That same year, the Swiss State Secretariat for Economic Affairs (SECO) and the International Finance Corporation (IFC) joined forces to help Tajikistan build something it had never had before, a modern credit information sharing system. The goal was simple but ambitious: to help people and businesses gain fair access to finance by replacing guesswork with data and building trust between borrowers and lenders.
The journey began with the basic laws. With IFC and SECO’s guidance, Tajikistan passed the Law on Credit Histories in 2009, laying the legal foundation for an entirely new element private credit bureaus, which did not exist in Tajikistan before, even though many countries around the world, including neighboring ones, already had such systems. As a result, the credit bureau became a nationwide component of the credit infrastructure, now supporting 100% of all Tajik banks, MFIs, and other financial institutions.”. A few years later, additional reform on secured transaction allowed businesses to use movable assets like machinery and accounts receivable as collateral. By 2019, nine new legislative acts had reshaped the country’s financial infrastructure, setting the stage for real change.
As a result, new elements of credit infrastructure were crated: In 2010, the Credit Information Bureau of Tajikistan (CIBT) was established by most of the Tajik banks became shareholders and in partnership with global credit bureau CRIF. Soon after, an online collateral registry replaced the old paper-based system. For the first time, banks could access accurate, up-to-date credit histories about 100% of their clients, both individuals and entrepreneurs through credit bureau, and as of today through several credit bureaus, while entrepreneurs could secure loans using the assets they already had registering them in collateral registry.
But the project didn’t stop there. Recognizing that knowledge is as powerful as credit, IFC and SECO launched an extensive financial literacy campaign. Over 44,000 people received training, and nearly 413,000 more took part in one-on-one consultations more than half of them women. By 2030, financial literacy had become a key part of Tajikistan’s national development strategy.
The impact has been transformative. By 2024, more than 6 million individuals and MSMEs were included in the credit bureau’s database, with 4.7 million receiving loans totaling almost $2 billion. Today, 100 percent of all loan requests, both online and offline are processed through the credit bureau, and in 96 percent of cases, automated decisions are generated using the bureau’s scoring system. As a result, lending portfolios have grown at an unprecedented pace while maintaining healthy and well-controlled risk levels. In parallel, non-performing loans long a legacy of the former financial crisis has dropped dramatically, from 56 percent in 2016 to just 12.7 percent in 2024
Today, borrowing in Tajikistan is faster, smarter, and fairer. New digital lenders like offer instant loans through mobile apps, powered by real-time credit data. Borrowers with strong credit histories enjoy more affordable interest rates and longer repayment periods. What once took weeks can now take minutes.
With the foundations laid by SECO, IFC, and local institutions, the country has built not just credit infrastructure but a culture of trust and opportunity that continues to empower millions.
