Microfinance institutions are actively entering the retail market of Kazakhstan. In the past two years, the pace of issuing new microloans to the population on businesses and consumer needs has accelerated sharply after a period of stagnation in 2012-2013, according to Ranking.kz. The number of issued loans increased to 414,500 in 2014, while a year later the figure rose to 560,000. Additionally, microfinance institutions issued 428,500 consumer loans in 2015.

 

Assem NURGALIEVA, DIRECTOR OF BUSINESS DEVELOPMENT, FIRST CREDIT BUREAU:

 

There are a lot of borrowers moving from the so-called ‘offline’ to ‘online’. Online lending companies already occupy a solid place in Kazakhstan’s credit market. This is due to rising lending to individual entrepreneurs. Online services offer collateral loans and assessments of a borrower’s credit history. There are fewere limitations, but these microcredit businesses bear lots of risks.

 

According to analysts, Kazakhstanis are still willing to borrow money from Second-tier banks in consumer lending. Banks are moderate in taking risks.

 

Assem NURGALIEVA, DIRECTOR, BUSINESS DEVELOPMENT OF FIRST CREDIT BUREAU:

 

Banks do not lend actively at the moment. We suppose that everyone is waiting for the autumn business season. We will probably see that banks will start lending actively in fall. Lending with bank card issuance is picking up growth. But there is no mass consumer lending yet.  

 

According to statistics, in March, the volume of consumer loans amounted to 2.5 trillion tenge across Kazakhstan with Almaty’s share of 37.7%.

 

Photo: sgqconsulting.ru

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