Management

Experience:

• Shalkar Zhussupov is the head of the Microfinance Company KMF since 1998 as the Management Board Chairman. He is one of the initiators of the Association of Microcredit Organizations of Kazakhstan (AMFOK) creation.
• Mr. Zhussupov has more than 20-year experience in banking and microfinance sector. He has various certificates in finance, management and leadership. He is actively involved in microfinance market development in Kazakhstan. Since 2005 he actively participated in development of the Law “On microcredit organizations” as well as in amendment and addition of it.
• In different years Shalkar Zhussupov was the Chairman of the International Coordination Union of Microfinance Associations of CIS countries, the member of Presidium of the National Economical Chamber of Kazakhstan “Atameken “Union”, the member of Entrepreneurs Union under President of Kazakhstan, independent member of the Board of Directors of “Fund of Entrepreneurship Development DAMU” JSC and “Fund of Financial Support of Agriculture” JSC.
• Mr. Zhussupov is the winner of many state awards, as well as he was awarded with the Certificate of Appreciation of the Assembly of Nations of Kazakhstan for significant contribution to advance of nation unity of Kazakhstan, public order “Honoured financier of the Republic of Kazakhstan”.
• Shalkar Zhussupov has graduated the Kazakh State Architectural-Construction Academy in 1994. In 1997 at completion of training at the University of the Market at the Kazakh State Academy of Management he was qualified as an economist. Prior to KMF he held the position of the senior economist of the Regional Department of the National Bank of the Republic of Kazakhstan, the leading auditor of the Regional Department of the Budget Bank.

Experience:

• Karlygash Raikhanova holds the position of Deputy Chairperson of KMF Management Board since October, 2015.
• Her current duties include supervising business development, as well as interacting with foreign investors.
• She has more than 17-year experience in executive positions in financial services. Working in KMF since 1998, she held different positions in different years of the carrier. In particular, she was the Manager of Taldykorgan and Taraz Branches, Investments Manager, as well as Treasury Manager.
• In 2013 she was awarded with the public medal as “The Best Financier” for contribution to financial sector development of the Republic of Kazakhstan.
• In 2002 Karlygash Raikhanova graduated from Zhetysu Economic University of Taldykorgan city as the “Financial Economist”. She has the Master of Business Administration (MBA) degree of Kazakhstan Institute of Management, Economics and Strategic Research (KIMEP). She has certificates in finance.

Experience:

• Olga Yugay has been the member of the Management Board of KMF since 2021. In 2019 she was appointed as the Chief Financial Officer.

  Ms. Yugay supervises the areas of accounting, treasury, financial planning and issues of cooperation with investors.

• Previously in KMF, she held the position of the chief accountant.
  Ms. Yugay has over 15 years of experience in finance, including managing positions in microfinance.

• In 2017, she was awarded “The Best Financier” public medal for her contribution to the development of the financial sector of the Republic of Kazakhstan.

• Has two higher degrees. In 2000, she graduated with honors from Almaty Institute of Energy and Communications with a degree in Engineering Economics, followed by a postgraduate course.

• In 2002, she graduated from Kazakh State University, majoring in Law.
  Certified Internal Auditor; Certified Public Accountant; was awarded DipIFR, СIPA, СAP certificates.

Experience:

• September 10, 2024, till present, member of the Management Board, Deputy CEO at «MFO «KMF» JSC;
• November 1, 2023 – August 1, 2024 - Consultant for private startup activities in the payments and securities industry;
• September 1, 2021 – January 1, 2023 - Advisor to the First Deputy CEO at RCB Bank Ltd, Limassol, Cyprus;
• August 1, 2019 – December 1, 2021 – Chief Operating Officer at CQUR Bank LLC, Doha, Qatar;
• July 1, 2016 – August 1, 2019 – Head of Luxembourg Branch at RCB Bank Ltd, Luxembourg;
• October 1, 2013 – August 1, 2014 – Chief Operating Officer / Deputy Chairman of the Management Board at M2M Private Bank, Moscow, Russia;
• August 1, 2010 – April 1, 2013 – Chief Operating Officer at RCB Bank Ltd, Limassol, Cyprus;
• August 1, 1995 – August 1, 2010 – Chief Operating Officer / Deputy Chairman of the Management Board at Absolut Bank, Moscow, Russia

