The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked the licence of ProfitCenter Microfinance Organization LLP to conduct microfinance activities, under an order signed by the head of the Agency’s regional representatives administration in Qonaev. The stated basis for the revocation was the firm’s systematic violation of the requirements of Kazakhstan’s legislation and the normative legal acts of the authorised body and the National Bank of Kazakhstan, as set out in Article 16(2)(2) of the Law on Microfinance Activity. Under Article 16(9), the firm must within 30 calendar days either complete re-registration by removing from its name the words “microfinance organization” and any related words or abbreviations implying microcredit activity, or decide to reorganise or liquidate. Clients with outstanding obligations under microcredit agreements remain responsible for performance in line with the contractual terms.

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