OXUS Network



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, with most of its 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, one quarter of the population – or 1.6 million people – live on less than US$ 1.3 a day (World Food Programme), with the prevalence of poverty in rural areas being higher than urban areas (51% of rural population is poor against 30% in urban areas).

At the same time, financial inclusion is rather limited, with 8.4 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. In 2011, the loan portfolio of microfinance sector exceeded 13.78 billion soms, portfolio growth for the year was 49.9 percent, the number of customers – 438.500 people (an increase of 26.3 percent). The main demand of the population was agricultural loans, trade and consumer loans.


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 December 2017, 45% of OXUS Kyrgyzstan’s clients are female (see chart). All of the data are from the end of March 2020



OXUS Kyrgyzstan pays special attention to social impact both in relation to its clients and in relation to its employees.

OXUS is a transparent and a responsible enterprise engaged in providing financial services to the working poor and the underbanked worldwide. OXUS is dedicated to building teams of recognized professionals, creating and offering the most efficient microfinance services and overall providing sustainable livelihoods for its clients.

In 2018 the rating agency “MicroFinanza Rating” conducted a social audit in OKG, which covered the following areas:

  • Social Performance Management
  • Customer protection; liability
  • Coverage
  • Quality of services provided

The audit revealed that OKG has proper Social Performance Management and an adequate client protection system, and was rated by Social Rating sBB.


*All of the data are from the end of March 2020

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.