ADA publishes a guide to ensure the continuity of MFIs during the crisis

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© Didier Gentilhomme

The health and economic crisis caused by Covid-19 is severely impacting microfinance institutions and their clients. To support the microfinance sector in this unique context, the NGO ADA is continuing its mission of promoting inclusion for all by leveraging its knowledge and expertise in risk management with a guide to best practices for the continuity of microfinance institutions.

Available in French, English and Spanish, this guide offers recommendations to microfinance institutions for organizing crisis management and ensuring business continuity.

The document can be downloaded from the ADA website, on a page exclusively dedicated to managing the Covid-19 crisis, a space that offers articles from partners, guidelines, testimonials and videos in order to provide a place for exchanges and sharing of experiences between professionals in the sector.

This guide describes some points of attention for analysis and measures to be taken to organize appropriate crisis management and ensure business continuity in the face of the COVID-19 pandemic.

To access it, click here.

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Discover other articles on: Covid 19 Observatory.

[INTERVIEW] “Life must go on, we must not lose hope”

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Interview with Dara Huot, Director, Phare Performing Social Enterprise

©Philippe Lissac

CambodiaMag interviewed Dara Huot, Director of Phare "Performing Social Enterprise," a partner of the Grameen Crédit Agricole Foundation. He shared his concerns and hopes for the Phare circus' social enterprise.

Since March 17, performances at the Phare Circus, one of the main attractions in Siem Reap and Battambang, have been suspended...

Yes, we were implementing a government decision against performance venues. Before that, we had implemented all the necessary measures to disinfect the premises between each performance and respect social distancing between spectators. The temperature was checked for each person entering the big top, and hand sanitizer dispensers were placed throughout. But in any case, the number of spectators was gradually dwindling. The government decree only hastened a closure that would have been inevitable.

How did the staff react to this closure?

Phare is a very large social enterprise, split between Siem Reap and Battambang. Here, we have 40 artists and 70 employees. The Battambang school, which offers training in circus, but also in graphic animation, dance, painting, and theater, has 110 teachers for 1,200 students. When the closure was decided, we took the opportunity to resume our "to-do" list—you know, all those little things that accumulate over time and that we generally reserve for the off-season.

We cleaned everything, repainted, and did all the maintenance work... And then, when we finished all that, everyone went home. The vast majority of the staff comes from Battambang, so many have joined their families there. All the artists continue to train hard, for the resumption of shows, but also for the upcoming tours. Some have been canceled, but we hope to be able to do the one planned in France for this winter.

Are salaries still being paid?

All salaries were paid throughout the month of March. Starting in April, they were reduced by 50 %, and this will continue for the following months. It is unthinkable to leave our employees without any income, and we do not hesitate to dip into our cash flow to do so. But how long can we continue like this? After 3 or 4 months, the coffers will be empty... Especially since we still have to pay all our rent.

Do your employees receive support from institutions?

No, it's not like in France, where compensation is granted to people who find themselves unemployed. Nothing is planned for them here, and the situation is all the more difficult because many employees have contracted debts with banks and microfinance organizations. The interest they have to repay each month is very high, and I don't see how they'll be able to get out of it. The only hope would be for these organizations to relax the repayment terms. Perhaps by reducing interest rates, spacing out repayments, or even suspending them until things return to normal. A moratorium on rent could also help many Cambodians see out the crisis. As things stand, repaying a loan, paying rent, and supporting one's family when one has a reduced salary or, worse, when one finds oneself unemployed will pose major problems for a large part of the population.

How will this crisis change Siem Reap?

Since the city opened to mass tourism, that is, some twenty years ago, the number of visitors has only grown exponentially. Infrastructure, however, has not necessarily kept pace. The environment has suffered greatly from the increase in visitors, waste is not always well managed, and access to water and its quality are still problematic in certain neighborhoods. Electricity needs have increased, but outages remain numerous. Why not take advantage of this involuntary "pause" to renew ourselves, question ourselves, and thus beautify the city? We must remain positive, try to see what we can learn from this ordeal. Life must go on, we must not lose hope, and continue to be positive despite the circumstances. We must, more than ever, take care of ourselves and our loved ones, and stay strong. This is important for ourselves, but also for those around us. Everyone hopes that this pandemic will last as short a time as possible. 2019 was a difficult year, and 2020 will be even worse. But we will get through it, and I hope we will come back tougher from this ordeal. Even if it will, of course, be very difficult to get back on our feet.

