ACTED launched its first microfinance programme in January 2003 as part of a project funded by the European Union and ICCO on “Rural Development and Cross Border Cooperation in the Ferghana Valley”. After further developing these activities for over three years, OXUS Kyrgyzstan was officially registered and licensed by the National Bank of the Kyrgyz Republic as a Micro Credit Company (MCC) in August 2006. OXUS then quickly took over ACTED’s microfinance portfolio, mainly clients living in southern rural areas.
Since 2000 Kyrgyzstan has made big socio economic progress, with extreme poverty declining by an average of 4% a year across the 2000-2008 period. The main driver of this poverty reduction has been growth in remittances which has in turn encouraged private consumption. Notwithstanding, the level of poverty is still significant: almost 34% of the population live below the national poverty line, with the prevalence of poverty in rural areas being higher than urban areas (51% of rural population is poor against 30% in urban areas). In addition, lack of basic services like water and sanitation are common components of rural poverty.
In the meantime, financial inclusion is rather limited, with 6.45 commercial bank branches across the country per 100,000 adults. Yet despite this, its liberal market economy boasts a very competitive microfinance sector. With a thorough legal framework and strong economic incentives, major microfinance institutions – both local and international – have been increasingly active in the country. As of August 2010 and in spite of socio-political unrest in early 2010, the Association of Microfinance Institutions of Kyrgyzstan (AMFI) estimated the market at 323,000 borrowers and a loan portfolio of US $ 181 million.
OXUS Kyrgyzstan offers six different products : agro group loans, group loans, agro business loans, individual agro loans, individual consumer loans and individual staff loans ;
A third of OXUS’ outstanding loan balance is composed of small credit group clients. Remaining clients have been disbursed either individual business loans or individual agro loans. In the meantime, because Kyrgyzstan is located at the commercial crossroads between Russia, China and Central Asia, trade is an essential element of the country’s economy and one of the main activities of OXUS clients (29%). Nearly all other clients work in the agriculture and livestock sector (51%). In addition, as of October 2013 38% of OXUS Kyrgyzstan’s clients are women.
Denis Khomyakov – Chief Executive Officer
Denis Khomyakov joined the team of OXUS Kyrgyzstan in February 2015. Denis graduated from the American University in Central Asia and later from the University of Trier, Germany. He started his microfinance carreer with an international group of banks in 2005. Denis gained a large experience at ProCredit Holding Group in Eastern Europe, making his way from Loan Officer, Internal Controller to Regional Manager. Later working in consulting, Denis also carried out projects in Eastern Europe and China in the areas of micro, small and medium lending.
Ravshan Dosonov – Deputy Chief Executive Officer and Chief Financial Officer
Ravshan Dosonov graduated in Accounting and Auditing from the Jalalabat Commercial Institute, and later received an MBA from the Academy of Management under the President of the Kyrgyz Republic. He possesses certificates from the Frankfurt School of Finance & Management in Microfinance and Risk Management. He is also a Certified Accountant Practitioner (CAP) and a member of the Association of Accountants and Auditors in Kyrgyzstan. He started his accounting carrier in 1998 with different international development projects in Kyrgyzstan. In 2009 he started working in the First Microcredit Company (AKAM affiliate) as Financial Controller and Risk Manager, and then joined OXUS Kyrgyzstan as CFO in March 2014.
Aijigit Sydykov – Chief Operating Officer
Aijigit Sydykov has been a member of OXUS Kyrgyzstan since August 2014. Aijigit graduated from the Kyrgyz State University and later from the Kyrgyz Economic State University. He started his carrier in microfinance in 1995 with international microfinance companies in Tajikistan and Kyrgyzstan (FINCA and the First Microcredit Company). He possesses extensive expertise in micro lending which he gained by working in the microfinance sector. He applied his knowledge and experience to various positions, making his way from Regional Audit Officer to Branch Manager and later to Chief Operating Officer.
OXUS KyrgyzstanMatrosova str. 150, Bishkek, Kyrgyzstan
Tel : (+996) 312 515 166