BAKU, Azerbaijan, December 1. Tajikistan's financial system is split into five parts: sectors—banking, microfinance, nonbank credit institutions, insurance, and the capital market, Trend reports citing the Asian Development Bank (ADB).
The ADB notes that as of end-2021, there were 63 financial lending institutions —14 banks (1 Islamic bank) and 49 microfinance institutions (18 microcredit deposit organizations, 4 microcredit organizations, and 27 microcredit funds).
"In Tajikistan, banks dominate, accounting for 84.4 percent of financial sector assets in 2021, followed by microfinance institutions (14.4 percent) and insurance firms (1.2 percent). The capital market is relatively quiet, with market capitalization at 11.6 percent of GDP in 2021," the ADB said.
Notably, on 1 July 2022, the government of Tajikistan adopted a National Strategy for Financial Inclusion for 2022–2026 (NSFI), covering four key areas:
- delivery channels and digital financial services,
- variety of financial products,
- protection of consumer rights, and
- financial literacy.
The financial inclusion strategy will build a financial system where every adult and legal entity can access, learn about, and use a wide range of high-quality financial services (including savings, payments, remittances, loan).