Tajikistan is one of the poorest countries of the former Soviet republics. It has made steady progress in reducing poverty and growing its economy. However, the rate of job creation has not kept pace with the growing population, leaving the economy vulnerable to external shocks, and the private sector’s role in the economy remains limited.

FMFB-T enables clients to access remittances close to home, save money to reduce uncertainty and access loans. It is actively engaged in research, product development and innovation as part of its focus on improving the quality of life of its clients, over 70 percent of whom live in rural and remote areas. The Bank offers a range of microfinance and SME loan products, deposit accounts, remittances, cards, foreign exchange, domestic and international money transfers and ATM services.

Remittances

The Bank developed remittance-linked financial products designed to encourage clients to allocate an increased portion of remittances to fundamental requirements such as housing, education, health or asset building. FMFB-T has launched a remittance-linked card (Korti Oson), which is available at all locations. The inward remittances are paid through Korti Oson cards using SMS banking services. The customer can withdraw cash 24/7, or make non-cash payments at all merchants in Tajikistan accepting the national cards.

Loans

FMFB-T has collaborated with EBRD to provide corporate loans and trade finance products. It partners with KfW and the Ministry of Economic Development and Trade on a housing programme to provide housing loans to low- and medium-income families with affordable interest rates.

The Bank has been actively promoting a green financing programme under the EBRD Climate Resilience Financing Program. It undertook tourism promotion activities during 2018 to increase business efficiency and to support the Year of Tourism and Handicraft initiative in the country. Under this initiative, the Bank offered discounts on loans to entrepreneurs who created conditions for the development of the tourism industry in the country, as well as contributed to the formation and promotion of competitive tourism. Loans aimed to stimulate tourism entrepreneurship.

The Bank cooperates with the AKDN programme Accelerate Prosperity to support SMEs to access funds and develop their businesses.

Financial Literacy Training

FMFB-T is actively involved in improving the financial awareness of the population. It collaborates with IFC to deliver financial literacy training throughout the country. Since May 2019 IFC and FMFB have promoted a digital financial literacy programme to deliver video, audio and physical training, booklets on income and expenses, and visual aids.

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 is expected to improve access to financial services for communities living in rural, remote areas of the country.

FMFB and Pamir Energy are establishing an ecosystem infrastructure, called the Total Access Program, to promote cashless and digital financial services in the remote region of Gorno-Badakhshan.

FMFB-T is a trusted partner of choice for many international development agencies. The Bank has worked with UNHCR to lend to Afghan refugees. FMFB has also partnered with IFC, EBRD, USAID, Mercy Corps, Good Neighbours, Accelerate Prosperity, Caritas, Global Affairs Canada (GAC) and others to help create jobs, promote economic growth and develop entrepreneurship in Tajikistan.