Microfinance organization "KMF" has been operating in the market since 1997. For 20 years of activity the Company has become one of the leaders in Central Asian microfinance sector.

  • 1997 - 2006
  • 2007 - 2010
  • 2011 - 2013
  • 2014
  • 2015
  • 2016
  • 2017
  • 2018-2019
  • 2020
Kazakhstan Loan Fund

On November 20, 1997 first loans were disbursed to entrepreneurs in Taldykorgan. Harmonious work of the staff and methodology, successfully tailored to the conditions in our Republic, secured great success to the project in the city of Taldykorgan. The Fund started to gain momentum by expanding geographic boundaries and increasing the number of the served clients.On November 20, 1997 first loans were disbursed to entrepreneurs in Taldykorgan. Harmonious work of the staff and methodology, successfully tailored to the conditions in our Republic, secured great success to the project in the city of Taldykorgan. The Fund started to gain momentum by expanding geographic boundaries and increasing the number of the served clients.
In 2006 Kazakhstan Loan Fund changed its status and became a Microcredit Organization “Kazakhstan Loan Fund” (KLF) being at the same time a non-for-profit organization. From 1997 to 2007 eight branches were opened in large cities of the Republic of Kazakhstan. Each branch has rural outlets. During its work in the market of the Republic of Kazakhstan KLF strengthened its position of a stable and transparent microfinance organization targeted at client. In the end of 2006 the Fund established a for-profit subsidiary organization “MCO “KazMicroFinance” LLC (KMF). All clients and employees of Kazakhstan Loan Fund were transferred to a new organization. Being a legal successor of Kazakhstan Loan Fund, KMF keeps a position of a leader in microfinance market in Central Asian region, accumulating KLF achievements.

Creation and development of KMF

In 2008 according to a decision of a Founder – American corporation ACDI/VOCA CF “MCO “Kazakhstan Loan Fund” was transformed into CF “KMF-Demeu”.
At present Corporate Fund “KMF-Demeu” is a key participant of «MCO «KMF» LLC with 83% share in the company charter capital. The remaining 17% according to employees’ charter capital participation policy (under international ESOP program adopted in 2007) belongs to company employees. The company has signed an agreement on providing information and obtaining credit reports from “First Credit Bureau” LLC. During the period from 2007 to 2009 inclusive, the company opened 23 outlets throughout Kazakhstan, thereby expanding its geographical presence in the territory of the Republic of Kazakhstan. USAID acknowledged MCO “KazMicroFinance” the best organization in Kazakhstan economy sector and honored it with award “For effective governance and leadership in expanding access to financial services for micro-entrepreneurs.

In 2009 microcredit organization “KazMicroFinance” completed the transition to a shorter logo - “KMF” both in external and internal design.

In 2010 the company was awarded two international awards: for the work with customers, MFC & Smart Campaign Award for Excellence in Client Protection; for the efforts made to avoid customer over-indebtedness is recognized by Smart Campaign as the best microcredit organization. In 2011 General Assembly by its decision was established the Supervisory Board in MCO “KMF” LLC. To date, MCO “KMF” has a regional presence through 14 branches in main cities of Kazakhstan, including the cities of Almaty and Astana, and 41 outlets in rural areas, delivering financial services in more than 1300 remote villages. Loans offered by company became more accessible to ordinary people, through personal approach to each individual client, and flexibility of creditworthiness assessment.

KMF marks 15 years

By November 2012 KMF loan portfolio has reached another mile stone - 12 billion tenge.
Today the Company is represented by branches in 17 major cities. It operates through 65 outlets covering more than 3,500 settlements. During 15 years of its activities KMF issued 559,721 loans in the amount exceeding 104 billion tenge. More than 80% of credit funds over the years were used on financing business development.

Attraction of international investors

2014 became one of the most successful year for KMF, both in relation to the core business, and important events occurred. Since the beginning of the year the loan portfolio grew by more than a half (+55.8%) from KZT 17,970 billion to KZT 28,001 billion. It is important
to note, that more than a half of the mentioned loan portfolio amount
is formed by clients who live in rural areas. The number of active clients increased by nearly a third up to 128 756 people.

