SDG 3: Ensure healthy lives and promote well-being for all at all ages - Spotlight on Kyrgyzstan | Zharkynova Samidakhan | Bailyk Finance

Building Healthier Communities: The Impact of Bailyk Finance in Kyrgyzstan

Nurturing Health and Well-being in Kyrgyzstan

A pioneering microcredit institution established in 2011, Bailyk Finance has earned recognition for its dedication to providing accessible financial solutions that empower communities across Kyrgyzstan. With a robust network of 50 offices as of October 2023, 94% of which are strategically located in remote regions, Bailyk Finance is committed to bridging the financial gap and supporting underserved populations.

Empowering Staff for Holistic Well-being

Bailyk Finance's dedication to SDG 3 begins with the well-being of its own team. The CEO's commitment to staff health extends beyond mere words. Across the 50 offices scattered throughout Kyrgyzstan, the company ensures a conducive work environment. Offices equipped with essential amenities, from air conditioners to modern kitchens, not only provide comfort but underline the significance of overall health. The provision of health insurance, covering risks associated with work activities, and a focus on promoting a healthy lifestyle exemplify the company's holistic approach to employee well-being.

Supporting Clients on Their Health Journeys

For Bailyk Finance, the commitment to well-being extends seamlessly to its clients. The company's innovative approach includes voluntary credit-health and credit-life insurance, offering a safety net for borrowers. Discounts provided on interest rates encourage clients to opt for insurance coverage. With a remarkable 70% uptake among eligible borrowers, this initiative not only protects against unforeseen circumstances but also fosters a sense of financial security.

Beyond insurance, Bailyk Finance goes the extra mile by providing access to free online medical consultations for over 11,000 borrowers. This mobile application connects them with up to 80 doctors, ensuring health resources are just a click away. The company's focus on health loans and partnerships with private medical laboratories underscores a commitment to comprehensive well-being.

The Journey of Zharkynova Samidakhan

Zharkynova Samidakhan, a resident of Suzak village in Kyrgyzstan's Jalal-Abad region, has experienced a transformative journey with Bailyk Finance. Living with her husband and caring for her two grandchildren while their children work abroad, Samidakhan has relied on loans from Bailyk Finance since 2018 for agricultural and personal needs, benefiting from a Voluntary Medical Accident Insurance Policy that offers a 2% discount on loans.

In April 2023, Samidakhan secured a loan of 250,000 soms (approximately USD 3,000) to renovate and insulate their house, prompted by harsh winters affecting their grandchildren's health. With Bailyk Finance's guidance, they focused on insulating walls and installing plastic windows and doors to improve warmth. Throughout the renovation, Bailyk Finance provided advice on effective insulation methods and helped budget for materials. They also provided an instructional video on home insulation, which aided Samidakhan's husband in supervising the builders.

Several months after completing the renovation, Samidakhan required urgent surgery. Fortunately, her Accident Insurance Policy covered medical expenses and rehabilitation costs, with the insurance company disbursing 80,000 soms (approximately USD 1,000).

Microfinance as a Catalyst for Sustainable Development

This case study illustrates how targeted microfinance can drive progress across multiple Sustainable Development Goals. While primarily addressing health and well-being (SDG 3), such initiatives also contribute to poverty reduction (SDG 1), economic growth (SDG 8), and reduced inequalities (SDG 10).

By supporting home improvements, microfinance institutions indirectly promote sustainable communities (SDG 11) and climate action (SDG 13). This interconnectedness demonstrates that well-designed financial services can create a ripple effect, fostering holistic community development.

At Enabling Qapital, we recognize that investing in microfinance isn't just about financial returns; it's about catalyzing sustainable change. By supporting institutions that provide accessible financial solutions, we're contributing to a more resilient and equitable future for communities across developing regions.

More on the United Nations Sustainable Development Goals https://sdgs.un.org/goals