The microfinance sector is organizing itself to face the effects of the health crisis

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By Grameen Crédit Agricole Foundation

The COVID-19 virus continues to spread across the world, with more than 450,000 confirmed cases as of March 26, 2020. Governments, even those that deny it, are implementing increasingly stringent containment measures. As the situation evolves more rapidly every day, microfinance stakeholders are preparing to face this crisis by taking initial, beneficial steps.

Following its survey launched two weeks ago, the Grameen Crédit Agricole Foundation has created an observatory to continuously update the information collected through daily exchanges with its partner microfinance institutions (MFIs). The goal is to better understand how to support them and also to share its analyses with other financial stakeholders in the inclusive finance and development aid sectors.

Adapting to slow the spread of the virus

MFIs quickly recognized the health implications of the crisis. They immediately sought to adjust their operating procedures to address the risk of contamination by adopting recommended barrier measures and launching awareness campaigns among clients and employees.

“Handwashing is mandatory in all branches, with buckets and soap provided for everyone entering the offices. Hand sanitizers are provided on the counter for all customers who transact with tellers. […] The process of acquiring protective masks for tellers is underway. All staff members experiencing symptoms are strongly advised to stay home during monitoring. We have strongly advised all staff to avoid visiting branches given the evolving situation unless absolutely necessary.” – Partner in Sierra Leone

MFIs have also had to adapt to decisions taken by local authorities to slow the spread of the virus. Organizations in the highest-risk areas have been forced to partially or completely cease operations and close some of their local branches.

“All operations will be closed from 12:00 on 26 March 2020, in accordance with the President’s announcement on Monday 23 March, to allow staff to return home for the lockdown period. […] Disbursements to clients have been deferred until the end of the lockdown period.” – Partner in South Africa

Teleworking or staff rotation systems were quickly implemented at the vast majority of our partners. Faced with numerous bans on gatherings, institutions now work with a representative of the credit solidarity groups and stay in touch with their clients through instant messaging services.

Digital solutions are particularly suited to this context. They allow microcredit disbursements and remote debt collection to continue. At a dairy in Senegal, for example, payment to farmers for milk collection has not been disrupted because it has been made via a mobile payment system for several weeks.

“We encourage our customers to use mobile payment platforms for refunds via SMS, as it is the safest method available today.” – Partner in Uganda

While MFIs have been able to quickly adapt their operating procedures, the time has also come to prepare for the looming economic slowdown. Crisis meetings are multiplying at headquarters, or via video conferences from managers' homes, in order to put continuity plans in place.

New regulations

A growing number of countries are introducing new credit regulations to cushion the economic shock and the likely risk of insolvency among vulnerable customers. Regulators are encouraging financial institutions to grant payment deferrals to their clients affected by the crisis and to restructure loans. Such measures are already beginning to be put into practice.

“The government is also implementing measures to help local businesses, such as reducing interest rates. For example, the borrowing rate for secured loans has been lowered from 1%” – Partner in Myanmar

“The Central Bank of Kyrgyzstan has taken the following support measures: 1) cancel the accumulation of penalties for all borrowers; 2) review loan repayment terms and provide for a payment delay of at least 3 months when borrowers request it; 3) when restructuring loans related to changes in borrowers' cash flows due to the coronavirus, institutions should not consider them bad loans if the cause is the health crisis” – Partner in Kyrgyzstan

“The Central Bank has announced that financial institutions must accept all requests for repayment deferrals until April 30.” – Partner in Kosovo

The microfinance sector is demonstrating a high degree of responsibility and maturity in addressing this global crisis. The Grameen Crédit Agricole Foundation's partner institutions are producing regular financial statements and forecast analyses of their financing needs for the coming months. Although we have not yet observed any significant increase, changes in portfolio at risk (PAR) levels are systematically monitored with a very high degree of vigilance. Numerous exchanges between lenders, specialized nongovernmental organizations, and microfinance institutions are now taking place daily.

The Grameen Crédit Agricole Foundation maintains regular contact with its partners and colleagues in a reciprocal effort to pool ideas and resources. We share our analyses and best practices implemented by microfinance institutions with our partners, responsible investment stakeholders, and our peers.

Pooling available information, analyses, and anticipations, followed by the concerted implementation of shared decisions, are vital principles for our sector today. Through this transparency, this consultation, and a necessary adaptation of our intervention principles, we should be able to overcome the effects of this exceptional health crisis, which risks taking with it many microfinance institutions, leaving vulnerable populations in desperate situations. Because we know that the crisis will hit the most deprived populations first and foremost. Hard. Let us rise together to this humanitarian challenge.

