The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has reported revoking the licenses of seven microfinance organizations following inspections that uncovered systematic legal violations infringing financial consumers’ rights. The revocations were ordered on Oct. 23, 2026. The decisions cover MaxMoney, Microfinance Systems and SurfKaz Finance. MFO No. 1, Umit Finance, Vivus and EL QAZYNA also lost their licenses. The affected firms may no longer conduct microfinance activities or, except in specified cases, change the terms of existing microcredit agreements. Within 30 calendar days of revocation, they must either re-register after removing references to microfinance lending from their names or decide to reorganize or liquidate. Borrowers with outstanding obligations remain liable for failing to meet them under their contracts.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports revocation of seven microfinance licenses over systematic violations
Kazakhstan’s Agency for Regulation and Development of the Financial Market reported revoking seven microfinance organizations’ licenses under orders dated Oct. 23, 2026, following findings of systematic legal violations infringing consumers’ rights. The firms can no longer conduct microfinance activities and, subject to exceptions, cannot amend existing microcredit agreements. They must re-register under compliant names or decide to reorganize or liquidate within 30 calendar days of revocation.