The capital’s microfinance organization, Bravo Microfinance, has been stripped of its license, reports the business information center Kapital.kz, citing the press service of the Agency for Regulation and Development of the Financial Market.
“In accordance with the order of the head of the Regional Representatives Management of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (the Agency) in the city of Astana dated January 5, 2025, No. 1, the limited liability partnership 'Microfinance Organization 'Bravo Microfinance' (MFO) has been deprived of its license to carry out microfinance activities,” the released information states.
The grounds for revoking the MFO's license were systematic violations of the laws' requirements, as well as the regulatory legal acts of the authorized body, the National Bank of Kazakhstan.
The MFO is required, within 30 calendar days from the date of the Agency's decision to revoke the license, to undergo re-registration by removing the words “microfinance organization,” derived words, or abbreviations from its name that imply that the legal entity is engaged in providing microloans, or decide on reorganization or liquidation.
It is specified that clients of the MFO who have outstanding obligations under microloan agreements are liable for breaching their obligations to the microfinance organization in accordance with the terms of the signed microloan agreements.