Otbasy Bank and Ipoteka Bank lowered barriers for mortgage borrowers this week: one is preparing for Islamic banking and simplified interim loans, while the other began factoring in unofficial income. Kazakhstan’s Ministry of Labor will require banks to share account data of state aid recipients starting January 1, 2027. The National Bank of Uzbekistan launched international P2P transfers to UnionPay cards, and the National Bank of Kyrgyzstan authorized the establishment of Pochta Bank.
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Mortgages in Kazakhstan and Uzbekistan become more accessible
Otbasy Bank amended its charter to transition to Islamic banking. Shareholder Baiterek National Managing Holding approved the decision, and Kazakhstan’s Law No. 352-VIII, which permits the bank to conduct such operations, will take effect on October 21, 2026. Once licensed, the bank will phase in an Islamic window: first Islamic current accounts and interest-free deposits, followed by Islamic housing finance under AAOIFI standards. A 2024 study by the AIFC and CSQ Law indicates about 763,000 Kazakhstanis avoid deposits for religious reasons, and the Islamic mortgage market potential is estimated at 1.6 trillion tenge.
On October 15, the bank also launched a new lending mechanism under the Nauryz program. Borrowers can now obtain an interim loan without a minimum evaluation indicator and without the mandatory requirement to hold half the loan amount on deposit for six months. BI Group became the first partner, offering 600 apartments in Astana, Almaty, Shymkent, and Atyrau. Agreements with SAT NS and QazaqStroy are pending. The interim loan rate is 8.5% annually (annual effective rate from 9%).
The Asian Development Bank approved a second tranche of 20 billion tenge for Otbasy Bank’s Umai women’s mortgage program, more than doubling the first tranche (9 billion tenge in August). As of October 12, the program had issued 366 loans, with another 296 applications in progress.
In Uzbekistan, Ipoteka Bank (OTP Group) expanded its mortgage scoring for the primary housing market. The bank now considers income from entrepreneurship, self-employment, and other irregular receipts, rather than just official salaries. The program’s rate ranges from 16.99% to 23% annually, with a 15–26% down payment, terms up to 20 years, and a maximum loan amount of 1.7 billion sum.
Kazakhstan’s Ministry of Labor to receive account data of state aid recipients
Starting January 1, 2027, Kazakh banks will transmit data on accounts and deposits of families applying for state aid to the Ministry of Labor, provided the recipients consent, Minister of Labor and Social Protection Askarbek Yertayev announced. Both the recipient and their family members must give consent. The information will be used to calculate the digital family card, a tool tracking over 50 indicators including employment, income, property, credit obligations, and education. Household welfare assessments will occur monthly. Prime Minister Olzhas Bektenov stated this will free up 700 billion tenge for the budget in 2027, and about 2.5 trillion tenge over three years.
Business lending in Kazakhstan accelerates by nearly 20%
The Association of Financiers of Kazakhstan reported that business loan issuance grew by 19.6% to 15.8 trillion tenge in the first eight months of 2026. Growth was driven by industry (42% increase), trade (31%), and construction (12%). The business loan portfolio expanded by 6.1% to 19.6 trillion tenge, while concentration is declining: the share of the three largest banks in corporate lending dropped from 72.4% to 70.2%. Second-tier banks remain the primary source of business financing, accounting for 16.4 trillion tenge (65%) out of 25.3 trillion tenge. The Development Bank of Kazakhstan provides another 13%, and Baiterek structures and microfinance organizations supply about 22%.
National Bank of Kyrgyzstan authorizes Pochta Bank
The Board of the National Bank of the Kyrgyz Republic decided on October 12, 2026, to issue permission to establish Pochta Bank Open Joint-Stock Company.
National Bank of Uzbekistan launches direct transfers to UnionPay cards
The National Bank of Uzbekistan introduced UnionPay MoneyExpress, a service for direct money transfers between individuals from NBU cards to UnionPay cards in 84 countries and regions. These include China, the US, Japan, Singapore, Malaysia, CIS countries, the Middle East, and the European Economic Area. The fee is 1% of the transfer amount, with a minimum of $2.
By country
🇰🇿 Kazakhstan
- Fraud prevention. The National Bank’s Anti-Fraud Center blocked transactions worth 117 billion tenge and recorded 180,000 suspicious incidents over two years. In the first eight months of 2026, victims were reimbursed 5.9 billion tenge. According to Zhandos Suyinbai, head of the Ministry of Internal Affairs’ cybercrime department, cyber fraud cases dropped by 40% over three years, with over a thousand people prosecuted. Separately, the Financial Monitoring Agency shut down transnational drop farms for online casinos. In the Turkestan region and Almaty, three Uzbek citizens were detained using 89 cards with a 500 million tenge turnover. In the Zhambyl region, authorities dismantled a group with a 9.8 billion tenge card turnover, seizing 180 cards, 15 drop phones, 26 SIM cards, $50,000, and 27,000 USDT.
