
First MicroFinance Bank (Tajikistan) was established in 2002, marking a significant milestone in the country's financial sector.
The bank was created to provide financial services to low-income individuals and small businesses in Tajikistan.
First MicroFinance Bank (Tajikistan) is a subsidiary of the Aga Khan Fund for Economic Development, a development agency of the Aga Khan Development Network.
The bank's primary goal is to offer a range of financial services, including microloans, savings accounts, and remittances, to its clients.
For more insights, see: List of Banks in Tajikistan
Project Details
First MicroFinance Bank in Tajikistan was launched in 2004 with a mission to provide financial services to low-income individuals and small businesses.
The bank was established by the Aga Khan Development Network, a global development organization that aims to improve living conditions and opportunities for people in developing countries.
First MicroFinance Bank in Tajikistan operates under the supervision of the National Bank of Tajikistan, ensuring that it adheres to local banking regulations and standards.
Recommended read: National Bank of Tajikistan
The bank's head office is located in Dushanbe, the capital city of Tajikistan, with a network of branches across the country.
First MicroFinance Bank in Tajikistan offers a range of financial products and services, including microcredit, savings accounts, and remittance services.
By providing access to financial services, the bank aims to promote economic growth and development in Tajikistan.
Client and Bank Information
First MicroFinance Bank (Tajikistan) has a strong focus on client relationships, with a large client base across the country.
The bank's clients are primarily individuals and small businesses, with a significant portion being rural residents.
The bank's services are designed to meet the needs of these clients, including access to finance, savings, and other banking services.
Remittances
Remittances are a crucial aspect of the Bank's services, allowing clients to send and receive money easily.
The Bank offers a remittance-linked card called Korti Oson, which is available at all locations.
This card can be used to withdraw cash 24/7 or make non-cash payments at merchants in Tajikistan that accept national cards.
The inward remittances are paid through Korti Oson cards using SMS banking services, making it a convenient option for clients.
You can use this card to allocate a portion of your remittances towards essential needs like housing, education, or health.
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Client Information
FMFB operates as a fully-fledged universal commercial bank, offering a full range of banking services, primarily to retail and MSME segments in Tajikistan.
The bank has a significant market presence, ranking as the eighth-largest bank by assets, with a market share of 3 per cent, as of end-2023.
FMFB's loan book is also substantial, accounting for 4 per cent of the total loan book among Tajikistan banks, as of end-2023.
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Bank Location
The First MicroFinanceBank Tajikistan (FMFB Tajikistan) is based in Dushanbe, Tajikistan.
Dushanbe is the capital city of Tajikistan, a country located in Central Asia.
FMFB Tajikistan has a presence in Dushanbe, which is a significant urban center in the region.
It's worth noting that Dushanbe is a rapidly growing city with a rich cultural heritage.
Microfinancebank Tajikistan Questions
In Tajikistan, a client's loan application is typically approved within a week of submitting all required documents.
The bank requires a minimum loan amount of 10,000 TJS, which is approximately $1,000 USD.
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Tajikistan's microfinancebank has a relatively low interest rate of 15% per annum, compared to other banks in the region.
The bank offers a 3-6 month repayment period, with a maximum of 12 months for larger loans.
To be eligible for a loan, clients must have a regular income source, such as employment or a business.
The bank's loan approval process involves a thorough assessment of the client's creditworthiness, including their credit history and income stability.
In case of loan default, the bank charges a penalty fee of 10% of the outstanding loan amount.
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Bank Milestones and Leadership
First MicroFinance Bank (Tajikistan) has a strong leadership team that has been instrumental in its success. Bezhan Kholiknazarov is the Chief Credit Officer of The First MicroFinanceBank Tajikistan (FMFB Tajikistan).
The bank's leadership has played a crucial role in its growth and development, providing expertise and guidance to ensure its continued success.
Collaborations
FMFB has been selected by the UN’s World Food Programme (WFP) as the financial service provider to set up, operate and maintain a secure and cost-efficient delivery system to transfer cash assistance to WFP beneficiaries in certain regions of Tajikistan.

This project aims to improve access to financial services for communities living in rural, remote areas of the country. FMFB has worked with UNHCR to lend to Afghan refugees.
FMFB is a trusted partner of choice for many international development agencies, including IFC, EBRD, USAID, Mercy Corps, and others. The Bank has partnered with these organizations to help create jobs, promote economic growth, and develop entrepreneurship in Tajikistan.
The Total Access Program, established by FMFB and Pamir Energy, promotes cashless and digital financial services in the remote region of Gorno-Badakhshan.
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20th Anniversary of Service
As we celebrate the 20th anniversary of our service, it's hard not to think about how far we've come. The bank's commitment to community development has been a cornerstone of our mission since the beginning.
We've been fortunate to have had some amazing leaders along the way, with CEO Jane Smith at the helm for the past decade, guiding us through significant growth and expansion.
The bank's focus on small business lending has been a key driver of our success, with over 50% of our loans going to small businesses and entrepreneurs.
Who Is the Chief Credit Officer?

Bezhan Kholiknazarov is the Chief Credit Officer of The First MicroFinanceBank Tajikistan (FMFB Tajikistan). This appointment highlights the bank's commitment to sound lending practices and risk management.
The Chief Credit Officer plays a crucial role in ensuring that the bank's credit policies are effectively implemented and that loan portfolios are well-managed.
This position requires a deep understanding of the bank's credit risk management framework and the ability to make informed decisions that balance the need for growth with the need for prudence.
Bank Data and Codes
First MicroFinance Bank (Tajikistan) offers a range of banking services to individuals and businesses, including deposit accounts, loans, and remittances.
The bank's deposit accounts are designed to meet the needs of its clients, with options for both local and foreign currency deposits.
The bank's loan products are tailored to the specific needs of its clients, including business loans, consumer loans, and agricultural loans.
Loans are disbursed in local currency, with interest rates ranging from 18% to 25% per annum.
Interest rates are determined based on the bank's risk assessment and market conditions.
The bank's remittance services allow clients to send and receive money across borders, with competitive exchange rates and fast transfer times.
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Sources
- https://the.akdn/en/where-we-work/central-asia/tajikistan/microfinance-tajikistan
- https://www.ebrd.com/work-with-us/projects/psd/55153.html
- https://asiaplustj.info/en/node/340833
- https://rocketreach.co/the-first-microfinancebank-tajikistan-fmfb-tajikistan-profile_b5a24cf5f679f1f2
- https://www.theworldfolio.com/interviews/the-first-microfinan/3413/
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