Message From the Executive Director
I began my work in the microfinance field over 10 years ago. At that time, microfinance was only starting to develop in Tajikistan. Most of the programs were run by international aid organizations or local NGOs and there weren't any specialized MFIs.
Over the last 10 years, our sector has made a giant leap forward: after the passing of a new law that restricted MicroFinance activity to local organizations, new MFIs were starting to be created. New association for MFIs in Tajikistan - AMFOT - was also launched. At the current time, the combined total portfolio of all members of AMFOT exceeds 71,904,052 USD, while the total number of clients is over 93,965 (December 2008). In total, over 100 MFIs are registered and licensed.
Although micro-loans are only one of the ways to help the poor population, it really does serve as a crucial tool to help people help themselves and become self-employed in order to care for themselves and their families.
"Humo and Partners" was spun off from CARE as a separate, independent organization just 4 short years ago. But during this time, we achieved a lot. We started with a portfolio of just $142,000 and increased it to $5 million by December 2008. At this time, we work with over 8,300 clients who engage in retail, agriculture, raise animals, offer services, and so on. Over half of them are our old clients that took out their first loans during the CARE days. New clients - are residents of rural regions, that want to start or grow their business, but do not have collateral and cannot get credit from regular banks.
We use a proven methodology of group lending, which gives access to credit to those people who do not have collateral. When I visit our clients with whom we've worked for several years, I don't see drastic changes in their lifestyle as a result of our loans. They don't have expensive household gadgets, luxury furniture or fancy cars. The effect is usually evident in other things: clients say that they now have an opportunity to feed their families better, that they can send their kids to school, that they were able to improve their living conditions and just be able to afford the daily expenses. A particular important aspect - is the change in status that many women experience when they start to bring home a certain income. Their role in the household improves and she finally gets a voice in the family affairs.
Over the next few years, we have ambitious plans. Our goal is to increase our number of clients to 45,000 by 2012, while always keeping in mind our social mission - which is to serve the rural population and direct at least 50% of our loans to women. Our success has always been and will be the result of hard work by our dedicated staff. We always try to hire well-qualified, energetic and creative people, who believe in our values and in our mission, and give them a way to show their full potential.
As the Executive Director of an open and transparent organization, I am always open to feedback and dialogue with our clients and partners. You can contact me at: office@humo.tj
