The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan held a roundtable to discuss introducing a self-regulatory organisation (SRO) framework for microfinance and debt collection services. The Agency outlined a proposal to make self-regulation mandatory and move to a two-tier supervisory model for microfinance organisations and collection agencies, citing a rising number of consumer complaints and breaches extending beyond microcredit origination. The microfinance sector comprises 899 entities, while the register of collection agencies lists 197 organisations. As of 1 July, the sector’s loan portfolio totalled KZT 3.2 trillion, more than doubling since 2021, with 61% (KZT 1.9 trillion) in business microloans. Since 2024, the Agency conducted 812 inspections and 730 documentary checks, applied 140 supervisory measures, and issued 1,175 fines totalling KZT 431 million. Participants, including the National Bank of Kazakhstan, the Association of Financiers of Kazakhstan and Bank of Russia representatives, reviewed Russian experience with SROs and generally supported the initiative. The meeting concluded with agreement to continue joint work on the mechanisms for implementing the SRO model.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-10-02
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan discusses mandatory self-regulation and two-tier supervision for microfinance and debt collection
Kazakhstan's Financial Market Agency discussed a mandatory self-regulatory organisation (SRO) framework for microfinance and debt collection services, proposing a two-tier supervisory model. The sector's loan portfolio reached KZT 3.2 trillion, with significant growth in business microloans. Participants, including the National Bank of Kazakhstan and Bank of Russia representatives, supported the initiative and agreed to further develop the SRO model.