What services does the Association provide?

Answer: you can see services of the Association here

How can one join the Association?

Answer: to join the association of microfinancing organizations of Kazakhstan you need to fill into, scan and send such documents as a Membership Application, Questionnaire Form and Information about Chief Executive to email: mail@amfok.kz

You can see and download the above-mentioned documents at http://new.amfok.kz/sections/sign

Is membership in the Association fee-based ?

Answer: Yes. Subject to Minutes of the General Meeting of Members of the Association N 13 dated 20 April 2017, size of an annual fee for members of the Association has been fixed depending on a volume of the loan portfolio. You can see fixed tariffs here ‘Laws’

Are MFO activities regulated by the National Bank of Kazakhstan?

Answer: Yes. MFOs are subject to record registration with the NBK subject to the Law of the Republic of Kazakhstan ‘Microfinance Organizations’, Article 14. NBK website, section ‘Financial Supervision’, posts a register of MFOs which successfully passed the registration

Information by stages of MFO registration?

Answer: Start with reviewing the Law of the Republic of Kazakhstan ‘Microfinance Organizations’ and bylaws of the National Bank of Kazakhstan. You can see all up-to-date regulatory legal acts here

Algorithm of your actions is following: 1. Register a LLP with the Justice Ministry of the Republic of Kazakhstan. 2. Receive from a regional branch of the National Bank of Kazakhstan an opinion with respect to your compliance with statutory requirements of credit bureaus. 3. Sign an agreement with State Credit Bureau. 4. Pass a record registration with a regional branch of the National Bank of Kazakhstan. 5. Coordinate a Microcredit Agreement with the Department for Protection of Rights of Consumers of Financial Services at the National Bank of Kazakhstan.

Is there any limit for an MFO in terms of a loan amount?

Answer: Yes. Microfinance organization issues microcredits in amount not exceeding eight thousand monthly calculation indices fixed for a relevant fiscal year in the Republican Budget Law per borrower (Article 3, clause 1 of the MFO Law) 

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