Loan repayment to be simplified for Kazakhstanis
"Real-life circumstances will be taken into account"
At a Regional Communications Service briefing, Alexander Terentyev, Director of the ARDFM Department of Social Projects and Financial Literacy, announced that on July 27, the agency approved new operating rules for the Financial Ombudsman.
These rules will take effect on January 1, 2027, and will change the procedure for reviewing borrower appeals.
"The Financial Ombudsman Service will consolidate the competencies of the banking, microfinance, and insurance sectors. This will allow for the pooling of expertise from various financial market participants and the creation of an effective dialogue platform to discuss and resolve issues of public concern," the speaker stated.
According to Alexander Terentyev, a platform involving public associations will be established under the Financial Ombudsman. Together, they will seek solutions for distressed debts. The agency believes this format will allow for the consideration of not only financial indicators but also the personal circumstances of borrowers.
Unified platform
The briefing noted that a unified digital debt settlement platform, finkelisim.kz, was launched in Kazakhstan on July 1. It allows debtors to negotiate with multiple creditors simultaneously through a "one-stop shop" principle.
According to Alexander Terentyev, a borrower needs to register on the platform and undergo biometric identification. The system then automatically verifies their data through credit bureaus. If the individual meets the program's criteria, creditors will confirm the debt amount, and the borrower will receive documents for signature, including a unified repayment schedule.
The program is available to borrowers who meet the following criteria:
have unsecured consumer loans overdue by more than 90 days;
have debts to two or more creditors;
the total debt is between 150 and 1,600 MCI (from 648,000 to 6.9 million tenge in 2026);
there are no court rulings, notary enforcement orders, or ongoing enforcement proceedings.
"Borrowers have 72 hours to sign the documents. Once signed, creditors suspend debt collection measures, and the borrower begins repaying the debt according to the unified schedule. The platform automatically distributes the deposited funds among creditors in proportion to the size of the debt," the speaker explained.
If a borrower violates the terms of the agreement and defaults for more than 40 days, creditors may resume collection efforts. The procedure cannot be used a second time.
According to the ARDFM representative, the platform's main advantage is that it assesses an individual's total debt load rather than each loan separately. In its initial stage, the program could potentially cover around 350,000 distressed borrowers.
Note. The platform does not apply to secured, business, or fraudulent loans, nor to debts already subject to mediation agreements, solvency restoration procedures, or bankruptcy.
The ARDFM representative also stated that preferential terms have been provided for socially vulnerable citizens and recipients of targeted social assistance.
Note.For example, for a debt of 5 to 7 million tenge, the standard monthly payment is up to 117,000 tenge over 60 months, while for a socially vulnerable borrower, it is up to 84,000 tenge for a term of up to 84 months.
The ARDFM announced that the platform will continue to evolve. In the next phase, debts with existing court rulings will be included, followed by the integration of individual solvency restoration and bankruptcy mechanisms.
"Will pay between 5 and 10 thousand tenge per month" — Almaty pilot project
The ARDFM representative also discussed the launch of a pilot project in Almaty for comprehensive debt settlement for individuals with Group I and II disabilities.
According to the agency's data:
more than 105,000 people with disabilities have active loans;
of these, 26,300 borrowers are in default on 48 billion tenge;
in Almaty alone, approximately 10,000 people with disabilities carry such debt, totaling 8.6 billion tenge.
In this regard, the ARDFM, in collaboration with the Almaty Akimat, the Ministry of Labor, and the Ministry of Justice, has launched a pilot project for the comprehensive settlement of their debts.
"Experts make decisions based on income, assets, family composition, and social benefits. Depending on the situation, the borrower's debt load will be reduced, a deferment granted, or a manageable payment schedule established (from 5,000 to 10,000 tenge per month). If solvency cannot be restored, the individual will be briefed on bankruptcy procedures," stated Alexander Terentyev.
If the pilot project proves effective, the agency plans to expand it to other regions of Kazakhstan.
The ARRFD previously reported that if a borrower faces a decline in their financial situation and is unable to make timely loan payments, they are entitled to apply for loan restructuring at a bank or microfinance organization.