Almaty July «01», 2024
The Association of Microfinance Organizations of Kazakhstan (AMFOK) was established in February 2004 at the initiative of six leading MFIs to protect their interests in the microcredit sector. Over the past two decades, domestic MFIs that are members of AMFOK have made a significant contribution to the country’s economic development. In particular, they provide entrepreneurs, including those in rural areas, with access to microfinance services, thereby increasing the level of financial inclusion. In this regard, AMFOK’s activities represent a vivid example of effective industry self-regulation that significantly contributes to the development of the sector.
Today, AMFOK includes 64 MFIs, as well as nine associate members, including JSC «Damu Entrepreneurship Development Fund», JSC «Kazpost», and the First Credit Bureau, collectively accounting for 87% of the market share in terms of the loan portfolio. The Association’s key current objectives are the development of the microfinance sector as part of Kazakhstan’s financial system, improvement of legislation in the field of microfinance, and strengthening the capacity of AMFOK members.
According to the Director of the Association, Yerbol Omarkhanov, since its establishment, significant work has been carried out to develop the microcredit sector and create favorable conditions for protecting consumer rights. In addition, high efficiency has been observed in issues related to market development and consolidation. In particular, AMFOK actively participates in discussions on amendments to Kazakhstani legislation, bond issuance, the introduction of a licensing regime for microfinance activities, and the possibility of transforming MFIs into commercial banks.
«Looking at more than 20 years of MFI development in Kazakhstan, the microcredit sector has not only secured its place in the country’s financial system but has also proven its effectiveness and necessity as a tool for supporting and developing entrepreneurship. At the same time, the transformation of the microfinance sector has taken place gradually, in line with the laws of evolution. MFIs have evolved from non-profit organizations, funds, and grant projects to entities capable of obtaining a banking license», said Mr. Omarkhanov.
Considering that the MFI sector in Kazakhstan is currently undergoing another stage of transformation aimed at improving regulation, AMFOK today plays an important role as a link between market participants and the state. For example, the Association has begun participating in discussions on key issues such as strengthening consumer protection through the introduction of self-regulation mechanisms and the institution of the microfinance ombudsman.
Within the framework of the forum «Microfinance Sector of Kazakhstan: 20 Years of Sustainable Development», which will be held on July 4 in Almaty, it is planned to discuss key achievements and prospects for the development of the microcredit sector. Representatives of leading MFIs, regulatory authorities, and systemically important market participants will discuss a wide range of issues, including the use of microcredit as a tool for supporting entrepreneurship and promoting financial inclusion, further development of MFIs as a socially responsible and transparent sector aligned with best international standards and practices, ESG integration, and new trends in the regulation of microfinance activities.
Despite differing opinions among market participants on these issues, there is a general consensus that the microcredit sector should continue to develop in its traditional form, maintaining its core mission of fostering entrepreneurial activity and supporting the business sector.
At the same time, along with MFIs, AMFOK remains open to any changes and transformations in the market, provided they serve the interests of the sector, consumers, and the state.
It is expected that the forum will be attended by AMFOK Chairman Shalkar Zhusupov, Deputy Chairman of the Board Yerbol Omarkhanov, and the Association’s directors. Opening remarks will be delivered by the Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market Madina Abylkassimova, Deputy Chairman of the National Bank of Kazakhstan Vitaliy Tutushkin, and Chairperson of the Council of the Association of Financiers of Kazakhstan Elena Bakhmutova. Among the speakers in the discussion sessions are expected to be: Gauhar Buribayeva, Chairperson of the Management Board of JSC «Damu Entrepreneurship Development Fund»; Anton Zinoviev, Head of the USAID/FGI Project in Kazakhstan; Asem Bolatzhan, Managing Director of Kazpost Digital; Alina Aldambergen, Chairperson of the Management Board of JSC «Kazakhstan Stock Exchange» (KASE); Ruslan Omarov, CEO of LLP «First Credit Bureau»; as well as heads of leading MFIs in Kazakhstan and international guests. Registration for the forum is available via the website: https://forum-2024.amfok.kz/.
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