DUSHANBE, June 19, Asia-Plus – The First MicroFinance Bank of Tajikistan (FMFB-T) and Moscow-headquartered money transfer network Unistream have launched a joint project for development of network of offering money transfer services via FMFB-T’s branches in Tajikistan.
Ms. Anna Ovchinnikova, PR-manager with Unistream, told Asia-Plus that thereby the money transfer network strengthens its positions in the country, developing its partnership network here and the FMFB-T’s customers get access to the Unistream services through the ban’s branches.
According to her, the Unistream administration considers Tajikistan as an important direction of activity “because Tajikistan makes serious contribution to the CIS labor migration process.”
She quoted the Unistream director general Suren Ayriyan as saying, “The money transfer market is growing in the post-Soviet area at a rapid pace and we estimate the annual growth at approximately 50 percent.”
Mr. Ayriyan noted that Unistream’s turnover in Tajikistan rose from $139 million in 2006 to $440 million in 2007.
Over the first quarter of this year, Unistream’s transactions in Tajikistan have amounted to $106 million, which is $63 million more than in the same period of last year.
Cooperating with nine financial institutions in Tajikistan, Unistream now operates more 465 service points in the country.
Established in 2003, The First MicroFinance Bank was the first commercial bank in Tajikistan with a principal focus on the provision of microcredit lending. The Bank has a national mandate to provide a comprehensive range of financial services to the poor throughout the country. In addition to its Head Office in Dushanbe, the bank currently has branches in Khorog, Gharm, Khujand and in the Khatlon province. The bank is affiliated with the Aga Khan Development Network (AKDN) and its shareholders are the Aga Khan Agency for Microfinance (AKAM), the Aga Khan Foundation (AKF), International Finance Corporation (IFC) and KfW Bankengruppe.
Unistream is a Moscow-headquartered money transfer network, offering a wide range of money transfer services to the clientele around the world. The Unistream money transfer system has been operating and expanding since 2001. It was founded by the Unistreum bank, and has grown into a network with over 25,000 agent outlets where Unistream services are available, in 85 countries worldwide. It is recognized as one of the most rapidly developing international money transfer networks in the former Soviet Union.
Started in the Russia, Unistream has transformed itself into the efficient, modern network spanning across North America, Latin America, Central Africa, Australia, Eastern and Western Europe, Asia and the CIS countries. The company has partnership agreements with over 200 financial institutions worldwide, jointly developing a smooth, secure and robust money transfer system. While the average growth in the Russian money transfer sector was estimated at about 70 percent in 2005, Unistream volume of transfers just under three times in the very same year.
For example, in 2005, the volume of transfers from England via Unistream increased 8 times, to Kyrgyzstan – 4 times, Moldova – 3 times, Ukraine – 4 times. Unistream is the ultimate leader in both inward and outward remittances in Armenia.