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Discover other articles on: Covid 19 Observatory.

The Foundation continues its investments in Kosovo

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© Philippe Lissac

The Grameen Crédit Agricole Foundation has just granted a new loan in local currency equivalent to 1.5 million euros to the Kosovar microfinance institution Kreditimi Rural i Kosoves (KRK), which it has supported since 2009.

KRK is a project initiated in 2000 by ADIE International under the name Rural Finance Program of Kosovo (RFPK). The project transformed into a microfinance institution shortly thereafter, when the new regulations governing financial institutions came into effect in Kosovo. KRK's mission is to provide sustainable access to financial services in rural areas of Kosovo, with a priority for the agricultural sector. To date, the institution has nearly 17,000 clients, including 161,000 women and 841,000 rural clients.

With this investment, the Foundation now has an outstanding portfolio of €22 million in the Eastern Europe & Central Asia region, representing 23% of its portfolio, and has 18 supported partner organizations, representing 21% of the microfinance institutions and impact businesses it finances.

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Created in 2008, under the joint leadership of Crédit Agricole SA's management and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole Foundation is a multi-sector operator that contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. As an investor, lender, technical assistance coordinator, and fund advisor, the Foundation supports microfinance institutions and social enterprises in nearly 40 countries.

A TA program to strengthen microfinance in West Africa

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© Didier Gentilhomme

Actors committed to microfinance

With over 10 years of experience in the microfinance sector, the Grameen Crédit Agricole Foundation finances and supports microfinance institutions with technical assistance. It represents over €200 million in financing, a presence in nearly 40 countries, and more than 85 institutions supported since its inception. With 37% of investments in Sub-Saharan Africa, the continent is at the heart of the Foundation's actions and its mission to contribute to the fight against poverty.

Alongside the European Investment Bank (EIB) and the Luxembourg government, the Foundation will strengthen its support for microfinance institutions in West Africa as part of a new technical assistance program. Both of the Foundation's partners have extensive experience in developing microfinance: the EIB has already committed more than €1.3 billion to the sector since the first microfinance operations in 1992, and Luxembourg accounts for 611,000 million of global microfinance assets under management.

Strengthening the Foundation's impact in West Africa

After granting the Grameen Crédit Agricole Foundation a loan equivalent to €12 million in CFA francs in 2019 to support microfinance in West Africa, the EIB has awarded, on behalf of the Government of Luxembourg, a grant of €332,000 to provide technical support to five microfinance institutions supported by the Foundation.

This two-year program will enable the Foundation to support Caurie (Senegal), Kafo Jiginew (Mali), Graine (Burkina Faso), ACEP Burkina Faso, and ACEP Niger to facilitate their digital transformation, improve risk management, and strengthen social performance management. Through this partnership with the EIB and the Government of Luxembourg, the Foundation is expanding its presence in West Africa and strengthening its value proposition to its partners in the region.

UGAFODE, the Foundation's partner in Uganda, expands its services to refugees

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UGAFODE Microfinance Limited (MDI) has opened a branch in the Nakivale refugee camp in Uganda as part of a program for financial inclusion of refugees launched by the United Nations Refugee Agency, the Swedish Cooperation Agency, and the Grameen Crédit Agricole Foundation. The initiative aims to create sustainable livelihoods, resilience, and self-reliance for refugees in both settlement and host communities. This follows a successful pilot financial inclusion project for refugees in Kampala. As part of the project, refugees continue to have access to credit, savings, and money transfer services.

During the pilot phase, UGAFODE adjusted its procedures, including documentation requirements, such as identification (refugee ID card issued by the Prime Minister's Office – Department of Refugees). "Serving refugees fits well with our mission to transform the lives of low-income but economically active populations. Refugees are economically active and have financial needs like everyone else and deserve the utmost attention," said Shafi Nambobi, Director General of UGAFODE.

Nakivale camp hosts more than 100,000 refugees from 13 countries, most of whom work in agriculture and trade. Through the Nakivale branch, UGAFODE will expand financial services to smallholder refugee farmers and members of the host community to improve household incomes. Nambobi announced that the institution plans to roll out financial services for refugees to other settlements in the future.

