Mr. Jerrold Smelcer, CEO of FINCA Tajikistan, told journalists on November 25 that the license for carrying out micro-deposit operations still suits them.

“This license allows us conducting other bank transactions in the republic,” said he.  “For example, we can conduct money transfer transactions, issue plastic cards and offer services through these cards.”

Mr. Smelcer noted that they might consider the issue of getting bank status in the future after thorough analysis of their activity.

Established in 2003, FINCA MDO LLC is a subsidiary of FINCA Microfinance Holding Company, owned and managed by FINCA International, one of the world’s largest microfinance organizations. The primary mission of FINCA is to provide financial services to the lowest-income entrepreneurs so they can create jobs, build assets, and improve their standard of living.  FINCA Tajikistan is located in rural areas and semi-urban communities that have insufficient access to credit and other financial services.  Lending to women in business represents approximately one-third of the company’s total portfolio.  Headquartered in Dushanbe, FINCA Tajikistan runs a network of 35 branches and sub-branches, holding a leading position and strong outreach in southern Tajikistan.

In 2003, FINCA Tajikistan was serving only 19 clients, but in 2013, the company is trusted by nearly 30,000 customers.