Experience:

• December 18, 2014, till present – Member of the Board of Directors;
• May 21, 2018 – July 1, 2022 – Kyrgyz Investment and Credit Bank CJSB, Kyrgyzstan, member of the Management Board, Financial Manager;
•  April 11, 2001 – October 18, 2017 – Bai Tushum Bank OJSC, Kyrgyzstan, CEO;
• February 2001 – April 2001 – Bai Tushum Microfinance Fund, Kyrgyzstan, Internal Auditor;
• August 1996 – October 2002 – USAID program of monetization and establishment of credit associations in Kyrgyzstan, Osh region, Accountant
• May 1995 – July 1996 – Tax Police of Osh region, Kyrgyzstan, Head of the General Department
• November 1992 – April 1995 – Prosecutor’s Office of Osh region, Kyrgyzstan, Technical Secretary;
• June 1983 – October 1992 – Consumer Cooperation of Osh region, Kyrgyzstan, Process Engineer

Education:

• In 1983, graduated from Frunze Polytechnic Institute, obtaining a production engineering degree.
• In 1995, successfully completed her studies at Kyrgyz National State University.

Experience:

• July 16, 2018, till present – EFA Group, Singapore, Director of FIDEF (Financial Institutions Development Fund).
• December 18, 2014, till present – KMF MFI LLC, Kazakhstan, member of the Supervisory Board, Chairperson of the Risk Committee, member of the Audit Committee and the HR and Remuneration Committee.
•  December 20, 2003, till present – Bai Tushum Bank OJSC, Kyrgyzstan, member of the Supervisory Board.
•  August 2004, till present – Frankfurt School of Finance and Management, Germany, Consultant, Trainer, Lecturer.
•  August 2004, till present – home office in Oregon, USA, self-employed development finance consultant and trainer.
•  April 2001 – July 2004 – Deutsche Boerse Systems Inc., Chicago, Illinois, USA, Vice President and General Manager.
•  October 1999 – March 2001 – Deutsche Börse Systems AG, Frankfurt, Germany, IT Project Manager.
•  December 1995 – October 1999 – Oregon State University, Corvallis, Oregon, USA, Head of International Internship Programs, Lecturer in Finance.
• June 10, 1990 – July 31, 1995 – Commerzbank AG, Frankfurt, Germany, Assistant Regional Manager for CIS countries.

Education:

•  In 1989, graduated from Dortmund University, Germany, with a certified economist diploma.
•  In 1994, took PhD in Economics in Ruhr-Universität Bochum, Germany

Experience:

• June 2021, till present – Yelo Bank, Azerbaijan, member of the Supervisory Board, Chairperson of the Risk Committee.
• March 2021, till present – Opportunity Banka, Serbia, Chairperson of the Supervisory Board, member of the Audit Committee.
• November 2018, till present – Bank Lviv, Ukraine, Chairperson of the Supervisory Board, member of the Audit Committee.
• January 2019, till present – Credo Bank, Georgia, member of the Supervisory Board, Chairperson of the Risk Committee and member of the Audit Committee.
• February 2015, till present – KMF MFI LLC, Kazakhstan, member of the Supervisory Board, Chairperson of the Audit Committee and member of the Risk Committee.
• December 2012 – June 2019 – IFC (World Bank Group), Senior Microfinance Specialist, short-term consultant.
• April 2010 – December 2019 – AccessBank Tajikistan CJSC, member of the Supervisory Board and the Audit Committee.
• June 2006 – August 2012 – AccessBank Azerbaijan CJSC, CEO.
• April 2000 – May 2006 – DAI Europe, London, Banking Consultant, Team Leader.
• November 1999 – March 2000 – Delegation of the European Union, Moscow, Head of the EU project on capacity building in the field of election monitoring.
• September 1998 – November 1999 – Highlife Ltd, London, Emerging Markets Analyst.

