Kazakhstan's biggest microfinance organization receives banking license

ALMATY. Aug 12 (Interfax) - Kazakhstan's financial regulator has licensed KMF, the nation's largest microfinance organization to operate as a bank, the Financial Market Regulation and Development Agency said.

KMF Bank is Kazakhstan 23rd commercial bank.

The transformation "is in line with President Kassym-Jomart Tokayev's initiative to boost competition in the banking sector, outlined in his September 2023 address to the nation," the agency said.

KMF becomes the second microfinance institution to convert to bank status this year, following BNK Finance Kazakhstan's June transformation into BNK Commercial Bank under South Korea's BNK Financial Group.

Established in 1997, KMF held 395 billion tenge in assets as of August 1, 2025. The institution has historically focused on SME financing, with over 90% of its loan portfolio directed to small and medium businesses.