Moreover, in 2014, within the Company's project aimed at improving financial literacy of population, more than 40 000 Kazakhstan citizens were trained.

On November 6, 2014 KMF became the Company with international participation by closing the transaction on attraction of investmens into the Company's capital with representatives of international investors Triodos Investmens Managements (the Netherlands) and responsAbility Investments AG (Switzerland).

2015 Re-registration into MFO

According to the results of the year 2015 KMF held 76% share in microfinance market based on the total disbursed microloans according to information of First Credit Bureau, LLP. Number of active KMF clients increased to 151 903, and the loan portfolio reached KZT 34.7 billion. KMF is the largest microfinance institution in Kazakhstan in terms of Loan Portfolio size, and the largest in Central Asia in terms of number of active customers, according to the analytical portal ranking.kz.

In January 2015, microcredit organization (MCO) KMF passed state re-registration procedure to microfinance organization (MFO) KMF. In February 2015, the company has been registered with the National Bank of Kazakhstan and was included in the register of microfinance organizations.

KMF recognized as the best charitable organization in the contest of the Assembly of People of Kazakhstan - "Caravan of Solace".

In 2015, within the framework of improving the financial literacy of population, KMF organized trainings for more than 70,000 individuals. The same year a project to increase the financial literacy of Entrepreneurs of Kazakhstan was launched.

In March, the international rating company MicroFinanza Rating carried out international social rating of in KMF and awarded «A" rating. This means good social performance management and customer protection systems.

In April 2015, MFO “KMF” was certified on the Client Protection Principles, initiated by the Smart Campaign. To get certification MFO must meet all 95 Smart Campaign indicators, this ensures that the company complies with 7 client protection principles and integrates them into daily practice.

Development cooperation

Following the results of first six months of 2016, the number of KMF clients increased to 170 thousand, loan portfolio exceeded KZT 45 bln.

Also, the Loan Agreement was signed with the European Bank for Reconstruction and Development (EBRD) for the amount of KZT 3.8 bln. under the program "Women in Business".

20 years of successful business

The first syndicated loan was raised. It was the first time not only for KMF, but for the whole sector of Kazakhstan that a syndicated loan was received from foreign investors. The syndicated loan agreement of USD 44 million was signed by the microfinance institution KMF and the International Finance Corporation (IFC), a member of the World Bank Group, the organizer of the transaction. The syndicate of foreign investors included the leading financial institutions of the microfinance market: Microvest (USA), Bank im Bistum (Germany), Incofin (Belgium), Symbiotics (Switzerland).

Also, The Company also received a development loan from the EBRD in the amount of KZT 3.5 billion for on-lending to micro, small and medium-sized businesses, as well as for on-lending under the Women in Business project. The loan portfolio of the Company exceeded KZT 80 billion, and the clientele - 200 000 borrowers.

KMF received the biggest in the history of microfinance syndicated loan from IFC and other foreign investors

2018. The syndicated loan agreement of $ 82 million was signed between the microfinance institution KMF and the International Finance Corporation (IFC), the organizer of the transaction.

Apart from IFC, the syndicate of foreign investors includes the leading financial institutions of the microfinance market: MicroVest (USA), Bank im Bistum Essen eG (Germany), Incofin Investment Management (Belgium), Symbiotics SA (Switzerland), Oikocredit Ecumenical Development Cooperative Society UA (The Netherlands) Jump BV (Netherlands), Invests in Vision GmbH (Germany), IIV Mikrofinanzfonds (Germany).

The funds will be provided by KMF for three years in several tranches in local currency in the equivalent of about KZT 26 billion (using the rate of the National Bank of the Republic of Kazakhstan at the time of signing the agreement), thereby excluding currency risks for KMF customers.

2019. EBRD organises its first syndicated loan for a microfinance organisation in Kazakhstan.

Micro, small and medium-sized companies in Kazakhstan benefited from a syndicated loan of up to US$ 50 million to the country’s largest micro-finance organisation KMF arranged by the EBRD.