According to the refugees interviewed, the UGAFODE Nakivale branch saves them from traveling long distances to access financial services in Mbarara or Isingiro. “With the establishment of this UGAFODE branch in our camp, financial services have been brought to our backyard. We can now be served easily,” said one of the refugees. Another refugee said that previously, due to poor road conditions, it took a day just to get to the bank, and that the branch would help them save on transportation costs and time wasted traveling.

More information about the program here.

The Foundation strengthens its support for the microfinance institution Graine

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© Didier Gentilhomme

In February, the Grameen Crédit Agricole Foundation signed a new financing contract in Burkina Faso, in favor of the microfinance institution Graine, for an amount in local currency equivalent to 380,000 euros. This financing is provided as part of the program of the African Facility, a system set up in 2013 by the Grameen Crédit Agricole Foundation, in partnership with the AFD, to support a greater number of rural microfinance institutions in sub-Saharan Africa.

GRAINE (Investment and Savings Support Group) is a microfinance institution whose mission is to "contribute to improving the economic and social conditions of poor populations in Burkina Faso, primarily rural women, by providing them with appropriate financial services." To date, the institution has more than 24,000 clients, including 97% women and 80% rural clients.

With this new funding, the Foundation's outstanding loans in sub-Saharan Africa reach €35.5 million, representing 371,000 million of the Foundation's total outstanding loans. With 40 partners, sub-Saharan Africa represents 471,000 million of the Foundation's total outstanding loans as of the end of February 2020.

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Created in 2008, under the joint leadership of Crédit Agricole SA's management and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole SA Foundation is a multi-sector operator that contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. As an investor, lender, technical assistance coordinator, and fund advisor, the Foundation supports microfinance institutions and social enterprises in nearly 40 countries.

How Coronavirus Affects the Microfinance Sector

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By Grameen Crédit Agricole Foundation

Created in 2008, at the joint initiative of Crédit Agricole SA and Professor Yunus, founder of the Grameen Bank and 2006 Nobel Peace Prize winner, the Grameen Crédit Agricole Foundation is an operator committed to promoting a more shared economy.

An investor, funder, technical assistance provider, and fund advisor, the Foundation has more than 80 partners (microfinance and social business institutions) and operates in some 40 countries with nearly €100 million in outstanding financing. The Foundation focuses on microfinance institutions serving women and rural populations. These institutions support approximately 4 million clients.

The microfinance sector is exposed and worried

On March 19, according to figures from Public Health France, the coronavirus had infected 213,000 people worldwide. 8,800 deaths have been reported. After announcing the closure of many institutions and businesses, containment measures continue to be implemented worldwide. Africa and South America were not officially affected by the virus for a long time, but they are now facing this pandemic with hundreds of cases already identified.

The global health crisis is gradually becoming an economic crisis. Economic activity has slowed in all countries, and stock markets have lost nearly a third of their value in less than a month. The microfinance sector will undoubtedly be severely affected by the effects of this global crisis.

The Grameen Crédit Agricole Foundation team quickly launched a survey of its partners on March 11th to gather their initial impressions and analyses, the impact on their financing activities, their clients' activity, and their anticipation of future needs and challenges. All the information contained in this article comes from this survey. Fifty-six microfinance institutions (MFIs) responded, out of 75 partners surveyed (participation rate of 75%). The final responses were received on March 19th.

All our partners have expressed real concern in their responses about the expected effects of this global health crisis.

Local government decisions are already impacting small income-generating activities

48% of the MFIs surveyed estimated that their clients were already affected by the effects of the coronavirus outbreak at the time of the survey, and 68% of them believe they will be in the near future. In many countries of operation, governments have decided to close schools and non-essential activities, restrict travel, or ban gatherings. This is already the case in Sri Lanka, Cambodia, Romania, Myanmar, Sierra Leone, Jordan, Mali, and other operating countries. These changes are taking place everywhere today, and new countries are added to this list every day.

Such decisions are already having a direct impact on our partners' clients. Many microfinance borrowers rely on imports for their business. Border closures and travel bans have a direct impact on their operations. The travel ban in China affects not only Asian countries but also African countries.

“Since the border with China has been closed, some agricultural product prices are decreasing, so our farmer clients are not getting good prices for their crops.” – Myanmar Microfinance Institution

“We have customers who travel to shop (China, Ivory Coast, Togo, Benin, etc.). Informal traders are afraid, and this could affect their business.” – Microfinance institution in Burkina Faso

The inability to gather impacts all operations taking place in markets and fairs. Traders are prohibited from operating and have no alternative income. The travel ban is severely impacting global tourism and, consequently, all small, local businesses dependent on tourism (hotels, drivers, guides, restaurants, souvenir sellers, etc.). Remittances are declining, which also affects families back home who rely heavily on these transfers.

