In the fall of 1997, UMCOR established the Aregak microfinance program, with the purpose of creating economic opportunities for low income people who had limited to no access to formal financial sources, especially in the remote rural areas. The microfinance program rapidly became the largest MFI in Armenia in terms of number of active clients.
In March 2006, Aregak was registered and accredited by the RA Central Bank as a Universal Credit Organization structured as a Closed Joint Stock Company having UMCOR as its sole shareholder.
Presently, Aregak UCO renders a broad range of financial services without compromising the social aspects of its mission and continues initiatives geared toward the fulfillment of its social goals.
Aregak UCO has a country-wide branch network throughout Armenia and Nagorno Karabakh.