The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has published guidance explaining that a borrower’s obligations under a microcredit agreement do not end when a microfinance organization stops operating or loses its license. Under the Civil Code, unless the contract provides otherwise, borrowers must repay the full amount received, including accrued interest. If the original lender exits the market, the obligation remains with the borrower and is owed to the organization that receives the rights of claim or to a new creditor. The agency said that, from the start of 2026, seven organizations in Kazakhstan have voluntarily surrendered their licenses, including one microfinance organization that was forcibly closed after failing to conduct business for six consecutive calendar months following the grant of its microfinance license. Even after a microfinance organization ceases operations, its loan portfolio remains with that organization for 24 months. After that period, rights of claim may be transferred only to entities supervised by the agency. The agency also advised consumers to verify a firm’s licensed status on its website before taking out a microloan and to review key contract terms, including the interest rate, maturity and late-payment penalties.

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