Our History
Micro-Finance Institution, HUMO and Partners, LLC was created in June 2008. It was founded by a Micro-Lending Fund "HUMO", which itself was setup by CARE International in Tajikistan.
CARE International was operating a micro-credit program in Tajikistan. However, with the new legislature affecting the micro-finance industry that came out in 2004, CARE Tajikistan converted their program into a local fund, which offered accessible financial services to low-income population.
In November 2004, CARE Tajikistan was running a contest on the best name for the newly created organization. Finally, the name was selected - HUMO. The company's activity was associated with a mythical symbol - legendary bird of happiness "HUMO". According to the legend, this magical bird gives luck and happiness to everybody it flies over.
In December 2004, Micro-Lending Fund "HUMO" was officially registered in the Ministry of Justice in the republic. As one of the first micro-finance institutions that received a certificate from the National Bank in Tajikistan, it confirmed that the Fund met all of the requirements and was well equipped to start its activity.
That happened on March 15th, 2005. This certificate gave the right to start offering micro-loans to the segment of the population who did not have access to traditional financial services. The first loan was given on March 28th, 2005 to the leader of a credit group called "Tamanno", based in Yavan, in the amount of 5,700 Somoni.
Throughout four years of work, Micro-Lending Fund "HUMO" expanded its geographical coverage and, by November 2008, offered financial services to the low-income population in 28 regions and cities, including Dushanbe, Yavan, Kulyab and Kurgan Tube.
As the organization continued to grow quickly, it needed to access traditional investments. Unfortunately, that was not possible due to the restrictions of the Fund's legal status. Finally, it was decided to create a new organization called "HUMO and Partners". After receiving a license for the newly registered organization by the National Bank of Tajikistan on October 17th, 2008, the fund transferred its portfolio and obligations to "HUMO and Partners, LLC".
At the present time, the Micro-Lending Fund "HUMO" still exists and continues to operate in one of the most difficult and poor regions of the republic - Varzob.
Milestones
From our very beginning, we strived to become a leader in the micro-finance field in Tajikistan. By February 2007, our active portfolio reached over $1 million - as a result of offering quality services and stringent risk management. The Fund views changes in the marketplace as opportunities to offer new services to meet the growing and changing needs of our clients. Taking into consideration the interests of our clients, the fund has recently introduced a new loan product - credit for consumption use.
At the present time, "HUMO and Partners" has a wide geographical reach and works in 28 regions of Tajikistan, as well as cities, such as Dushanbe, Kurgan-Tube, Yavan and Kulyab. Expansion of the branch network, high standard of quality, and offering of accessible and affordable services strengthens the place of our organization, as one of the leaders of the industry. On an international rating portal "MIX Market", our organization received the maximum rating possible - 5 diamonds. This represents the level of transparency by each MFI.
Our organization works in accordance to the industry best practices, including quality management, positive relationships with banks, government bodies, and emphasis on serving the clients.
At the present time, in Tajikistan, there are about 12 commercial banks, 6 of which offer micro-financing options. There are also over a 100 micro-finance institutions, 37 of which are considered to be large or mid-sized.
"Humo and Partners" is one of the top leading MFIs who are members of AMFOT. The total number of active clients among the AMFOT members in Tajikistan was 93,965, 8.39% of which are clients of "Humo and Partners" (end of Dec, 2008). The total portfolio among AMFOT members reached $71,04,052 USD, 7.62% of which belongs to "HUMO and Partners".
Over 75% of our active portfolio is composed of group loans, 88% of our active portfolio is targeted to service the rural population, while 45% goes towards women. Our organization has extensive experience with group lending, although that is deemed to be a riskier option, since group members do not offer any collateral, but rather simply guarantee each other's repayments. We developed and implemented a strategy for efficient individual and, particularly, group lending. This has allowed us to support our our social mission, which is to help the development of small to mid size business and agriculture.
Our accomplishments are the result of contributions and creative potential of each one of our employees. We value the initiatives and successes of our staff members, which pushes the organization to reach new levels. As it's very important to us to encourage innovation, in 2005, we introduced a new incentive structure, such as monthly, quarterly and yearly financial rewards for achieving top results in their work. We want to share the success of the organization with the people that helped us reach that, as well as create an environment where every person's contribution is valued and acknowledged.
