form or shape;

• The company will never make political contributions whether in cash or in kind.


Relations with Society

• The company views itself as an integral part of the community in which it operates and is committed to a sound relationship built on respect, trust, honesty and fairness.

• The company is committed to creating jobs, takes care on the preservation of the environment and doesn’t financing any business, damaging environment;

• Company employees are encouraged to engage and commit part of their time to help the local community through a variety of charities and foundations, educational organizations and similar institutions.

6. The Basic Principles of Employees Ethical Conduct

The given Code of Ethics also regulates the employees’ basic principles of conduct. Every employee is required to act in accordance with the following principles:


Conflict of interest

Conflict of interest may jeopardize the employee's ability of impartial and fair judgment.


• No Employee should be subject, or even appear to be subject, to influences, interests or relationships, which conflict with the best interests of Georgian Credit. This means avoiding any activity, which might compromise or seem to compromise Swiss- Credit or the Employee, or bring embarrassment to or adversely affect the reputation of Swiss- Credit or the Employee.

• It is prohibited to employ family member or close relative of a staff worker in organization. Rare exceptions are allowed when a candidate (a family member or close relative of a staff employee) is distinguished by his/hers unique skills, which the concurring candidates do not possess and is indispensable to be considered for the position.

• If the organization already has family members and/or close relative employees, the necessary conditions are the following:

• They should not have company's funds or other property at their disposal;

• They should not give out the loan independently, without interference from other parties;

• The company shall not have structures of political parties and movements. Employees are banned to be guided while on duty by the decisions of parties, political movements, as well other public organizations; overt political propaganda is also prohibited;

• There shall be no preferential products and service offerings for clients based on personal initiative, except as regulated by normative acts;

• Vendor selection based on personal connections.

• Employees are prohibited from: participating in the process of issuing a loan to a client who is a relative or a close friend; Participation in decision-making process, where his or her relatives or family interest are concerned.

In case of reasonable doubt of the Interest Conflict employee shell inform manager, internal audit or the general manager.


Communication and Reporting


Company employees are required to provide to each other, customers, internal and external auditors, and other third parties only accurate and reliable information, as well as complete, accurate and timely reports on the production and storage.


Reliability of information

• All information submitted to the employer (resume, employee questionnaires, etc.) must conform to reality and be accurate.

• All information submitted by a subordinate (reports, records or other information) must conform to reality and be accurate.


Appropriation of Swiss-Credit property

• No Employee may without proper authorization use Swiss-Credit property for the personal purposes or  remove  Swiss- Credit property out of company territory;

• Each Employee is expected to use the same care for Georgian Credit’s property as he or she would if it were the Employee’s own property.

• Fraudulent or negligent damage of the company property is one of the foundations of the disciplinary proceedings.


Confidential Information

• Company employees are obligated not to disclose confidential information, which they obtain while on duty. Employees are required not to use, publish, disseminate or disclose to any person, other than those officials or employees, whose competence is included, any commercial confidential information, which includes, but is not limited to: company performance, cost, financial or contractual arrangements or other agreements, transactions or business relationships with current or former employees, customers, suppliers information of which they become aware.

• Every employee is required to keep any document containing confidential information, in a closed drawer and turn the computer off once the work is complete.

• The employee shall not disclose any confidential information even after the dismissal.


Public Information

• This duty of confidentiality does not apply to information that is considered public information and is subject to declaration in compliance with the law.

• Information on the company, its activities, products, and tariffs, financial or other condition is transparent and accessible for all the shareholders, controlling bodies and other interested individuals.



Discrimination and Harassment

• The company reacts strongly against the occurrence of the facts of any form of discrimination in the workplace, properly investigates and executes the appropriate response to such actions.

• No employee, regardless of his/her position and length of service in the organization, does not enjoy any special privileges.

• The company does not discriminate against any employee or applicant according to race, color, religion, sex, gender identity, national origin, age, sexual orientation, disability, marital status or any other characteristic, which is protected by law. This applies (but is not limited to) the recruitment, selection, promotion, transfer, training or release.




  • Each individual is responsible for his or her ethical behavior. Adherence to this Code is further made obligatory as it is referenced in all employee contracts and linked to disciplinary procedures.
  • Every employee is obliged to conform the standards by his/her behavior, work and image (dress-code), to follow the norms identified by this Code, when is representing Swiss-Credit regarding to third persons.



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4600, Pushkini st.#9, Kutaisi, Georgia.
+995 431 25 90 90
+995 431 25 91 91





The Founding Partner and owner of 89% of MFO “Swiss-Credit” shares, he is also Head of Supervisory Board of the company. Since 2009, Mr. Ali Riza Kizildag presents a big group of European investors in Georgia.