Kyrgyzstan’s Leading Microfinance Institution, Bai Tushum, Becomes A Bank
Friday, October 5, 2012
BISHKEK, Kyrgyzstan, Oct. 5, 2012 — /PRNewswire-USNewswire/ — On September 26 microfinance company Bai Tushum and Partners received preliminary permission from the National Bank of the Kyrgyz Republic to operate as a bank. Bai Tushum will be the first new bank in Kyrgyzstan in seven years and the first microfinance institution (MFI) to convert to a bank in Central Asia, according to Bob Fries, who manages the financial services practice at ACDI/VOCA, a development organization that promotes broad-based economic growth in low-income countries and emerging democracies.
Bai Tushum was established in 2000 by ACDI/VOCA with the support of CARITAS, a Swiss relief agency. It is one of a host of successful financial service institutions founded by ACDI/VOCA across Central Asia.
Today Bai Tushum is distinguished by a robust portfolio, high rankings from global rating organizations, largely female management and, in addition to 63 locations across the country, an impressive new headquarters building in Bishkek.
Once the formalities are completed, the institution will be known as Microfinance Bank Bai Tushum and Partners. It will provide a full range of banking services in national and foreign currencies.