KAMURJ

What KAMURJ does

KAMURJ Universal Credit Organization CJSC is a Yerevan-headquartered, Central Bank of Armenia-regulated microfinance institution founded in 1998 (incorporated as a CJSC in 2010) and operating over 100 branches across Armenia. It extends credit to low-income micro-entrepreneurs, farmers, and individual consumers through a diversified loan portfolio spanning agricultural loans (12–14%), auto loans (18%), consumer fast loans (24%), mortgage products, and SME/business loans (10.5–12.4% under the KfW 'MSME Support' program, with stated ticket sizes from small collateral-free loans up to 160 million AMD. The company also engages in capital-markets funding, having issued 1 billion AMD of corporate bonds fully subscribed within one day of launch in February 2026 and listed on the Armenian Stock Exchange (AMX) in March 2026. Its distribution combines physical branches with an online application portal, a web-based loan calculator, and forthcoming iOS/Android mobile applications. KAMURJ is wholly owned by AZHONS FINANCE CJSC, holds 5 billion AMD of charter capital, and is led by Director A. Ter-Yeghiayan. Over its 28+ year history it has served approximately 200,000 families, and it has received Best Microfinance Company awards in 2022, 2023, and 2025 from Global Banking & Finance Review and Global Business Outlook Awards.

Name

KAMURJ

Legal name

«ԿԱՄՈՒՐՋ» Ունիվերսալ Վարկային Կազմակերպություն Փակ Բաժնետիրական Ընկերություն

Website

https://kamurj.am

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

KAMURJ is a Central Bank of Armenia-regulated Universal Credit Organization that provides microfinance—agricultural, consumer, auto, mortgage, and SME loans—to farmers, micro-entrepreneurs, and individual consumers across Armenia via 100+ branches and digital channels.

Ownership category

akta.pro rank

Product category

Microfinance

NAICS

Nondepository Credit Intermediation (5222)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industries

SME Lending Platforms & Embedded SME Credit (FSAKAGAJ), SME Loan Servicing & Collections (FSAKAGAK)

Keywords

• Microfinance lending
• Consumer credit
• Agricultural loans
• Business financing
• Mortgage lending

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Lending: KAMURJ generates revenue primarily through interest income on various loan products including agricultural loans (12-14%), consumer loans (24%), auto loans (18%), and mortgage/housing loans. The company specializes in microfinance serving farmers, small businesses, and individual consumers across Armenia.
2. Bond Issuance: KAMURJ issued bonds listed on the Armenian Stock Exchange (AMX) with 1,000,000,000 AMD nominal value, 12.5% annual fixed yield, quarterly interest payments, and 36-month maturity period. Bonds were fully placed within 1 day of launch.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

KAMURJ is a universal credit organization (microfinance institution) that provides a diversified portfolio of credit products to individual consumers, farmers, and small/medium enterprises in Armenia. Its offerings include agricultural loans, consumer fast loans, auto loans, mortgage and home purchase loans, viticulture micro-loans, real-estate-secured consumer loans, and MSME business loans. The company distributes these loans through 100+ physical branches nationwide, online platforms, mobile applications, and bank transfers, with approval times ranging from seconds to several business days.

Product overview

KAMURJ is a universal credit organization (UCO) offering a diversified portfolio of loan products including consumer loans, business loans, agricultural loans, and housing/mortgage loans. The company operates as a non-bank financial institution regulated by the Central Bank of Armenia, providing credit solutions to micro, small, and medium enterprises as well as individual customers. The product portfolio is organized around loan categories with supporting digital tools including a loan calculator and upcoming mobile application.

Differentiator

Problem solved

Functional benefit

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered major, core and minor.

• Dimension (Դայմենշն) UnderwritermajorChannel Partner/ Reseller/ Distributor · 3 February 2026Dimension LLC acted as the underwriter/distributor for KAMURJ's 1 billion AMD bond issuance on the Armenia Stock Exchange. Investors can purchase bonds through Dimension which holds broker agreements with banks and investment companies.
• Armenian Leasing Company (ArmLizing) (Արմենիան Լիզինգ Քամփնի)coreStrategic or Co-development Partner · 18 June 2021Memorandum of cooperation signed for specialized leasing services including co-financing programs, joint events for customer awareness, training programs for employees, and development of additional cooperation opportunities. This format represents a new direction in the financial system supporting various sectors of the economy.
• Armenian Central Bank (CBA)coreOthersKAMURJ UCO CJSC is regulated and supervised by the Central Bank of Armenia, ensuring compliance with financial sector regulations and consumer protection standards.
• Armenian Stock Exchange (AMX)majorOthersKAMURJ bonds are listed on the Armenian Stock Exchange (AMX) in the Bbond secondary listing. Investors can trade bonds through member banks and investment companies from March 18, 2026.
• ABC Finance, FSM, Fininfo.amminorOthersPartner websites/links featured on KAMURJ website for additional financial information and services access.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Ardshinbank: Ardshinbank is a large Armenian universal bank with nationwide branch coverage and broad consumer/SME lending products, overlapping with KAMURJ's segments but at materially larger balance-sheet scale.
• Ameriabank: Ameriabank is one of Armenia's largest universal banks offering consumer, mortgage, auto, and SME lending. It competes with KAMURJ across multiple segments while also serving as a higher-balance alternative for the same customer base.
• ArmSwissBank: ArmSwissBank is an Armenian commercial bank providing retail and SME credit products. While smaller than the top-tier incumbents, it still competes with KAMURJ across consumer and small-business lending.
• Converse Bank: Converse Bank is an Armenian universal bank offering consumer, mortgage, and SME credit with nationwide distribution. It represents a larger incumbent competitor for KAMURJ's retail and small-business customers.
• Areximbank-Gazprombank Group: Areximbank is an Armenian bank offering retail and corporate lending including consumer and SME credit, competing with KAMURJ for similar customer segments under a larger-balance-sheet model.

Direct peers

• ProCredit Bank Armenia: ProCredit Bank Armenia is part of the ProCredit group and focuses on SME and agricultural lending in Armenia, closely paralleling KAMURJ's MSME and agri segments with a development-bank-style credit culture.
• ACBA Bank: ACBA Bank is one of Armenia's leading banks with a strong focus on agricultural and rural lending, directly overlapping with KAMURJ's 12–14% agricultural loan franchise. Both serve Armenian farmers and SMEs through extensive branch networks.
• FINCA Armenia: FINCA Armenia is a microfinance institution serving individual entrepreneurs and small businesses across Armenia with a similar product set (micro-loans, agricultural, consumer credit). It is the closest direct comparable in terms of customer base, products, and regulatory category.

Regional players

• Kompanion Bank (Kyrgyzstan): Kompanion is one of Central Asia's largest microfinance institutions serving rural and SME customers in Kyrgyzstan. It is comparable to KAMURJ in business model (MFI focused on micro-entrepreneurs), customer profile, and product structure, though operating in a different CIS geography.
• MicroInvest (Moldova): MicroInvest is a leading Moldovan non-bank microfinance institution offering loans and leases to micro and small businesses. It mirrors KAMURJ's focus on underbanked entrepreneurs but operates in a different post-Soviet geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@kamurjadmin
• Facebookfacebook.com/kamurj.uco
• LinkedInlinkedin.com/company/kamurj-uco
• Instagraminstagram.com/kamurj_uco

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KAMURJ