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
Board of Directors
Experience:
Gulnara Shamshieva holds two higher education degrees, including one in law, and has completed advanced international training programs such as the Bank Academy International, the Frankfurt School of Finance & Management, and the ABA Stonier School (USA). She is fluent in Russian, English, Kyrgyz, and Uzbek.
Ms. Shamshieva joined KMF MFO LLC in 2011 as a member of the Supervisory Board and was subsequently elected Chairperson of the Supervisory Board. She has extensive experience, which includes multiple participation in small and medium-sized business (SME) support programs in Central Asia and successful attraction of foreign capital through microfinance institutions. Her career spans over 20 years in the banking and microfinance sectors, including leadership roles and the successful transformation of MFIs into commercial banks.
Gulnara Shamshieva currently serves as Chairperson of the Board of Directors at KMF Bank JSC (formerly known as MFO KMF JSC). Since 2023, she has also chaired the Board of Directors at MCC Ehtirom Plus, a microfinance organization in Uzbekistan. As of 2025, she serves as an independent director on the Board of Directors of FINKA Bank CJSC (Kyrgyzstan), where she is Chairperson of the Risk Committee and a member of both the Audit Committee and the Nominations and Remuneration Committee.
Experience:
Dr. Joachim Bald holds an MBA (Diplomkaufmann) from Germany, a PhD in Economics, and is a Certified Management Accountant (USA). He leads the Risk Management Practice at the Frankfurt School of Finance & Management (Germany) and serves as Academic Director of the Master’s program in Risk Management and Compliance under the Sustainable Finance Leadership track. He is also an academic director at the Certified Experts in Treasury and Markets (CETM) program and is a recognized expert in asset and liability management and financial services treasury in emerging markets. Dr. Bald is fluent in English, French, German, and Russian.
He began his career in 1990 at Commerzbank AG (Frankfurt) in the international banking division and transitioned to academic practice in 1995, teaching at Oregon State University in Corvallis. He has worked at Deutsche Börse Systems in Frankfurt and Chicago – the German stock exchange and international derivatives market operator – including in Vice President and Managing Director roles. From 2013 to 2023, he served on the Board of Directors of Bai Tushum Bank (Kyrgyzstan) and, in 2014, joined the Supervisory Board of MFO KMF LLC. Dr. Bald has worked with banks, microfinance organizations, and investment funds in over 30 countries since 2001.
Experience:
Dr. Andrew Pospielovsky holds three higher education degrees, including a BA and MA in Regional Studies and a PhD from the University of London (School of Slavonic and East European Studies). He is fluent in English and Russian.
Dr. Pospielovsky began his career in 1998 and has worked in banking since 2000. From 2006 to 2012, he served as CEO of AccessBank (Azerbaijan) and was later a Supervisory Board and Audit Committee member at AccessBank (Tajikistan). He has over 15 years of international management, consulting and board expertise in microfinance and SME banking across Eastern Europe, Asia, and Africa. He has also provided consulting services for the International Finance Corporation (IFC, World Bank Group). Since 2015, Dr. Pospielovsky has been a member of the Supervisory Board at KMF MFO LLС and currently serves on the Board of Directors of KMF Bank JSC (formerly known as MFO KMF JSC). He also serves as Chairperson of the Supervisory Board and member of the Sustainable Development and Environment Committee, and the Audit Committee at Bank Lviv (Ukraine, since 2018); member of the Supervisory Board, Audit Committee, and Chairperson of the Risk Committee at Credo Bank (Georgia, since 2019); member of the Supervisory Board, Audit Committee, and Chairperson of the Risk Committee at Yelo Bank (Azerbaijan, since 2021) and Chairperson of the Board of Directors and Audit Committee member at 3Bank (Serbia, since 2021).
Experience:
Constantine Tsereteli graduated from the Faculty of Law at Ivane Javakhishvili Tbilisi State University and holds additional degrees and diplomas from Oxford University and Central European University. He is fluent in English, Russian, and Georgian.
Mr. Tsereteli has been active in the financial sector since 1997 and has over 20 years of executive experience in banking and finance, with extensive expertise in strategic planning and the implementation of major initiatives. In 2006, he was appointed Head of Strategic Development and Co-Director of Retail Banking at Bank of Georgia JSC. From 2009 to 2020, he served on the Management Board and as CEO at Belarusian People’s Bank OJSC (Belarus). He has held independent director roles at several institutions, including Bank Kompanion CJSC (Kyrgyzstan), Asaka Bank JSC (Uzbekistan), Kindzmarauli Corporation JSC (Georgia), and served on the Supervisory Board of the Association of Belorussian Banks and the Board of Directors of Georgian Card Holding JSC.
Currently, he is an Independent Director on the Board of Directors at KMF Bank JSC (formerly known as MFO KMF JSC), Chairperson of both the Risk Committee and the Strategic Planning and Sustainable Development (ESG) Committee at KMF Bank JSC, and Director at NLKo LLC (Georgia).
Experience:
Volodymyr Tsapko graduated with honors in Financial Management from Lviv National University and holds an MBA from IESE Business School (Barcelona).
He is an accomplished professional in investment banking and direct investment with 25 years of experience in global emerging markets. Mr. Tsapko began his career in 2000 as a credit and financial analyst in financial and large organizations. In 2004, he became Chief Financial Officer at Universal Investment Group, where he managed financial operations across five subsidiaries, including treasury, performance management, and cost control. From 2007 to 2018, he held senior roles at Deutsche Bank AG (UK), ultimately becoming Vice President. During this time, he led key M&A and capital market transactions in the emerging markets across Europe and the Middle East as the Head of Financial Institutions, Corporate and Investment Banking. Mr. Tsapko is fluent in English, Ukrainian, and Russian.
Mr. Tsapko has served on the Board of Directors of KMF Bank JSC (formerly known as MFO KMF JSC) since 2025. He is also Head of the Institutional Direct Investment Division at responsAbility Investments AG, managing a global portfolio of direct investments in financial institutions and fintech in emerging markets.
Experience:
Bekzhan Pirmatov holds a Bachelor’s degree in Management from the Kazakh Economic University (Almaty) and a Master’s degree in Project Management from The George Washington University School of Business (Washington, DC, USA, 2009). He is fluent in English, Kazakh, and Russian.
Mr. Pirmatov began his banking career in 2004 and has extensive experience in corporate banking, including supporting portfolio transactions for large Kazakh corporations in various Kazakh banks, including at EBRD and HSBC Bank Kazakhstan SB JSC. In 2018, he became Deputy CEO at First Heartland Bank JSC, where he established the corporate unit and implemented credit policies. From 2019, he served as CEO at Jusan Bank JSC and held executive roles at Jusan Invest JSC and First Heartland Jysan Bank JSC. Since 2020, he has held various leadership positions at ForteBank JSC, from Managing Director to CEO.
Currently, Mr. Pirmatov is an Independent Director on the Board of Directors at KMF Bank JSC (formerly known as MFO KMF JSC). He also serves as Independent Director, member of the Strategy and Budgeting Committee, and Issuers Audit Committee at Kazakhstan Stock Exchange JSC; Independent Director, member of the Audit and Risk Management Committees at Entrepreneurship Development Company JSC (Uzbekistan) and Independent Director on the Board of BCC Life JSC.