The Management Board of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has allowed "KMF" Microfinance Organization" JSC (hereinafter - "KMF" MFI) to voluntarily reorganize and become a second-level bank.

The transformation of "KMF" MFI into a bank contributes to the implementation of the task of increasing the competition of the banking sector announced by the Head of State K.K. Tokayev during his address to the people of Kazakhstan in September 2023

"KMF" MFI was established in 1997. Currently, MFI "KMF" is the largest microfinance organization in Kazakhstan and the leader of the microcredit market. According to the main indicators, it ranks 1st among 218 microfinance organizations and its market share exceeds 20%.

As of January 1, 2025, the assets of the microfinance organization increased by 218% or 181.8 billion tenge (up to 336.3 billion tenge), the loan portfolio increased by 206% or It increased by 143.9 billion tenge (up to 280.2 billion tenge). The credit portfolio of MFI "KMF" amounted to 284.5 billion tenge.  Thus, according to the current financial indicators, the future bank may be among the largest banks in the Kazakhstan market.

The company has a "B+" level in the long-term credit solvency rating of the Fitch international rating agency, with a forecast of "Stable".

"KMF" MFI continues to actively support small and medium-sized businesses, agricultural entities and individuals. The company's financial products are offered through a widespread branch network. Currently, it has 17 branches and 122 departments throughout the country, including the most remote areas of the country. This will increase the availability of financial services for people and businesses.

After becoming a second-tier bank, "KMF" plans to offer small and medium-sized business lending, consumer lending and other banking services. Also, priority is given to the development of fintech directions (marketplaces and other services).

Today, the shareholders of the MFI "KMF" are the corporate fund "KMF - Demeu" with a 60.43% ownership share. The rest of the shares are divided between minority shareholders, each of whom owns less than 10%.

"KMF" MFI was the second microfinance organization that received permission to become a bank from the regulator. On June 12, 2024, the Agency allowed the Korean MFI "BNK" to become a second-tier bank.

Source : https://www.gov.kz/memleket/entities/ardfm/press/news/details/961919?lang=kk