Exploring Armenia: A Tale of Transformation with “KAMURJ” Universal Credit Organization

Today, we delve into the intriguing intersection of Armenia's unique landscape, the impactful mission of "KAMURJ" Universal Credit Organization (UCO), and the inspiring story of Sevak Aleksanyan, an entrepreneur whose life took a transformative turn with the support of "KAMURJ."

Nestled in the South Caucasus region, Armenia boasts a captivating landscape, from the towering peaks of the Lesser Caucasus Mountain range to the picturesque Lake Sevan. With a population of 2,790,974 and Armenian as the official language, the country faces the challenges of being landlocked and sharing borders with Turkey, Georgia, Azerbaijan, and Iran.

"KAMURJ" UCO: Empowering Dreams since 1998

Established in 1998 by US-based humanitarian organization "Save the Children Inc.," "KAMURJ" UCO has been instrumental in providing micro-financial services. Initially formed as The Charity Fund for Micro Enterprise Development, it evolved into a Closed Joint Stock Company, actively participating in various programs such as the "Water to Market", "Affordable Housing for young families", "Rural Areas Economic Development Programme", "Jerm Ojakh (Warm House)" credit component program and initiatives by international organizations.

"KAMURJ" UCO's mission extends beyond financial services; it aims to support small businesses, small farms, and the financial security of vulnerable families. Over the years, the organization has garnered numerous honors and awards, solidifying its position as a trustworthy customer partner. Since 1998, "KAMURJ" UCO has positively impacted thousands of families, improving the livelihoods of approximately 400 thousand Armenians.

Kamurj among its diverse offerings, extends housing loans tailored for salaried and self-employed individuals, supporting home purchase, construction, or renovation in urban and rural areas. Extending housing loans to rural areas is essential as it opens up access to financial resources for demographic segments often underserved by conventional banks. Traditional banking institutions tend to prioritize salaried borrowers and impose stringent documentation requirements, leaving certain population groups without adequate financial support. In contrast, Kamurj has a history of collaborating with diverse population groups and has never prioritized collateral as the primary means of repayment.

Kamurj's commitment to extending housing finance to rural regions breaks conventional norms, fostering inclusive development and ensuring homeownership opportunities reach all, irrespective of location or income documentation challenges.

Case Study – Sevak Aleksanyan

 Sevak Aleksanyan, residing in Sisian City, Syunik province, embarked on his entrepreneurial journey in 2016 by establishing a car service point. His interaction with "KAMURJ" began in 2021 when he secured a mortgage loan for a house in need of renovation.

Determined to upgrade his living space, Sevak navigated the financial landscape with "KAMURJ's" support. With a mortgage loan of 17,400 USD, he acquired the property, later expanding his business with a 7,450 USD business loan. The result? A 50% increase in income and an expanded business space by over 100 square meters.

Sevak's journey continued as he sought a renovation loan of 7,450 USD in 2022. With "KAMURJ's" assistance, he transformed his house, enhancing its quality of life for his family.


Kamurj has been successfully disbursing housing loans since 2011 and was chosen as one of the participants in the state housing program, which provides subsidized loans to purchase or renovate houses for end-borrowers. The state program provides funding that encourages borrowers to opt for energy-efficient solutions and use non-cash methods for financial transactions. Kamurj supplements these subsidized state lending programs with proprietary commercial housing loans. These cater to borrowers seeking larger loan amounts beyond the coverage of the state program and those who may not fully meet the criteria set by these government initiatives.

As of October 2023, Kamurj held a housing loan portfolio valued at AMD 4,810,097,087 (equivalent to USD 11,935,723), benefiting 452 borrowers. This underscores their commitment to providing meaningful financial support and positively impacting the lives of individuals seeking housing solutions.

Sevak's journey stands as a testament to determination, resilience, and the transformative power of financial partnerships. "KAMURJ" UCO, beyond being a financial institution, emerges as a steadfast ally in Sevak's pursuit of success—a beacon lighting the way for many others.

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