Advancing financial inclusion and financial literacy in Tajikistan 

Interview with Sharifzoda Firuz Homiddin, First Deputy Chairman, National Bank of Tajikistan

Can you provide an overview of Tajikistan’s approach to advance financial inclusion? 

Our National Strategy for Financial Inclusion for 2022-2026 consists of four key areas:  

• delivery channels and digital financial services 

• diversity of financial product 

• protection of the rights of consumers of financial services  

• financial literacy 

Additionally, in the process of developing the Strategy, a special integrated area was identified – empowerment of women and youth. 

To deliver the Strategy, the National Bank of Tajikistan is working closely with the country’s ministries and departments, associations, credit organizations and heads of working groups. As of June 30, 2024, 36% of the Strategy had been implemented, broken down as follows: 

• deliveries and digital financial services – 39% 

• diversity of financial products – 23% 

• protection of the rights of consumers of financial services – 54% 

• financial literacy – 60% 

Financial literacy is a key focus for Tajikistan. How are you working in this area? 

To give one example, the National Bank of Tajikistan recommended that all credit and financial institutions conduct seminars and trainings on financial literacy in all districts and cities, including remote regions. In 2024 alone, 924 trainings were held, in which 61,588 people took part. 

In addition, since 2023, the NBT has organized 11 financial literacy festivals in various regions of Tajikistan, including remote areas. 

This year, we significantly expanded our financial literacy promotion program through social networks and media. Educational videos, infographics, and posts aimed at women and youth are regularly published on NBT channels: Facebook, Instagram, and Telegram (@fingramtj). 

While we have made good progress overall, we still have work to do in terms of integrating financial education programs into school curricula. The NBT is working with the Ministry of Education and Science of Tajikistan on this, but it will require significant effort and resources. 

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How are digital technologies changing the landscape for financial inclusion? 

Digital channels are more convenient, more efficient, and make financial services more accessible to people living in remote areas or with limited access to traditional bank branches, as well as to vulnerable groups and small businesses.  

Today, digital is the most effective way to provide fast, cheap and secure access to financial products. Services such as electronic money transfers, cross-border money transfers, ordering bank cards, opening bank accounts, and paying for goods and services, contribute not only to financial inclusion, but also to overall socio-economic development. 

In Tajikistan, credit financial institutions are actively introducing remote banking services, such as bank payment cards, electronic wallets, mobile banking, Internet banking, accepting payments via POS terminals and QR codes. 

It is worth noting that in January-June 2024, 25% of transactions for payment of goods and services were digital, a jump of more than 8 percentage points in a year. 

You can learn more about National Bank of Tajikistan’s activities on their website.