Nor Horizon

Name

Nor Horizon

Legal name

"ՆՈՐ ՀՈՐԻԶՈՆ" Ունիվերսալ Վարկային Կազմակերպություն Սահմանափակ Պատասխանատվությամբ Ընկերություն (Nor Horizon Universal Credit Organization Limited Liability Company)

Website

https://norhorizon.am

Company type

Private

Founded year

2006

Operating status

Closed

Headcount range

11–50 employees

Short description

Nor Horizon Universal Credit Organization LLC (Նor Horizon) was an Armenian microfinance institution providing consumer, business, agricultural, and home-repair loans to individuals, SMEs, and rural farmers across nearly all marzes. The company entered mandatory liquidation on 31 May 2022 after the Central Bank of Armenia revoked license #12.

Ownership category

akta.pro rank

Product category

Microfinance

NAICS

Credit Intermediation and Related Activities (522)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro industry

PRIMARYFSAKAGAH

Microenterprise Group Lending (Joint Liability)

Financial & Insurance/Lending & Consumer Finance/Small Business & Microenterprise Lending

SECONDARYFSAKAGAI

SBA/Government-Backed & Development Finance Loans

Financial & Insurance/Lending & Consumer Finance/Small Business & Microenterprise Lending

Keywords

• Microfinance lending
• Consumer loans
• Agricultural financing
• Small business loans
• Credit organization

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Interest income on consumer and personal loans: Recurring interest income from consumer, agricultural, business, and home-repair loans denominated in AMD and foreign currency, with nominal interest rates ranging from ~11% to 24% per annum and effective annual rates disclosed per CBA Regulation 8/01.
2. Insurance agency commissions (SIL Insurance): Commission-based revenue from acting as an agent for SIL Insurance, distributing one-year insurance policies to clients at their request.
3. Loan origination / service and application fees: One-time charges at loan disbursement (e.g., 1%-4% of loan amount depending on product), plus fixed loan-application study fees (3,000-10,000 AMD), forming a transactional component of revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Nor Horizon is a CBA-licensed universal credit organization that provides small-ticket microfinance loans — agricultural loans, business loans, consumer loans, and apartment/house repair loans — denominated in Armenian dram (AMD) and foreign currency, to economically active individuals, rural farming households and small/medium enterprises across Armenia through 4 branches, 1 representative office and the head office, with credit decisions typically in 3–5 business days. The core lending suite is layered with specialized donor-funded programs (notably the Millennium Challenges Fund "Water to Market" agricultural loans) and complemented by an in-house SIL Insurance agency arrangement.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Annual loan volume of approximately 4,000 loans served by 30 employees across 4 branches, 1 representative office and head office, in both AMD and foreign currency
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

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

• OXFAM GB (UK-based charity, by guarantee limited company)flagshipStrategic or Co-development PartnerOXFAM GB is one of the three founders of Horizon Foundation (and thus grandparent of Nor Horizon). In autumn 1995 OXFAM GB introduced the first microfinance program in Armenia, of which Nor Horizon is described as the continuation. OXFAM's microfinance framework is the foundation of Nor Horizon's operating philosophy and ongoing institutional DNA.
• Millennium Challenge Corporation / "Foreign-funded Programs Management Center" PIU (Millennium Challenges Fund, "Water to Market" program)coreStrategic or Co-development PartnerNor Horizon operates as a credit channel under the Millennium Challenges Fund's "Water to Market" program, providing low-interest agricultural loans (12% nominal / 14.86%-19.10% effective) of 300,000-20,000,000 AMD over 2-7 years to farmers. Loans require a Water Users Association certificate and participation in MCC-organized training, indicating deep programmatic co-development with the Foreign-funded Programs Management Center PIU.
• SIL Insurance (SIL INSURANCE insurance company, Armenia)coreOEM/ Whitelabel/ Licensing PartnerNor Horizon acts as an insurance agent for SIL Insurance. At the client's request, Nor Horizon prepares and submits all insurance applications and documents on the customer's behalf, distributing one-year policies from SIL Insurance at the loan desk to reduce customer friction.
• Microfinance Centre (MFC) networkminorStrategic or Co-development PartnerNor Horizon has been a member of the Microfinance Centre (MFC) regional network since 10.01.2007, providing access to industry best-practice standards and peer learning among Central/Eastern European microfinance institutions.
• Armenian Credit Organizations Union (ACOU)minorStrategic or Co-development PartnerFounding member of the Armenian Credit Organizations Union (ACOU), the national industry self-regulatory body for credit organizations in Armenia.

Scale indicators5 records

Broad incumbents

• Grameen America: US-based non-profit microfinance organization extending small-ticket character-based credit to low-income entrepreneurs. Comparable as a broader mission-driven microfinance incumbent, though operating at a much larger scale and with a group-lending methodology rather than branch-based individual lending.
• Opportunity International: Global microfinance network providing small-business and agricultural loans across emerging markets. Comparable mission and target segment (vulnerable but creditworthy borrowers) but at far larger scale and with a multi-country footprint that Nor Horizon's Armenia-only network cannot match.

Others

• AKRA Credit Bureau Armenia: Armenian credit-bureau information system integrated by Nor Horizon for overdue-day reporting and CBA regulatory compliance. Included as an ecosystem/regulatory-technology participant that is adjacent to Nor Horizon's lending operations rather than a competitor.

Regional players

• Microinvest (Moldova): One of the largest non-bank microfinance institutions in the CIS, lending to SMEs and rural households across Moldova with a similar character-based, multi-product model. Comparable in regional regulatory environment and microfinance product architecture, though operating in a different country.
• Kompanion (Kyrgyzstan): CIS microfinance institution providing agricultural and rural consumer credit, with social-mission ownership similar to Nor Horizon's Horizon Foundation parentage. Comparable in rural/agricultural loan focus and emerging-market microfinance model, but Kyrgyz rather than South Caucasus geography.
• KMF (Kazakhstan): Large Kazakhstani microfinance organization serving SMEs and consumers across Kazakhstan and Central Asia. Comparable in CIS microfinance product set, multi-branch distribution, and donor-program-funded lending; operates in a different national market.
• Credo Bank (Georgia): Georgian microfinance-oriented bank serving rural and agricultural borrowers across the South Caucasus. Comparable in agricultural-lending specialization, rural branch network, and Caucasus-region microfinance context, but operates in a different national market.

Direct peers

• FAST Credit Armenia UCO: Armenian Universal Credit Organization focused on consumer and small-business micro-loans under CBA supervision. Closely comparable in product set (consumer/SME/agricultural), pricing transparency regime, and branch-based GTM in Armenia.
• FINCA Microfinance Bank Armenia: Armenian microfinance institution serving low-income and small-business clients with agricultural and consumer credit. Directly comparable in mission-driven microfinance targeting, rural reach, and group/individual character-based lending.
• Kamurj Universal Credit Organization: Armenian Universal Credit Organization providing micro, consumer, agricultural and SME loans through a multi-branch network. Directly comparable to Nor Horizon on product mix, CBA UCO regulatory status, and target customer base of vulnerable and rural Armenian borrowers.

Market position

Customer concentration

• Facebookfacebook.com/norhorizon
• LinkedInlinkedin.com/company/nor-horizon-uco-llc

Compliance1 record

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 Nor Horizon