Education:

•  In 1986, graduated from University of Western Ontario, Canada;
•  In 1990, graduated from University of London, UK;
•  In 1999, took PhD in University of London, UK.

Experience:

• December 2022, till present – Kindzmarauli CJSC, Georgia, Independent Director of the Supervisory Board.
• December 2020 – June 2022 – Asakabank CJSC, Uzbekistan, Independent Director of the Supervisory Board.
• December 2017 – April 2021 – Kompanion Bank CJSC, Kyrgyzstan, Independent Director of the Supervisory Board.
• March 2019 – June 2020 – Association of Belarusian Banks, Board Member of the (Supervisory) Council.
• October 2009 – June 2020 – OJSC Belaruski Narodny Bank, Belarus, CEO.
• February 2009 – October 2009 – OJSC Belaruski Narodny Bank, Belarus, Director of Strategic Development.
• March 2008 – April 2009 – JSC Georgian Card Holdings, Member of the Supervisory Board.
• July 2007 – February 2009 – Bank of Georgia CJSC, Co-Head of Retail Banking.
• March 2006 – July 2007 – Bank of Georgia CJSC, Head of Strategic Development.
• December 2001 – March 2006 – Constanta Foundation, Deputy Director / Head of Marketing, Sales and Communications.
• April 2000 – December 2001 – World Vision Georgia, Program Officer, Program Coordinator.
• July 1997 – September 1998 – Multiple Assistance to Georgia (MAG) International Foundation, Project Manager.
• June 1997 – July 1997 – Ministry of Finance of Georgia, Tbilisi, Georgia, Assistant to Team of Auditors and Experts of European Commission.

Education:

• September 1996 – July 2002 – Tbilisi State University, Georgia, Legal Studies.
• October 1998 – September 1999 – University of Oxford, UK, Postgraduate Studies in Theology, British Council and Saint Andrew’s Trust scholarship.
• September 1995 – June 1996 – Central European University, Budapest, Hungary, Medieval Studies, Open Society Soros Foundation scholarship.
• November 1994 – June 1998 – Tbilisi State University, Georgia, Postgraduate Studies in Classical Georgian Literature.
• September 1989 – June 1994 – Tbilisi State University, Georgia, Georgian Language and Literature.

Education:

• 2005 – 2007 IESE Business School – Barcelona, Spain Master of Business Administration (MBA)

• Fall 2006 University of Chicago GSB – Chicago, USA MBA International Exchange Program

Experience:

May 2025 – till present, Kazakhstan Stock Exchange JSC, Independent Director, Member of the Strategy and Budgeting Committee, Member of the Issuer Audit Committee. 

April 2025 – till present, Entrepreneurship Development Company, Uzbekistan, Independent Director, Member of the Audit Committee, Member of the Risk Management Committee.

July 2022 – November 2024, ForteBank JSC, Chairperson of the Management Board.

May 2020 – June 2022, ForteBank JSC, Deputy Chairperson of the Management Board.

December 2019 – March 2020, Jusan Invest JSC, Chairperson of the Management Board.

February 2019 – November 2019, Jusan Bank JSC, Chairperson of the Management Board.

October 2018 – February 2019, First Heartland Bank, Deputy Chairperson of the Management Board.

Also has experience at the European Bank for Reconstruction and Development, Kazkommertsbank JSC, and HSBC Bank Kazakhstan JSC SB.

Education:

2005, T. Ryskulov Kazakh Economic University, Kazakhstan.

2009, The George Washington University, School Of Business, Master's Degree in Project Management, USA.