The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has reminded microfinance organizations that their interactions with borrowers are governed by Kazakhstan’s law on microfinance activities. The framework covers the stages of granting microcredit, servicing it and settling arrears, and requires responsible business practices including fair and transparent treatment of customers, disclosure of microcredit information, prevention of unfair practices and procedures for handling client appeals. The reminder also sets out the debt settlement process. A microfinance organization must notify a borrower no later than 10 calendar days after a payment becomes overdue, while the borrower may apply within 30 calendar days to change the contract terms, including by seeking a lower interest rate, payment deferral, a change in the microcredit term or debt restructuring. Borrower communication may take place through information objects, written notices and other methods предусмотренные by the microcredit agreement, with publication in print media or written notification also envisaged where legislation provides for it. At the organization’s initiative, telephone contact with a client, including through internet calling applications, is allowed no more than once on a working day between 9:00 and 21:00.

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