How did the MFI Association respond to the proposal of the National Bank

The National Bank published a project according to which microfinance organizations (MFIs) are invited to gradually increase their authorized capital: from July 1, 2020 - up to 50 million tenge, from July 1, 2021 - up to 75 million tenge and from July 1, 2022 - up to 100 million tenge.

Omarkhanov believes that not all microcredit organizations (MCOs) will be able to increase the indicated volume for such a period.

"47% of MFIs have authorized capital of up to 50 million tenge. This is almost half of the microcredit sector. And it will be problematic for them to increase capital to 100 million tenge in the specified period. Perhaps this will lead to the consolidation of players or their withdrawal from the market," he said .

At the same time, Omarkhanov found it difficult to answer the question of how many participants can leave the market if this project is approved. He offers the National Bank to postpone the deadlines and transfer the capital increase to 100 million tenge at least until 2025.

“Now there are 167 microcredit organizations on the market. 47% have authorized capital of up to 50 million tenge, 22% - from 50 million tenge to 100 million tenge, 21% - from 100 million tenge to 500 million tenge, 5% - from 500 million tenge to 1 billion tenge and 5% - over 1 billion tenge. It will be more difficult for those companies with an authorized capital of less than 50 million tenge to increase it. In case of transfer, MFIs and MCOs will have the opportunity to increase assets, carry out reorganization or merger, "he concluded .

Earlier, LS wrote that the regulator wants to set the marginal reward for microcredit to 30%. And also that the National Bank was  developing measures to protect the rights of Kazakhstani borrowers . In May last year, the regulator introduced a number of amendments that will  limit interest rates  on online loans. In particular, the loan is issued to individuals in national currency, and the annual effective rate should not exceed  100% of the amount of the  loan.

© LS

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