Microloans in Kazakhstan may become more expensive and not for everyone

Due to the new restrictions imposed by the AFR and the National Bank, many microfinance organizations will be forced to leave the market or suspend their activities. Such a forecast was voiced by LS in the Association of MFIs (AMFOK).

Recall that from June 1, changes came into force , according to which the maximum amount for withdrawing cash from bank accounts for small businesses is 20 million tenge per month, for medium - 120 million tenge, for large - 150 million tenge. 

AMFOK noted that currently the lending rules established for MFIs are similar to banking regulation (the same limit value and formula for calculating HESB, application of the debt ratio, requirements for loan agreements and more). However, microfinance organizations are equated to legal entities not related to lending in the issue of cash withdrawal restrictions, while an exception has been made for banks and Kazpost.

According to the head of the association, Erbol Omarkhanov , a request was sent to the National Bank and the Ministry of Finance not to introduce this restriction in relation to microfinance organizations.

"MFIs are the same participants in the credit market as banks, but for some participants an exception is made, for others there is no. This also applies to the issue of charging commissions and other payments. We believe that the financial regulator should create equal conditions in the lending market," he says .

Omarkhanov said that the classic MFIs that are part of the association work mainly in rural areas. According to statistics, 66% of borrowers of such organizations operate in remote regions where there is no high-quality Internet, banking services, and ecosystems to ensure non-cash payments.

"Therefore, MFIs are forced to provide microloans in cash through their cash registers. We fully support the government’s position to expand the sphere of non-cash payments and withdraw cash from the shadows. In addition, this would reduce operating expenses for maintaining cash registers. However, we believe that for this First, appropriate conditions should be created in the remote regions of the country where microfinance companies operate, "said the head of AMFOK.

He recalled that the resolution of the supervisory authority established the possibility of exceeding the established limits when providing MFIs with documents confirming the purpose of withdrawing cash from a bank account. In turn, banks will coordinate an application for an increase in the amount with the State Revenue Committee within three working days.  

"However, what kind of documents it should be, it is not known how the decision on exceeding the limit will be determined, it is also unclear. There are fears that in this case there will be a subjective opinion of banks or the state revenue committee regarding documents. Therefore, we believe that if an exception is not established for For MFIs, at least there should be a clear explanation for financial institutions about which securities confirm cashing in excess of the established threshold, "Omarkhanov emphasized.

© LS

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