The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has withdrawn the licence of Cash-U Microfinance Organization LLP to conduct microfinance activity, under an order issued by its Shymkent regional representatives’ department. The revocation was made on the basis in Article 16(2)(2) of Kazakhstan’s Law on Microfinance Activity, citing systematic violations of Kazakhstan’s legal requirements and regulatory legal acts of the authorised body and the National Bank of Kazakhstan, defined as three or more breaches within 12 consecutive calendar months. Under Article 16(9), the firm must within 30 calendar days either re-register by removing “microfinance organization” and any wording or abbreviations implying microcredit provision from its name, or decide on reorganisation or liquidation. Clients with unfulfilled obligations under microcredit agreements remain liable for non-performance in line with the terms of their contracts.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-01-16
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan revokes Cash-U Microfinance Organization’s microfinance licence for repeated regulatory breaches
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked the licence of Cash-U Microfinance Organization LLP due to systematic legal violations. The firm must re-register, reorganize, or liquidate within 30 days. Clients remain liable for any unfulfilled obligations under existing microcredit agreements.