A different story from NOA: 1 year of challenges and innovations since the beginning of the Covid 19 pandemic

It is a moment of balance and reflection. It has already been a year since the beginning of the global Covid 19 pandemic. Albanian society and economy were not spared, costing the country thousands of lives lost and -7.5% drop in income. Public debt increased by over 11.5%, while vital sectors to the country's economy, such as tourism, were hit with a 60-70% drop in activity. No country in the Balkan region or in the European continent was spared. This is the macroeconomic landscape we have been facing for a year. But what is the market-level narrative? What impact did this situation have on the progress of private activity, on the well-functioning of the institutions, on the well-being of Albanian professionals?

This is a story on how my colleagues and the staff of NOA financial institution faced an extraordinary situation for which there were no ready-made manuals, protocols and processes from which we could learn. It was a year full of challenges, but also of innovations and achievements which proved the high level of the professionalism, commitment and sustainability of our staff. Their results and their work speak for themselves. During 2020 NOA managed to inject a total amount of 28 million Euros into the Albanian economy. An inherent value from which benefited thousands of Albanian farmers, small entrepreneurs and families and which increased NOA's total active loan portfolio to around 44 million Euros (an 8% increase compared to last year). In addition to that, in accordance with the instruction of the Bank of Albania and in order to facilitate the borrowing businesses, whose activity was affected due to the pandemic situation, NOA postponed over 2,800 loans corresponding to a loan portfolio of 10 million Euros during 2020.

For NOA, as a financial institution with 22 years of activity, the year we left behind and the pandemic situation were a context to reconfirm the values and positive impact that our business model has on the local economy. While the banking sector was hampered in lending to the entrepreneurial economy due to the pandemic constraints and uncertainties that affected the small business activity, NOA microfinance model was well-prepared for such a scenario. Our adapted financing and facilitated procedures for Albanian businesses and farmers, proved their flexibility and vitality in such a situation. NOA never stopped lending to the country's economy, staying “non-stop open to business” for every entrepreneur and farmer.

This was also the reason why there were about 3,150 entrepreneurs and farmers who found an open financing window during 2020 at NOA as well as over 8,200 self-employed, family members and individuals. Such financing was used to cover the rents of closed businesses, to cover wage arrears of small family businesses, and in some cases to cover the daily needs, but it was also used for dozens of enterprises that tried to overcome the situation by reformatting their model or diversifying the source of their income. We would like to thank each of them for the perseverance, energy and sacrifices they invested in their businesses and farms, thanks to which the Albanian economy avoided a collapse similar to that of 1997.

What was happening on the other side of the counter? Despite the unclarities, insecurities, and even fears that surrounded the first weeks of the pandemic, our staff demonstrated an extraordinary high level of professionalism, commitment and devotion. Thanks to the strict observance of safety protocols, the activity was never interrupted, ensuring maximum protection of every employee and client who visited our branches. Likewise, there were no layoffs or reductions, on the contrary we proceeded with a normal recruitment process by shifting to online job interviews. Thus, during 2020, 54 new employees were hired, were supported and integrated into the company through online training. The compensation and benefits package was not affected at all, on the contrary, during last year there were salary revaluations as well as there was no shortage on the performance bonuses, as in a normal year. Economic assistance packages were offered to the staff families in need, given the difficult situation that the country went through. It was the combination of this unique, human and professional solidarity that enabled NOA to successfully overcome the managerial challenge represented by the pandemic for a company with 260 employees.

Finally, it is worth mentioning the impact on the operational level. Technological investments over the years enabled the company to ensure the normal continuity of the activity by enabling remote operation as well as the processing of an extremely high flow of customer files affected by the pandemic situation. A result that confirms the high level of technological security and technical capacity that NOA has at its disposal and that enables it to guarantee a leading position in the market in any kind of situation. In parallel, the continuity of normal activity was also facilitated by NOA constant presence in the numerous communication and marketing channels in order to guarantee the most qualitative and fastest information to the groups and sectors of the clientele served. But not only this. During 2020, following its social mission and its founding values, NOA undertook an extensive awareness campaign under the motto “Choose Albania” with the aim of raising public awareness on the impacts of immigration, and in terms of the establishment of new enterprises in the country. During the pandemic year which brought about great challenges for the economy, the choice of Albania was a priority for any institution with a national outreach such as NOA.

In conclusion, I would like to take this opportunity to re-express our gratitude to every client and every staff member who turned the challenge of Covid 19 pandemic into an indisputable achievement and lesson of our capacity for change and innovation. The year we are leaving behind was a real “stress test” on our adaptive and lending capacity. Therefore, based on the roots and reasons mentioned above, we believe that 2021 will be another year of success for the whole company, for the agri sector as well as for financing family ventures. We plan to inject over 30 million Euros into the country's economy, out of which at least 30% will be available to the agricultural economy in the country. NOA will continue to pursue an open door policy, a national vision for development, as well as advanced practices in introducing new technologies. 2020 was a test that confirmed our ambitions and capacities for more. Meanwhile, 2021 will be another confirmation of our unique business model in the service of free enterprise, in the service of the rural economy, in the service of the country.