The Agency Grants a Banking License to KMF Bank JSC

Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market issued a license for banking operations to KMF Bank JSC.  The bank is opened within implementation of the order of the President of the Republic of Kazakhstan K.K. Tokayev to increase competition in the banking sector, announced in September 2023 during the annual Address to the nation of Kazakhstan.

At the official ceremony, Chairman of the Agency Madina Abylkassymova presented the license to the Chairman of the Managemt Board of KMF Bank JSC Shalkar Zhussupov. The new bank became the 23rd second-tier bank in Kazakhstan and was created through transformation of the country's largest microfinance organization KMF.

KMF is one of the oldest and most stable participants in the financial sector, operating since 1997. At the end of 2024, the organization ranked the first among microfinance organizations in Kazakhstan in terms of assets, portfolio, and number of clients. Over the years, KMF has built a large regional network and established itself as a socially oriented and financially stable institution.

As of 1 August 2025, KMF assets totaled 395 billion KZT. The loan portfolio reached 315 billion KZT, with over 90% of the funds directed to financing of small and medium enterprises, including over 100 thousand borrowers in the agricultural sector. Projects to support women entrepreneurs accounted for 55% of the loans issued by KMF to entities in the real sector of the economy. Total number of clients exceeded 275 thousand people, and over 70% of them live in regions.

Level of overdue debt for more than 90 days is below 6%, capital adequacy is 22%, which indicates high financial stability. The branch network has 17 branches and 123 structural subdivisions throughout the country. Total number of employees exceeds 2,500 people, of which about 70% work in regional divisions. More than 180 thousand people have been trained in financial and business literacy through social projects implemented by KMF together with its main shareholder, KMF-Demeu Corporate Fund.

The issued license enables the bank to carry out banking operations, including accept deposits from legal entities, open and maintain bank accounts, cash and transfer transactions, provide loans and conduct exchange transactions with foreign currency, issue bank guarantees, including in a new mobile application of the bank. Retail services will be possible after it joins the mandatory deposit guarantee system.

As a bank, KMF Bank JSC plans to keep its focus on financing SMEs, including in remote regions and rural areas, as well as expanding the range of banking services, combining traditional banking and digital solutions. KMF Bank became the second new bank to receive a banking license in 2025. Earlier, on June 25, a license was issued to Commercial Bank BNK JSC. Today, there are 23 second-tier banks operating in the country, including 11 with participation of foreign financial groups.