June 2021

• #1 microfinance institution in Tajikistan 131 offices

• #1 credit organization in Tajikistan by
number of borrowers 1 553 employees
• #4 credit organization in Tajikistan by total
assets and total equity 50 ATMs
• Potentially-systemic credit organization
208 POS terminals
according to the regulator’s classification
for 2021
167 payment terminals
• The only SMART-certified credit “IMON – Pay”
organization in Tajikistan as of end of 2020

Services
• Retail and MSME lending
• Deposits and current accounts
 Over 110 000 active borrowers • Money remittance
 Over 36 000 active users of digital channels • Business banking / settlement and cash
(Mobile banking app and Internet banking) services
• Exchange operations and other services
• Debit cards and mobile banking
• The mission statement of IMON: “To provide competitive financial services to micro and
small business entrepreneurs thereby promoting economic development in Tajikistan and
improving the quality of life of the population.”
• The mission is based on the values and principles of the organization's work, which are:
• honesty and reliability;
• practicality and efficiency;
• readiness for dialogue and development;
• professionalism and competence;
• caring for clients.
• IMON is a double bottom line institution, which means it has both commercial and social
goals to be achieved. The board and shareholders expect IMON to strive towards excellency
on both of the bottom lines.
 Market share

Assets 4,47%
Financial rating

Loans 8,75% • Grade: BBB

• Rating date: June 2020
• Outlook: Stable
Microloans 18,14% • Agency: Microfinanza Rating

Social rating
Deposits 4,22%
• Grade: sA
• Rating date: May 2019
Liabilities 5,11% • Agency: Microfinanza Rating

Latest CPP re-certification date – May 2019

Equity 2,93%
The company was founded as a 1999 - Project “Microloans in Tajikistan” was implemented by
micro-lending project to support
Main
the National Association of Business Women of Tajikistan in
women in 1999 by National corporate
partnership with Mercy Corps
Association of Business Women events
of Tajikistan (NABWT) in 2005 - After introduction of the Law on Microfinance, a non-
partnership with Mercy Corps. In profit organization MCF "IMON" was established on the base of
2005 the project was transformed the project.
into Microcredit Fund "IMON"
and then in 2008 into a 2008 - A commercial micro-lending organization “IMON
commercial micro-lending International” was established by MCF "IMON"
organization "IMON
International". The Company
2013 – LLC MLO “IMON International” was transformed into
acquired deposit taking license in
Closed Joint Stock Company Microcredit Deposit-taking
2012 and was subsequently
Organization
reorganized as a Microfinance
Deposit-taking Organization 2013 – EBRD and FMO acquired a share in the capital of CJSC
(MDO). Since then, it offers MDO “IMON International”
almost full variety of conventional
banking products (loans, deposit
and current accounts, money 2017 – Alternative (Mikro Kapital) acquired a share in the capital
transfer and FX transactions) to of CJSC MDO “IMON International”
MSMEs, sole entrepreneurs and
retail clients with primary focus
on underserved, economically 2021 – Share dealing between MCF “IMON”, Alternative (Mikro
active segments of Tajik Kapital), EBRD and FMO, as a result of which Alternative (Mikro
population. Kapital) became a major shareholder of IMON International.
 Pettelaar
Effectenbewaarbedrijf N.V.;
10,0%
EBRD; 17,9%

Mennonite
Association on
Economic
Development; 8,7%

Other minority Alternative Fund;

shareholders; 2,8% 42,7%

FMO; 17,9%
Alexander Eryomin Malkhaz Dzadzua
Chair of Supervisory Board / Chairman of Member of Supervisory Board / Over 20
Management Board of Mikro Kapital years of management experience in
Management S.A., Luxemburg and development finance, including 15 years as
Supervisory Board Member at UkrInCom, a CEO of leading Microfinance Institution in
Kiev, Ukraine. Georgia.

Giorgio Parola Anton Eruntsov

Member of Supervisory Board / First Vice Member of Supervisory Board / Extensive
President of Mikro Kapital sarl., Luxemburg, experience in financial &IT sectors, including
CEO of National Leasing Company, Russia senior IT and managerial positions at Asset
and Board member at Mikro Leasing, Management Company “Russian Investment
(Belarus) Mikro Kapital (Italy) and others. Organization”, Compaq, Hewlett-Packard.

Vano Baliashvili
Joyce Bontrager Lehman
Member of Supervisory Board / Over 20
Member of Supervisory Board. Over 20
years of professional banking experience.
years of international experience as a
Consultant in international projects at TBC
consultant. Former COO at Microfinance
Bank Group PLC; Greenfield Bank Launching
Investment Support Facility for Afghanistan.
Project in Uzbekistan.

