The Financial Monitoring Agency’s Kyzylorda regional department, working alongside the National Security Committee, has disrupted a scheme by microfinance organization Express Zaim that deceived 43,000 citizens.
Coordinated by the prosecutor’s office, the FMA’s Kyzylorda regional department and the NSC department uncovered the operations of Express Zaim, which had been active across 18 regions of Kazakhstan. In August 2024, the lender introduced a paid consulting service whose fee depended on the loan amount and was added directly to the borrower’s principal debt. Clients were told they could not receive a microcredit or extend their repayment period without paying for this service, while staff concealed the fact that customers could opt out.
According to the FMA, more than 181,000 paid consulting agreements were signed with 43,000 citizens. The deputy director of the microfinance organization has been placed under house arrest, and the investigation is ongoing.