The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan announced a voluntary credit self-exclusion measure aimed at reducing financial fraud, allowing individuals to prohibit the issuance of bank loans and microcredits in their name through the “Stop Credit” service on egov.kz and the E-gov mobile app. Once activated (via an electronic digital signature), a marker is added to the individual’s credit history. Credit organisations that request data from credit bureaus will see the restriction and automatically decide not to grant credit. If a loan is issued after a personal ban has been set, the resulting debt is automatically cancelled. The restriction can be switched off at any time, but it does not apply to pawnshops or other organisations that do not assess customers’ credit histories. As of 30 December 2024, more than 920,000 citizens had used the service.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-01-14
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan introduces Stop Credit self-ban to block loans and microcredits
Kazakhstan's Financial Market Agency introduced a voluntary credit self-exclusion measure to combat fraud. Through the "Stop Credit" service on egov.kz and the E-gov app, individuals can prevent loans in their name. Over 920,000 citizens have used this service, adding a marker to their credit history to block credit issuance by compliant organizations.