To respond to the changing legal environment, CARE Tajikistan transformed MCU to an independent, locally registered and certificated Micro Lending Fund (MLF) with the name “HUMO”. “HUMO” visualizes the development of a Micro Finance Organization (MFO) as taking place in two stages. The first phase is to establish a legally registered independent MLF, the registration in the Ministry of Justice has been completed in December 2004 and the certification in the National Bank of Tajikistan (NBT) was obtained in March of 2005. This means that “HUMO” has its own financial structure (balance sheet and income statement), computer system, accounting software I-C with incorporated special micro finance module Establ, and all required for MFIs policy and procedures like Credit, Accounting, Internal Control and Admin. Over the next two to three years the second phase will be completed and “HUMO” will qualify to graduate and register the new commercial Micro Credit Deposit Organization (MDO) Hide