- Payments. Electronic money transactions in January–June 2026 reached 959.5 billion tenge, up 46.4% year-on-year. The bulk comes from individual payments to businesses (805.2 billion tenge, +58.2%), while the share of P2P transfers fell from 22.3% to 16.1%.
- Capital markets. The KASE exchange signed a memorandum with IT platform ReportiX and consulting firm PKF Tax & Legal Kazakhstan to simplify digital asset tax reporting. New participants, Paidax Limited and investment firm Standard, joined the KASE digital asset platform. The AIFC Authority reported that 73% of surveyed Kazakh companies plan to raise additional capital in the next three years.
- Lenders and MFOs. Financial group Solva reported a net profit of 3 billion tenge for the first nine months of 2026, with an 8% non-performing loan ratio. The company launched auto lending, auto and real estate collateral loans, and completed its first factoring deal. Solva stated AI implementation cut payroll costs by 20%, and algorithms now prepare 80% of management reporting.
- Borrower support. The deadline for additional assistance to socially vulnerable borrowers under the mortgage refinancing program was extended to September 1, 2027. Banks indicate 1,500 borrowers need this support, ARDFM head Madina Abylkassymova said.
- Macro forecast. The National Bank published the results of a macro survey of 14 organizations. The inflation forecast was lowered to 9.5% for 2026, 8.3% for 2027, and 6.9% for 2028. The GDP growth forecast remains at 4.8% for 2026.
- Currency regulation. VTB (Kazakhstan) clarified that currency contracts exceeding the equivalent of $50,000 must receive a bank registration number before the first payment, otherwise the payment will fail. Registration in VTB Business is free.
- Outages. Home Credit Bank announced all systems were restored following an October 12 outage, without specifying the cause.
🇺🇿 Uzbekistan
- Payments. Payment system UZCARD introduced DTSQR, a universal QR code for terminals allowing payments from various bank and service apps. HUMO restored POS terminals and VPN connections with partners after disruptions on the TAS-IX communication channel. Marketplace Uzum Market restored its website, app, and seller dashboard after a two-day outage starting October 8. The service will provide sellers with free logistics and storage until the end of October, and offer promo codes to affected buyers.
- Capital markets. The Tashkent Stock Exchange suspended trading of GOODWILL CAPITAL shares on October 12 as the company undergoes voluntary liquidation. Apex Bank was registered as a participant in Uzbekistan’s capital market regulatory sandbox.
- Logistics. Starting November 1, the customs fee for international courier shipments will decrease by 20%, from 8,800 to 7,040 sum per kilogram, under an October 12 decree by President Shavkat Mirziyoyev. For a 5 kg parcel, the fee will drop from 44,000 to 35,200 sum.
🇰🇬 Kyrgyzstan
- Financial literacy. Staff from the National Bank’s Jalal-Abad regional department held an off-site seminar in Kok-Janggak on October 14, analyzing fraud schemes and discussing the risks of acting as money mules.
Regulators of the week
Kazakhstan. The National Bank warned of a “digital power of attorney” fraud scheme. Scammers pose as bank or government employees and extract SMS codes and card details under the guise of preventing illegal loan issuance.
Uzbekistan. The Ministry of Economy and Finance added 24 companies to the register of socially significant organizations, including insurers Kafolat and Asia Insurance, and payment services Digital Pay and Paypoint. The total number of participants grew from 425 to 449. Starting January 1, 2027, new register participants must maintain accounting under International Financial Reporting Standards. The regulator also revoked the license of trust manager SARBON-INVEST following the company’s voluntary request. On October 14, a press conference covered the draft law “On the Capital Market.” Finteqstan previously reported that Uzbekistan disclosed details of this document, including derivatives, sukuk, and tax incentives until 2038.
Kyrgyzstan. Finnadzor warned that raising public funds under the guise of “investment loans” without a license is illegal. The National Bank suspended the licenses of three exchange bureaus: BTK Group and Iygilik Ali from October 10 to 24, and Aziret Trade from October 13 to 27. The regulator also fined a payment organization 55,000 som and levied the same amount against a microcredit company in Bishkek for violating legal requirements. On October 16, the National Bank and the Association of Islamic Finance signed a memorandum on cooperation to develop Islamic financing principles. Finnadzor also removed the consulting center Tax Law Audit from the register of auditors.
On the radar
- Kazakhstan’s Law No. 352-VIII will take effect on October 21, 2026, allowing Otbasy Bank to obtain a license and begin a phased launch of Islamic banking.
- Starting November 1, 2026, Uzbekistan will reduce the customs fee for international courier shipments from 8,800 to 7,040 sum per kilogram.
- Exchange bureaus BTK Group and Iygilik Ali can resume operations on October 24, and Aziret Trade on October 27, unless the National Bank of the Kyrgyz Republic extends the suspension.
- Starting January 1, 2027, Kazakh banks will transmit account data of state aid recipients to the Ministry of Labor, and new participants in Uzbekistan’s register of socially significant organizations must transition to IFRS.
