On October 1, 2024, the Association of Microfinance Organizations of Kazakhstan, together with the Association of Collectors, the National League of Pawnshops, and the Kazakhstan FinTech Association, established a legal entity called the «Office of the Microfinance Ombudsman».
The Office was created to provide organizational, material, technical, and financial support for the activities of the microfinance ombudsman — a new institution provided for by the Law of the Republic of Kazakhstan dated June 19, 2024 «On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Minimizing Risks in Lending, Protecting the Rights of Borrowers, Improving the Regulation of the Financial Market and Enforcement Proceedings».
According to the Law, the microfinance ombudsman is an independent individual who resolves disputes arising from microcredit agreements concluded between a microfinance organization and an individual, upon the individual’s request, with the aim of reaching an agreement that satisfies the rights and legally protected interests of both the individual and the microfinance organization.
The amendments related to the activities of the microfinance ombudsman will come into force on December 21, 2024. Prior to the entry into force of these amendments, the associations have begun preparatory work, thereby demonstrating strong interest in establishing this new institution for the protection of the rights and legitimate interests of borrowers.
Republic of Kazakhstan, 050004, Almaty, st. Gogol 111, office 610
amfok.coordinator@gmail.com
+7 (727) 279-18-06
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