Suspension of MFO license
Subject to orders of the Head of the Department of Regional Representatives of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (hereinafter referred to as the Agency) in Almaty dated June 4, 2025, the following licenses for microfinance activities have been suspended for a period of 3 months:
- MFO Hava Finance LLP – order No. 35;
- MFO POS Credit LLP – order No. 36;
- MFO POS SF Offline LLP – order No. 37;
- MFO Salem Credit LLP – order No. 38.
Basis for suspension of the license subject to sub-clause 2) clause 1 article 16 of the Law of the Republic of Kazakhstan "Microfinance Activities" was violation of prudential standards and/or other mandatory standards and limits.
Subject to clause 7 article 16 of the Law of the Republic of Kazakhstan "Microfinance Activities", suspension of the license for microfinance activities entails a ban on entry into new microcredit agreements by the microfinance organization, including extension of validity of the existing microcredit agreements and their modification which provides for an increase in obligations and liability of the microfinance organization, as well as obligations and liability of a borrower. Microfinance organization where its license for microfinance activities is suspended has to discharge its obligations under previously signed microcredit agreements.
MFO clients with outstanding obligations under microcredit agreements are responsible for a failure to discharge their obligation to the MFO subject to the terms and conditions of the signed microcredit agreements.
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