Stefan Queck Michael Hoffmann

Member of Supervisory Board / Over 25 Independent Member of Supervisory Board /
years of experience in international finance Former head of EBRD Volga Federal District
development and access to finance themes. Office (Russian Federation), CEO at
Board member at Financiera FAMA AccessBank Azerbaijan. Currently an
(Nicaragua), Bank Kompanion (Kyrgyzstan). Investment Advisor at Zeebrug Advisory
 Andriy Palka Bahodur Akbarov Gairat Ibragimov Nazirjon Mulloboev Umed Yusupov
Chair of Member of Member of Member of Member of
Management Board Management Board Management Board Management Board Management Board
Over 18 years of Chief Operations Chief Financial Chief Business Chief Risk Officer
managerial Officer (COO) Officer (CFO) Officer (CBO) (CRO)
experience in Over 20 years of Over 20 years of Over 12 years of Over 20 years of
financial sector in professional financial experience, professional experience in
Ukraine &Russia. experience in out of which 16 experience in microfinance sector,
Former Chairman of microfinance sector. years in microfinance sector. out of which 10
Board at DVBank Former Deputy CEO microfinance. Former head of years in risk
and managing and acting Chair of Academic banking operations management. MBA
director at Management Board background in development in International
International at MDO IMON accounting & law. division at MDO Marketing (Steinbeis
Investment Partners. International. Former Chief IMON International. Hochschule Berlin
Accountant at IMON SHB)
International
 By sectors By gender
Mortgage Legal entities
3% 4%

Consumer Agriculture Women

Loans 22% 29%
21%

Services Trade
20% 15% Men
67%
Animal
husbandry
16% Production
3%
By administrative area By currency
USD
6%

RUR
2%
Semiurban
Urban 5%
22%

Rural TJS
73% 92%
 Assets Liabilities and Equity
Other Fixed and
5% int. assets
3%
Liquid
Equity Other
assets
17% liabilities
10%
4%
Deposits
38%

Borrowings
Loans (net) 41%
82%
 By type of lenders By currency

USD RUB
(unhedged) 2%
DFI 16%
8%
State funds
MIV and other 20% Local
private funds currency
72% (TJS)
82%
Interest income 137 360 065 As of June 30, 2021
In Tajik Somoni
Interest expenses -61 327 106

Net interest income 76 032 959

Net fee and commission income -629 282

Net result from FX revaluation and trading 1 609 777

Net financial income before provisions 77 013 454

Provisioning expenses -4 489 959

Other operating income 6 957 457

Operating income 79 480 952

Operating expense -65 056 159

Operating result 14 424 792

Income tax -5 359 866

Profit or loss after tax 9 064 926

As of June 30, 2021
In thousands of Tajik Somoni (TJS)
In thousands of Tajik Somoni (TJS)
 • Concessional loans for education and health
• Financial support of sport teams and activities
• Support of women: specialized loan products

Society & and free financial literacy training

• Concessional loans for energy-saving

Environment technologies, building resilience and

adaptation to climate change
• Financial support of victims of natural disasters
and disabled

• Free agricultural training for clients

• Free consulting on house construction and
renovation in rural areas
• Compliance with client protection principles

Clients & Staff • Paid annual and sick leaves for staff
• Flexible work schedule for female employees
with infants
• Support of staff in capacity building and
professional development
 Financial transparency award from CGAP in 2005 and 2006 for achieving a high
level of compliance with international standards for financial reporting.

Mix Market has certified MDO IMON INTERNATIONAL as a socially responsible

and transparent organization in 2013. This award was presented to the
organization based on reports on social aspects of operations.

By decision of the Tax Committee under the Government of the Republic of

Tajikistan, MDO IMON INTERNATIONAL was awarded as the “Best Taxpayer of the
Year” in 2013.

MDO IMON International was awarded as the “Best taxpayer of the Year” in 2018
by the regional department of Tax Committee in Sughd region

IMON INTERNATIONAL has been named the best brand in 2017 and 2019 among
microfinance organizations in the national contest organized by the Ministry of
Economic Development and Trade.
 Head office address:
17 microdistrict, building 2
Khujand 735700, Tajikistan
Phone: +992 3422 42353
Chair of Management Board: Mr. Andriy Palka
Email: [email protected]
Website: www.imon.tj
The information contained in this presentation (except annual audited financial statements) has not been
independently verified and no representation or warranty expressed or implied is made as to, and no reliance
should be placed on, the fairness, accuracy, completeness or correctness of information contained herein.
Neither MDO IMON International, no any of its representatives shall have any liability whatsoever (in
negligence or otherwise) for any loss howsoever arising from any use of this document or its content or
otherwise arising in connection with this document. This document does not constitute any offer and neither it
nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever.