Seven microfinance organisations (MFOs) in Kazakhstan have been stripped of their licences at once due to repeated violations of the law and clients' rights. The decisions were taken on 23 October 2026.
WHICH ORGANISATIONS LOST THEIR LICENCES
As reported by the Agency for Regulation and Development of the Financial Market (ARDFM), inspections revealed violations in the operations of seven companies.
Licences were revoked from the following MFOs:
- MaxMoney
- Microfinance Systems
- SurfKaz Finance
- MFO№1
- Умит Финанс
- Вивус
- EL QAZYNA
The agency noted that the companies repeatedly violated legal requirements and borrowers' rights. It did not specify exactly which violations were found in each organisation.
WHAT WILL HAPPEN TO THE COMPANIES NOW
After losing their licences, the organisations can no longer issue microcredits. They are also prohibited from changing the terms of already concluded contracts, except in cases provided for by law.
The companies have 30 calendar days to remove the words "microfinance organisation" and related designations from their names. Another option is to decide on reorganisation or liquidation.
DO CLIENTS NEED TO REPAY THEIR DEBTS
Yes. The loss of a licence does not cancel existing loans. Clients are still obliged to repay their debt under the terms of the signed contracts.
Borrowers remain liable for late payments as provided for by the contract.
