This year, the First MicroFinance Bank celebrates its 20th anniversary. Over the years, the Bank has become a trusted partner for hundreds of thousands of Tajik citizens, helping them improve their quality of life.
First and reliable
Established in 2004 as Tajikistan’s first commercial bank specializing in microcredit, the First MicroFinance Bank laid its foundation in the micro finance sector and gradually expanded its services to address the diverse financial needs of both individuals and businesses.
Looking back, we realize that the Bank has successfully navigated all stages of Tajikistan's economic development, enduring both booms and crises, overcoming obstacles, seeking opportunities for growth, and steadily moving forward. Only a serious financial institution with forward-thinking leadership could survive global financial turbulence, maintaining and growing its assets while remaining a reliable partner for its clients.
From microcredit to a wide range of services
At its inception, the First MicroFinance Bank operated with only its main office, 80 employees, and assets of 10 million somonis (approximately US$3.3 million in 2004). Over time, the Bank expanded, opening branches and banking centers across the country, including in Khujand, Khorog, Rasht, Kulob, and Bokhtar, as well as in remote regions such as Murgab, Ishkashim, Nourobod, and Tojikobod. Today, the Bank has 8 branches and 40 banking centers, making financial services accessible even in the most remote areas of Tajikistan.
The First MicroFinance Bank has grown into a major financial institution operating throughout the country. In addition to microcredit, the Bank now offers a wide range of loans, deposit accounts, money transfer services, payment cards, foreign exchange operations, domestic and international transfers, digital financial services, and ATMs.
According to Mirzosafar Safarov, Chief Executive Officer of the First MicroFinance Bank, the Bank’s leadership has always believed in the potential of every client. “We offered loans not only to those with perfect credit histories but also to those just starting their businesses. As a result, by 2024, more than 200,000 people have become our clients, each with the opportunity to fulfill their dreams,” he said.
Quick facts
Clients: Over 200,000
Assets: Over 1 billion somonis
Loan portfolio: Over 700 million somonis
Investment portfolio: Over 100 million somonis
Deposit fund: Over 900 million somonis
Employees: Around 900
Corporate clients and partnerships
The First MicroFinance Bank today serves prominent corporate clients, including Coca-Cola, Turkish Airlines, SCODA, and other renowned brands. It collaborates with international organizations and foreign embassies, supporting their programs and humanitarian projects, such as the World Food Programme (WFP).
The Bank also supports a rural housing program in partnership with the German Development Bank and the Ministry of Economic Development and Trade of Tajikistan. Additionally, it finances youth startups through the “Accelerate Prosperity” program, having allocated over 40 million somoni to more than 200 clients.
Moreover, the First MicroFinance Bank collaborates with the European Bank for Reconstruction and Development to engage women and youth in business, supporting the development of the “Green Economy”.
On December 1, 2023, the Bank launched the FMFB Mobile app, available in three languages (Tajik, Russian, and English), offering over 400 types of transactions anytime, 24/7.
Achievements
In 2017, the Bank became the first and only member of the Global Alliance for Banking on Values (GABV) from Central Asia. That same year, it was a semifinalist for the European MicroFinance Award.
In 2009, the Bank received the International Bank Technology and Operations Award in the category "Banking and Finance in Asia" (ABF) for "Wholesale Banking Services."
For the past two years, the Bank has won the National Bank of Tajikistan’s award for "Best Financial Institution for Women Entrepreneurs." The Bank also received the Rising Star Visa Risk Management Award for its achievements in risk management and actively collaborates with Visa to enhance data security, continuously adopting advanced technologies in this field.
Future Plans
The First MicroFinance Bank aims to continue expanding its network, introducing modern technologies, and improving the quality of its services. It plans to strengthen its role in supporting the "green economy" by providing financing for related projects.
The Bank is actively working to improve financial literacy across Tajikistan as part of the National Financial Accessibility Strategy and expanding cashless payment options. In July 2022, the Bank launched the "Financial Literacy" project in collaboration with the National Bank of Tajikistan. As part of this project, seminars are being conducted nationwide, even in the most remote regions. At these events, the Bank’s experienced specialists teach citizens the basics of financial literacy, highlighting the importance of cashless payments, the use of banking cards, and e-wallets.
The Bank has also published a special booklet titled “Financial Education,” containing guidelines for managing family budgets, which is distributed at seminars and other events.
This year, the Bank introduced a new product (QuickLoan) aimed at improving the credit experience through digitized services. Now, clients can obtain loans via e-wallets and banking cards without visiting the Bank, providing a quick and convenient solution to meet their financial needs.
The First MicroFinance Bank recently sponsored the international paragliding competition for the President of Tajikistan's Cup, held in the scenic foothills of Khurramzamin. Athletes from several countries, including India, the UAE, Russia, and the USA, participated in this prestigious event.
“I extend my heartfelt congratulations to everyone who has used and continues to use the services of the First MicroFinance Bank, as well as to those who have contributed to its growth by devoting their efforts and lives to it, tirelessly serving the people,” said CEO Mirzosafar Safarov.
He emphasized that serving others is a source of strength, lifting the spirit and igniting a constant desire to work. “Twenty years is only the beginning of a much longer journey. We deeply appreciate the trust and support of our clients and look forward to continuing our successful collaboration while actively contributing to Tajikistan’s economic growth. We wish everyone health, happiness, unparalleled achievements, and well-being.”
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