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Nearly Ten Percent of Economically Active Population in Kyrgyzstan Use Microfinance Services Finds MGN Capital - MGN Capital: nearly 10% of economically active population in Kyrgyzstan use microfinance services; this number is expected to double in the nearest future
Nearly Ten Percent of Economically Active Population in Kyrgyzstan Use Microfinance Services Finds MGN Capital

 

NewswireToday - /newswire/ - Bishkek, Kyrgyz Republic, 2009/10/22 - MGN Capital: nearly 10% of economically active population in Kyrgyzstan use microfinance services; this number is expected to double in the nearest future.

   
 
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Thus, the loan portfolio of microfinance enterprises increased by 65% over the recessionary 2008 (unlike banks’ portfolios) and amounted to 10.2 billion soms.

This is the situation as presented by the microfinance sector research report prepared by MGN Capital’s Global Research department. The report has been developed for domestic and foreign investors and contains detailed information regarding market shares of every company, market size, competition levels, available opportunities and current sector development risks.

According to the authors of the research report, the niche for microfinance organizations (MFOs) is a lot larger in Kyrgyzstan when compared to other Central Asian countries; in 2007 it already amounted to 3.2% of GDP (Kazakhstan – 1.8%, Uzbekistan – 0.9%, Tajikistan – 0.3%). While in 2007 there were 72 enterprises operating in the sector, it is currently represented by 261 MFOs. Liberal legislation with its minimal regulatory requirements for MFOs allowed the sector to develop at a record (even on the global scale) pace. Kyrgyz regulatory framework created for MFO operation served as an example for Tajikistan, another country to witness rapid MFO growth in the recent years.

Despite there being over 300 MFOs, more than 95% of lending is controlled by just 10 of them. The report claims that one of the trends for future development is MFO consolidation, their mergers and unifications. Another trend is an upgrade to a qualitatively new level.

- A part of our MFO demonstrated dynamic figures. Loan portfolios of the largest enterprises amount to as much as USD 50 million, which exceed loan portfolios of many Kyrgyz banks. Therefore, the next expected step in the development of the MFO sector should be expanding MFO operating horizons by means of utilizing new instruments, such as obtaining deposit raising licenses money transfer (remittance) licenses, etc. Companies like “Companion” and “Bai-Tushum” are already on the right track, - notes Seyitbek Usmanov, Global Research department analyst and one of the contributors to the research report.

Reference
MGN Сapital is an arm of the financial investment holding MGN Group. Having a profound understanding of international investors’ expectations, it is the leading financial investment company focusing on Central Asia and offering a full range of investment banking services including M&A advisory, corporate finance, project finance, privatization of government assets and pre-IPO advisory services. Company clients include “Kyrgyzaltyn” corporation, Sky Mobile LLC, BiMoCom LLC, AsiaUniversalBank, “Ispat” holding, etc.

 
 
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Nearly Ten Percent of Economically Active Population in Kyrgyzstan Use Microfinance Services Finds MGN Capital

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