Our mission is to support the economic empowerment and improvement of living standards of low income families, small- and medium-size entrepreneurs through provision of high quality, accessible and sustainable financial services.

The Organization’s mission is to support the economic development of micro and small entrepreneurs with high quality, accessible and reliable financial services.

The Organization’s vision is to be the most dynamic and ethical financial institution which delivers a broad product range to its market segment in Republic of Armenia (RA) and Nagorno Karabagh (NK).

The main goals of the Organization are: assistance to micro and small entrepreneurs by provision of accessible financial services throughout RA and NK; continuous increase of crediting volumes; introduction of new credit products; expansion of geographic coverage.





Roland Fernandes 

Board Chairman     


Steven-Craig Movsesyan               

Board Member       


Jim Cox

Board Member 


Hayk Papyan

Board Member


Gayane Movsisyan

Board Member


Magi Nargizyan

Board Member


Executive Administration

Mariam Yesayan

Executive Director


Armine Aghajanyan

Finance Director/Chief Accountant



Controller/Head of Internal Audit

Sona Ganjalyan



AREGAK was founded in 1997 as a microcredit program of the Armenian branch of UMCOR (United Methodist Relief Committee) with the aim of supporting the economically active, low-income population. In March 2006, AREGAK was registered as a universal credit organization controlled by the Central Bank, a closed joint-stock company with its legal structure, the sole shareholder of which was UMCOR. In 2015, UMCOR donated 100% of the shares of AREGAK UCO CJSC to UMCOR Armenia Foundation. The highest governing body of AREGAK UCO CJSC is the General Meeting, represented by the Board of Trustees of UMCOR Armenia Foundation.

UMCOR is an international charity under the General Board of Global Ministries of the United Methodist Church. Humanitarian programs implemented by UMCOR involve more than 80 countries. During 1994 - 2015, UMCOR, through its Armenian branch, carried out activities in Armenia, implementing programs aimed at poverty reduction and socio-economic development. In March 2015, UMCOR established the local organization, UMCOR Armenia Foundation with the same objectives and mission.

UMCOR Armenia local Foundation is registered in accordance with RA legislation and implements charitable projects throughout Armenia. UMCOR Armenia Foundation together with AREGAK have been implementing a tuition compensation program for the children of AREGAK's best borrowers for many years. From 2015 to today, the tuition fees of more than 6700 borrowers’ children were reimbursed with total amount of 559.3 mln AMD.
  • Corporate name of Shareholder

    "UMCOR Armenia" Charity Foundation

  • Registration details, location (postal address)

    Registered and operating on the basis of RA Legislation. Legal address: 14 Karapet Ulnetsi Street, city Yerevan, RA

  • Number of shares:types and classes

    17225 ordinary shares 

  • Share capital


Our presence

  • 25
  • 10
    Representative offices
  • 900

Development stages

“AREGAK” Universal credit organisation CJSC was licensed by the Central Bank of the Republic of Armenia in March 2006. From 1997 until licensing by the RA Central Bank as a Universal Credit Organization,, the “AREGAK” microfinance program operated as a unit of the United Methodist Committee on Relief (UMCOR). The very first branch office was established in Vayots Dzor in 1997. The establishment chronology of the branch offices is introduced as follows:
  • 2021
    Armavir Representative Offices was registered
  • 2020
    Vedi, Dilijan, Spitak and Ashotsk Representative Offices were registered
  • 2019
    Maralik Representative office was registered
  • 2018
    20th Anniversary of AREGAK
    AREGAK celebrated its 20th Anniversary, in the frameworks of which several events were conducted for both loyal and new consumers. The Organization's Yeghvard Representative Office was registered
  • 2013
    15th Anniversary of AREGAK
    AREGAK celebrated its 15th anniversary. The Organization's Alaverdi branch was registered in the same year.
  • 2010
    Branch Network Expansion
    AREGAK branch network was expanded including borderline Chambarak, Berd, as well as Artik towns.
  • 2007
    Branch Network
    Branches were founded in Talin, Aparan, Stepanavan, Vanadzor, Vardenis, Martuni, Gavar, Sevan, Kapan, Sisian, Goris, Ararat, Abovyan, Armavir, Ijevan cities of RA, as well as NK Stepanakert and Martuni cities.
  • 2006
    Registered as "AREGAK" Universal Credit Organization CJSC by the Central Bank of Armenia. Masis, Artashat, Ashtarak, Gyumri, Echmiadzin branches were registered.
  • 1998
    First branch in Yerevan
  • 1997
    Established as UMCOR microfinance program.The first branch was established in Vayots Dzor Region.

Organizational structure