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Kazakhstan strips seven microfinance organizations of licenses

The ARDFM revoked the permits of seven microfinance organizations for systematic legal violations. Borrowers’ obligations to these companies remain in effect.

In brief
  1. Kazakhstan's financial regulator revoked the licenses of seven microfinance organizations on October 23, 2026.
  2. The companies lost their permits due to systematic violations of consumer rights.
  3. Borrowers must still repay their existing loans to these organizations.
FinteqstanOctober 27, 2026, 03:08 PM
Kazakhstan strips seven microfinance organizations of licenses

The Agency for Regulation and Development of the Financial Market (ARDFM) decided on October 23, 2026, to revoke the licenses of seven microfinance organizations. The regulator announced the move, and Tengrinews also reported the details.

The list of companies stripped of the right to conduct microfinance activities includes MaxMoney, Microfinance Systems, SurfKaz Finance, MFO№1, Umit Finance, Vivus, and EL QAZYNA.

The revocations were based on systematic legal violations that infringed on the rights of financial service consumers.

Revoking an MFO’s license does not cancel client debts. Borrowers’ obligations under their contracts remain in full, and they must continue making payments.

This is a large-scale but not the first registry reduction this year. According to the ARDFM, 217 MFOs operated in Kazakhstan as of September 1, 2026, and the regulator had already revoked the licenses of eight market participants since the beginning of the year.

Why it matters

The mass revocation signals a tightening regulatory grip on Kazakhstan's microfinance sector, aiming to clean up the market and protect consumer rights.

Sources