TAJ: Promoting Financial Inclusion through Greenfield Banking–

The investment package will support economic activity of underserved farmers, and micro and small and medium sized businesses (MSMBs).With bank assets to GDP at less than 28% Tajikistan s financial intermediation is very low and trails far behind other transition economies. Intermediation spreads are high and the stability of banks is weak. Only 3 banks and 7 MFIs exceed 1000 borrowing clients. Although MFIs have made efforts in serving households and MSMBs, the overall significance of their outreach remains limited. Access Bank, Tajikistan (AB) was established in April 2010 and currently serves about 7,000 customers in 6 branches with an average loan size of about $3,000. AB is an equal opportunity employer with a significant outreach to women customers. Access Holding JSC, Berlin (AH) owns 52%, while IFC and EBRD each own 18% and KfW 12% of AB shares. AH itself is owned by LFS Financial Systems, its strategic investor and knowledge provider and its staff through Micro Assets, Berlin (17.4%), CDC (UK), EIB, KfW(D), and Omidyar Tufts, each (14.1%) and FMO (NL) (10%). AB s reputable owners stand for improving access to finance for MSMBs while respecting highest integrity and governance.