OREANDA-NEWS. October 10, 2012. Micro Finance Company Bai-Tushum & Partners CJSC gets a preliminary permission for obtaining banking license from the National Bank of the Kyrgyz Republic being the first among microfinance institutions in Central Asia to perform banking activities in national and foreign currencies, reported the press-centre of IBS.

Thus upon obtaining the state registration certificate in the Ministry of Justice of the Kyrgyz Republic and compliance with requirements of the National Bank of the Kyrgyz Republic and Kyrgyz legislation, Bai-Tushum & Partners will be able to provide a full range of banking services.

Being a microfinance bank Bai-Tushum & Partners intends to focus on three main areas: introduction of banking services, which are in demand and benefit customers, quality, professionalism and servicing rate, as well as maintaining and increasing technological and operational efficiency. Therefore within the framework of its activities, the special emphasis will be given to implementation of innovative technologies, including organization of remote servicing for clients. The Bank also intends to expand the lending program on support and development of small and medium business through implementation of special recommendations focused on specific features of business, especially in regions.

Gulnara Shamshieva, the General Manager of Bai-Tushum & Partners noted: “Obtaining a banking license is an important achievement in the implementation of Company’s business strategy, decision on which was taken in 2005. Thus Bai-Tushum & Partners proved that it is a dynamically developing and financially sustainable company, becoming traditionally the first microfinance institution in the sector, which received a permission from the National Bank of the Kyrgyz Republic to transform into a bank. I would like to note that as a microfinance bank, we will not only maintain our social mission, but also continue implementing new ones, and will expand existing projects for supporting socially vulnerable population. These will be projects to improve living conditions, financing alternative energy sources, supporting women entrepreneurs etc. In the meantime the rural residents will get access to reliable, up-to-date and innovative banking services and activities of Bai-Tushum & Partners bank will assist to enhance the confidence of the population in banking system”.

Bai-Tushum & Partners has been operating in the micro lending market for over 11 years. During this time, more than 134 thousand Kyrgyz citizens have received loans in the amount more than 11.6 billion som. Today the Company is one of the three largest organizations in the microfinance sector and its share is about 20% of the total loan portfolio of the sector, and also it is a reliable, stable, and transparent company with an impeccable reputation not only in Kyrgyzstan but also in Central Asia. At the moment the Company has 63 offices throughout the country, most of which, (over 80%) are located in the regions of the country. On July 15, 2011 Bai-Tushum & Partners became the first microfinance organization in Kyrgyzstan that has obtained a deposit license.