«In July 2022, the transformation of the company’s corporate structure was completed, under which all operations conducted in Kazakhstan became legally independent from the business in other countries», - the report by S&P Global Ratings states. The rating agency notes that this will have a positive impact on Solva’s development, as it provides protection against operational and financial risks.
Following the corporate restructuring, the role of the holding company has been assumed by Solva Group Ltd., registered in the Astana International Financial Centre (AIFC). The ownership structure was changed so that Solva’s co-founders, Boris Batin and Alexander Dunaev, both citizens of Israel, as well as minority shareholders, now directly hold stakes in Solva Group Ltd.
Operational efficiency also remains a key focus of the rating agency — Solva «demonstrates strong performance and a relatively high level of automation and digitalization of operations, enabling a notably fast time-to-market for products and services and supporting customer retention,» S&P Global Ratings.
The stable outlook on Solva’s rating reflects the positive impact of its planned transformation into a bank: Solva’s goal of obtaining a banking license in 2023 may improve the company’s creditworthiness,” analysts noted.
According to Konstantin Barabanov, CEO of Solva Group Ltd., the corporate transformations and simplification of the company’s structure have not only reduced regulatory and operational risks, but also brought it closer to its goal of transforming from an MFO into a licensed bank, which will become one of the first financial institutions in Kazakhstan focused on serving micro and small businesses.
«Over the past year and a half, more than 28,000 small and micro-entrepreneurs in the Republic of Kazakhstan have become our active clients. Every month, Solva Group processes over 11,000 applications from entrepreneurs across the country. Through the Solva app or points of sale, an entrepreneur can receive funds within a day for any purpose — purchasing milking equipment for a farm, buying a batch of curtains for resale, paying for materials for shoe production, opening a new restaurant, and many others. We provide our clients with the speed and convenience they need, and in return we hear: ‘Solva helps us out!’,» said Konstantin Barabanov.
Responding to journalists’ questions about what currently constrains the lending market for micro and small businesses, a Solva representative pointed primarily to the limited funding sources available to MFIs.
«We are in constant dialogue with banks, as well as national and international institutional investors — sharing our experience in effective digital scoring for SME clients and explaining the significant impact we have on the development of national entrepreneurship by providing credit in a modern and accessible way both in urban and rural areas. Over the past year, we have observed growing investor interest both within Kazakhstan and abroad. The DAMU Fund has taken a particularly active role in supporting SME lending through various debt instruments, and we are cooperating with them on launching and developing new products for SMEs. The DAMU Fund is also piloting factoring within a regional program, which will enable concessional lending to SMEs through microfinance organizations».
Source: kapital.kz
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