The procedures to become a member of the Association of Microfinance Organizations in Tajikistan.
To become a member of the Association, it is necessary that the strategic targets and activities of the MFIs interested in becoming a member should not contradict the targets and activities of the Association.
The General Meeting of AMFOT’s members on 27 January 2007 established the following membership criteria according to which organizations should meet the following requirements:
- Organization’s loan portfolio should not be less than 10.000 USD;
- The organization should be working in microfinance for not less than 6 months;
- The portfolio quality should show the following indicators: PAR should be not less than 5%, and not more than 30 days;
- A timely, qualitative and factually correct provision of financial and other forms of reporting to AMFOT and other regulatory bodies;
- A timely and qualitative provision of reports to the tax authorities;
- The adherence to the requirements of AMFOT’s Code of Business Ethics;
- The registration and submission of information on its activities at the international microfinance data base MixMarket (www.mixmarket.org).
Furthermore, it is required to get familiarized with AMFOT’s Charter and its internal regulatory documents’ provisions and provide to the executive management of AMFOT the following documents:
1. A statement to become a member of AMFOT;
2. A copy of the registration certificate of legal entity and a copy of the certificate or license confirming that the MFI is entitled to conduct credit activities (only for microfinance organizations) issued by the National Bank of Tajikistan;
It is also required for the organization to become familiarized and sign the obligatory form of the Code of Business Ethics of Association of Microfinance Organizations of Tajikistan together with the application form for AMFOT membership.
The application is then considered and discussed in the meeting of AMFOT’s Board of Directors and in case of approval the organization will be accepted as a member.
Moreover, the new AMFOT member is expected to pay membership fees depending on the loan portfolio. The membership fees are as follows:
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Organization’s loan portfolio
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Fee amount in USD
|
|
Over 5,000,001 Somoni
|
680
|
|
3,000.001 to 5,000,000 Somoni
|
560
|
|
2,000.001 to 3,000,000 Somoni
|
500
|
|
1,000.001 to 2,000,000 Somoni
|
440
|
|
500,001 to 1,000,000 Somoni
|
330
|
|
100,001 to 500.000 Somoni
|
180
|
|
Less than 100,000 Somoni
|
120
|
Organizations which are not involved in loan activities (such as other business associations or international partners) pay fixed fees at the rate of 300 USD. This form of membership is called associated membership.
The entrance fee for new members equals to 200 USD.
For organizations which newly became AMFOT’s members it is obligatory to pay entrance and annual fees. If a new member signs up in the middle of the year, the fee is calculated on the basis of the number of remaining months in the year. The old members are obliged to pay annual membership fees by the end of February each year the latest.
As an example, a new member with a portfolio of 500,000 Somoni becomes member of AMFOT in the beginning of May. It means that the organization has to pay the following fees:
1. Entrance fee: 200USD;
2. Annual membership fee: 180 USD/12*8=120USD;
Total amount to be paid: 320 USD
Statement to become a member
