Kazakhstani microfinance organization Solva has increased its loan limit for the self-employed to 6 million tenge without collateral or guarantors. Previously, the maximum amount was lower—the company does not disclose the exact previous limits.
What Solva offers
The new product is available to self-employed citizens of Kazakhstan for amounts ranging from 200,000 to 6 million tenge for a period of 6 to 60 months. According to the company's website, the loan can be used for any business purposes: purchasing goods, equipment, or skills development.
There is no issuance fee, and early repayment is free. A penalty of 1% of the overdue payment amount is charged for each day of delay. Solva does not specify exact interest rates on its website—there is only a calculator without specific figures.
Applications can be submitted online or at branches. Repayments can be made via bank card, ATMs, or at the company’s offices.
The self-employed market in Kazakhstan
In Kazakhstan, about 150,000 people have obtained self-employed status since the regime was launched in 2021. These are freelancers, small entrepreneurs, and representatives of the service economy who work without establishing an LLP (TOO) or individual entrepreneurship (IE).
For this category, access to loans is traditionally limited: banks require income certificates, which the self-employed often do not have in the traditional format. MFOs fill this niche but usually offer small amounts for short terms.
Why it matters
Increasing the limit to 6 million tenge is a significant step for the Kazakhstani microfinance market. This is a signal that MFOs are ready to compete with banks in the small business segment, where large players have traditionally dominated.
For the self-employed, this means access to larger capital without bureaucratic procedures. The amount of 6 million tenge allows not only for replenishing working capital but also for making serious investments in business development.
However, questions remain regarding the cost of such financing. MFOs typically operate with higher rates than banks, which can make large loans expensive for borrowers.
What’s next
The expansion of Solva’s product line may push other market players to take similar steps. Dozens of MFOs operate in Kazakhstan, and competition for the self-employed segment will intensify.
The key question is how the company will assess creditworthiness without collateral and income certificates. The sustainability of the business and the availability of loans for borrowers depend on the effectiveness of scoring models.