On revocation of the license of Limited Liability Partnership "Microfinance Organization Vzaimy"

In accordance with the order 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 – the Agency) in Almaty dated march 26, 2024 No.27 Limited Liability Partnership «Microfinance Organization Vzaimy» (hereinafter – the MFO) has been deprived of a license to carry out microfinance activities. 

Grounds for revocation of the license in accordance with subparagraph 2) paragraph 2 of Article 16 of the Law of the Republic of Kazakhstan "On Microfinance Activities" was the implementation of activities with systematic (three or more times within twelve consecutive calendar months) violations of the requirements of the laws of the Republic of Kazakhstan, as well as regulatory legal acts of the authorized body, the National Bank of the Republic of Kazakhstan

In accordance with the requirements of paragraph 9 of Article 16 of the Law of the Republic of Kazakhstan "On Microfinance Activities", the MFO is obliged, within thirty calendar days from the date of the Agency's decision to revoke the license to carry out microfinance activities, to carry out the re-registration procedure by excluding from its name the words "microfinance organization", words derived from them or abbreviations suggesting that the specified a legal entity carries out activities to provide micro-loans, or make a decision on reorganization or liquidation.

Clients of MFOs who have unfulfilled obligations under microcredit agreements are responsible for violating the fulfillment of obligations to MFOs in accordance with the terms of concluded microcredit agreements.

 

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