“If the travel ban continues in the Gulf region and Europe, Jordan’s economy is likely to suffer as it also depends on tourism revenues and remittances from the Gulf” – Jordan Microfinance Institution

With the exception of one case, we have not received any information on the implementation of any economic mitigation plans that local authorities may have put in place, which likely reflects a difficulty in adjusting or intervening in this context, and likely also a lack of accurate data or available budgetary means. The only specific example provided to us is that of Palestine. Through eight guidelines, the Palestinian Monetary Authority intervened by urging financial companies to continue providing lending services to individuals to ensure the continuation of the commercial and economic cycle and to consider deferring the periodic monthly payments of all borrowers for the next four months (six months for the tourism and hospitality sectors). The measures also stipulate that no additional fees, commissions, or interest on deferred payments may be charged during this period.

Financial institutions' activity could contract

Although concerned about the evolution of the crisis and its first signs, 59% (33) of the MFIs surveyed indicated that their activity was not yet affected by the epidemic at the date of the study (between March 11 and 19). 23 MFIs (37%) felt concerned at the time of this survey, giving several explanations such as the risk to field staff, restricted travel, and working from home.

One of the main concerns is the ban on meetings, which will affect all institutions whose microfinance methodology is based on a "solidarity guarantee group" approach. Some partners are already adapting by appointing group representatives to limit meetings or by relying on "group representatives" from among their clients.

In some countries where no clear decision has yet been made, MFIs are considering postponing disbursements if their loan officers are unable to travel or need to temporarily adapt their collections process.

“During the emergency period until May 29, 2020, customer center meetings will not be held as usual. Instead, the “Pay and Go” method has been implemented as follows: only “group leader” clients, two to four people per center of generally 15 to 20 clients, are invited to attend the regular center meeting. Group leaders will collect the deposit from their members.” – Indonesian Microfinance Institution

“We have implemented a special procedure to meet individually with members of the joint and several guarantee groups. We provide advice to clients on how best to deal with the situation.” – Senegalese Microfinance Institution

Our partners must also adapt to the situation faced by their employees by ensuring their health above all else. The risk of virus transmission is an important factor to consider for the work of loan officers. The responses to the questionnaire show that the lockdown rules are directly and immediately preventing the smooth running of business for all departments within the institutions. Some staff members are already working from home in some institutions.

“Almaty, where the head office is located, will be quarantined from March 19, employees will work remotely” – Kazakhstani microfinance institution

“Field staff are at significant risk of contracting the virus, so employees are reluctant to work with clients. The quarantine will hit the entire MFI market.” – Microfinance Institution in Uganda

The risk portfolio and liquidity needs are under surveillance

Many institutions express concern about rising risks. But according to our survey, at the time of their responses, only 11 MFIs (20%) noted an increase in their portfolio at risk. Our African partners seemed more concerned than their peers on other continents. However, a large number of them across all our areas of operation (40 countries across 3 continents, Africa, Asia, and Europe) are worried about the future: 36 MFIs (64%) anticipate an increase in their portfolio at risk.

“We are likely to experience a potential increase in the delinquency portfolio and a reduction in credit demand. This increase in delinquency is expected to be around 2%, but our portfolio growth will undoubtedly slow down.” – Cambodian Microfinance Institution

Surprisingly, a few partners believe they are no more at risk than usual. These reactions come from institutions that are mostly located in rural areas.

“Overall, since our clients are mainly rural (70%), we expect that they will not experience a significant deterioration in their business or income due to the increase in the prices of their agricultural products. We will have a clearer picture in the second half of April.” – Kyrgyzstan Microfinance Institution

“As of March 16, 2020, our business is continuing as usual. We have not yet seen any impact on loan repayments in Cambodia, particularly in Siem Reap and Phnom Penh. However, we expect some increase in Siem Reap starting later this month. In this part of the country, however, our clients live primarily in rural areas. Our exposure to tourism, hospitality, and the service industry is minimal.” – Cambodian Microfinance Institution

This health crisis will have an impact on the liquidity needs of institutions. According to our survey, 29 MFIs (52%) anticipate changes in their financing needs. Most small MFIs (portfolios less than $10 million) do not anticipate changes over time. Their size seems to be a factor in agility, but we are attentive to this point, which does not seem particularly obvious to us. The majority of medium-sized institutions (portfolio size between $10 and $100 million) anticipate changes in their financing needs from donors (including the Grameen Crédit Agricole Foundation). Many institutions expect problems refinancing their activities. An increase in the cost of currency hedging mechanisms is expected, and discussions with the various lenders are or will be initiated shortly.