Up to US$ 10 million for the EBRD’s own account while the remaining US$ 40 million syndicated to microfinance investment funds: IIV Mikrofinanzfonds; BlueOrchard Microfinance Fund; Microvest Short Duration Fund, LP; Incofin CVSO; Triple Jump B.V.; Monega Multi-Sector Microfinance & Impact Loan Fund; Microfinance Enhancement Facility S.A., SICAV-SIF; funds managed by responsAbility Investments AG; and Bank im Bistum Essen eG. The financing is the EBRD’s first syndicated loan to a microfinance organisation in Kazakhstan.

The Company successfully coped with the challenges posed by COVID-19 pandemic

The Company has undergone a transformation to be more mobile, more convenient, and easygoing.

In difficult conditions of economic volatility, KMF obtained the EBRD loan for the amount of $40 million in tenge. The loan helped domestic entrepreneurs to continue their entrepreneurial activities and save jobs.

Entrepreneurship Development Fund "Damu" opened a credit line for KMF for KZT 5 billion tenge to finance micro and small private businesses in the regions on preferential terms.

The Company developed and launched the mobile application, using which clients can apply for a microloan, get it on a card of a commercial bank, and make monthly installments. The application is constantly updated with new functions and features. At the end of 2020, the number of users was over 150 thousand clients.

The Company developed and successfully implemented the Borrower Support Program, which included various measures for those clients who faced difficulties and those who are ready to develop further! The program reached tens of thousands of clients. As a part of this program, the project of subsidized microloans for women entrepreneurs was implemented.

KMF received the EBRD award for successful launching and implementation of sustainable development projects in the field of gender and economic inclusion.

A new activity of green microlending was launched jointly with EBRD. KMF became the first local partner of EBRD among financial institutions in Kazakhstan, having received a credit line for the amount of $5 million in tenge equivalent. The GEFF (Green Economy Financing Facility) Program is aimed at issuing loans to KMF clients for financing renovation of housing/businesses with modern energy-efficient materials, for purchasing energy-efficient equipment and technologies for business with the possibility to get compensation of 10-15% of a microloan amount.

The Company approved a new mission “Better Microfinancing for Your Prosperity”, which better aligns with the Company's values, client relationships and prospects for KMF's development as an MFI. Also, three values were chosen - K - Knowledge, M - Motivation, F - Freedom. Based on these guiding values and principles, KMF will conduct its activities to the benefit of clients, employees and society in general!


A Global Leader in Microfinance


The best in Microfinance for your prosperity

  • Knowledge
  • Uniqueness
  • Responsibility
  • Quality
Principles of activity:
  • Motivation
  • Innovation
  • Development
  • Flexibility
  • Freedom
  • Transparency
  • Care
  • Trust



LT IDR B+ Stable
LC LT IDR B+ Stable
National LT BBB- (kaz) Stable

In January 2019 KMF’s social rating report from an international rating agency MFR (earlier - Microfinanza Rating) has been made public. This time KMF has got “AA-” grade, which is higher than the previous one - А+, and is given for excellent social performance management and client protection systems, as well as high likelihood of achieving the social mission.For the first time KMF got social rating in March 2015 and obtained “A” grade. Afterwards this procedure was repeated in January 2017 and rating was improved up to A+. This rating witnesses a progress in social responsibility towards clients, society and staff. Social rating gives expert opinion about social company indicators and provides an opportunity to compare this social grade with microfinance institutions (MFI) not only of Central Asian region, but also from the whole world. Social rating plays and important role in strengthening company social responsibility and enhancing transparency and efficiency on microfinance market.“KMF is the very first microfinance provider to be awarded sAA- grade outside Latin America. In our social rating data base (data since 2007), we can count on 2 only excellent institutions so far, KMF and Banco FIE Bolivia”, - the Head of the Rating Committee Chiara Pescatori comments on the results.

Download rating report

Participant Share capital, %
MultiConcept Fund Management S.A. 18,13%
responsAbility SICAV (Lux) 6,04%
Legal Owner Triodos Funds B. V. 12,08%
KMF Demeu Fund 45,44%
Employees 6,22%
Total 100,00%
  • Management
  • Supervisory board

The Management Board is a collegial executive body governing the company's activities. The Management Board consists of Chairman of the Management Board, his Deputies of the company.

Supervisory Board  - the body that supervises activities of the Company'scollegial executive body. Supervisory Board  consists of five members: Chairperson and three members, nominated by the shareholders and one independent member.