Microfinance organization Solva has officially announced the appointment of Berik Sholpankulov, former Deputy Chairman of the National Bank of Kazakhstan, as an independent director.
The company announced the personnel decision in a statement. Sholpankulov will take a seat on the board of directors to participate in the strategic management of the business.
Solva is systematically expanding its presence in Kazakhstan. Since early 2024, shareholders have recapitalized the company by $10 million. Before that, the fintech raised $20 million from a pool of investors, including the owners of Orascom. Finteqstan previously reported that amid these financial injections, the company expanded microcredit for the self-employed to 6 million tenge and raised limits on collateralized auto loans.
Bringing in a specialist with top-level experience at the National Bank gives the private company a deep understanding of the regulatory environment. Strengthening corporate governance is becoming a standard for the country’s large microfinance organizations, especially those aiming to transform their business models. Appointing former supervisory authority executives to fintech boards indicates that the business is preparing for more complex operations and a potential change in licensing status. For a growing player, this expertise helps build a more precise strategy within the strict requirements of the ARDFM.