“Indirectly, the exchange rate is becoming very volatile due to the epidemic. We are seeing an increase in demand for microloans in US dollars and a decrease in demand in local currency, which is affecting the volume of loans we can disburse.” – Myanmar Microfinance Institution

Liquidity problems are anticipated. Indeed, non-repayment by microcredit beneficiaries could hinder the ability to disburse new loans. Rising provisions for risks and potential losses are seen as an obstacle to securing new financing from traditional lenders.

“If the situation continues until mid-year, we will need liquidity as most of the liquid assets will have been wiped out by high provisioning for impaired assets (expected losses) due to rising non-repayment” – Microfinance Institution in Uganda

“Loan default leads to decreased liquidity. Yes, we have taken steps to mitigate this potential situation.” – Malian Microfinance Institution

Microfinance sector calls for appropriate measures

Some MFIs have already asked the Foundation if it would be possible to help their institutions get through the period when the effects of the pandemic will be the harshest.

“We would like advice on how to avoid the disease and on available and effective treatments for treatment in case of infection” – Microfinance Institution of Benin

“We would like the Grameen Crédit Agricole Foundation to compile information on the measures to be put in place to avoid the coronavirus, and also, for institutions around the world, on how to meet the challenges that lie ahead.” – Microfinance institution in Uganda

One partner recalled that during past natural disasters, particularly tailored measures had been put in place. Some, which may seem counterintuitive, had resulted in increased funding to enable clients to recover from the shocks and overcome this difficult period. Drying up funding would only intensify the difficulties and impacts of the crisis.

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Discover other articles on: Covid 19 Observatory.

Impact report

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Solidarity Bankers: a new mission to be filled in Tajikistan

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Launched by the Grameen Crédit Agricole Foundation and Crédit Agricole SA, Solidarity Bankers is a skills-based volunteer program open to Group employees that supports microfinance institutions and impactful businesses. The program has a twofold objective: to enhance the skills of Crédit Agricole Group employees and to provide additional support to the Foundation's partner microfinance institutions and impactful businesses. Through this program, the Crédit Agricole Group reaffirms its commitment to supporting employee solidarity initiatives.

What are the Solidarity Bankers missions?

Volunteer missions abroad are offered to employees on behalf of microfinance institutions or social impact companies, partners of the Grameen Crédit Agricole Foundation.

The missions are carried out through sponsorship or skills-based volunteering. Airfare and insurance are covered by Crédit Agricole SA. Any internal transportation costs, meals, and accommodation are paid by the beneficiary organization. The Grameen Crédit Agricole Foundation will prepare and coordinate the mission.

Since the launch of the program in 2018, fourteen missions have been carried out, both in sponsorship and skills-based volunteering.

A mission to be filled!

A seven to ten-day guarantee assessment mission is available for Oxus Tajikistan, in Tajikistan, either at the end of June or between August and October 2020.

The story of OXUS began in 1997 in Tajikistan, just as the country was emerging from a civil war. At that time, ACTED began disbursing its first microloans in the Vakhsh Valley. Following the success of this initial initiative, ACTED gradually launched several microfinance programs across the country. In February 2006, OXUS was finally registered with the Tajik National Bank as a microcredit organization.

As of December 2019, OXUS Tajikistan was ranked among the largest microfinance institutions in the country by portfolio. Currently, MCO "OXUS" Tajikistan is part of the OXUS Group of microfinance institutions, which also operates in Kyrgyzstan and Afghanistan.

Mission objectives:

  • Analysis of the current methodology for guarantee assessment
  • Develop a new evaluation methodology
  • Training managers at headquarters level

How to apply?

  • Click on the link opposite “Finding your mission”
  • Enter “Grameen Foundation” in the search bar. All Solidarity Leave offers will appear!
  • Click on the offer of your choice, you will find all the information necessary for your application.

Contact

Carolina HERRERA
Director of Communications & Partnerships
carolina.herrera@credit-agricole-sa.fr

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