«MFO «KMF» JSC Receives Permit to Convert to a Second-Tier Bank

Almaty, Kazakhstan, March 20, 2025 – «MFO «KMF» JSC, a leading microfinance organization in Kazakhstan announces, that it has received official Permit to convert into a second-tier bank. The Permit was issued by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (the “Agency”).

This step marks a new chapter in KMF’s growth, aimed at expanding the range of financial services and enhancing their accessibility to clients.

 “Receiving the Permit to convert to a second-tier bank is a testament to our team’s dedication and our constructive collaboration with the Regulator. We are confident that this move will strengthen our position in Kazakhstan’s financial market and allow us to provide our clients with even more high-quality and innovative solutions. Our mission remains unchanged: to support small and medium-sized businesses while continuing to focus on serving residents in rural areas by offering affordable financial services that foster growth,” said Shalkar Zhussupov, CEO of KMF.

The conversion process began in February 2023, with the company’s transformation into a joint-stock company as the first step toward achieving this strategic goal.

Obtaining a banking license requires strict compliance with legal requirements, investment in specialized equipment, the implementation of software, and the modernization of business processes.

KMF’s transition to a second-tier bank will not only expand its product offerings but will also open up new opportunities for its clients:

• Expanding financial inclusion by increasing the company’s presence in under-banked regions.
• Enhancing business support by offering deposits, payment cards, credit products, and more, specifically designed for small and medium-sized enterprises (SMEs) and individual customers.
• Driving innovation through the use of artificial intelligence and machine learning to tailor services to the needs of each client.

“This transformation is a complex process that requires significant effort – but it also opens up new opportunities for growth. We have strengthened our risk management, internal controls, and banking product development teams to meet the high standards expected of second-tier banks,” added Shalkar Zhussupov.

This move underscores KMF’s commitment to enhancing its financial stability, continuing to serve its customers with even greater efficiency, and contributing to the development of Kazakhstan’s economy.