The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked the licence of Bravo Microfinance Microfinance Organisation LLP to conduct microfinance activities. The revocation was based on the grounds set out in Article 16(2)(2) of Kazakhstan’s Law on Microfinance Activities, citing systematic breaches of Kazakhstan’s legal requirements and the regulatory legal acts of the authorised body and the National Bank of Kazakhstan, defined as three or more violations within 12 consecutive calendar months. The agency also noted that clients with outstanding obligations under microcredit agreements remain responsible for performance in accordance with the terms of their contracts. Under Article 16(9) of the same law, within 30 calendar days from the date of the agency’s decision to revoke the licence, the firm must either complete re-registration to remove references in its name to being a “microfinance organisation” or otherwise implying microcredit provision, or decide on reorganisation or liquidation.

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