Kcell, one of Kazakhstan’s leading telecommunications operators, is in negotiations with a local bank to expand its mobile payment services, according to the company’s Commercial Director Kazbek Shaimov. He shared the update during Issuer Day at the Kazakhstan Stock Exchange (KASE), as reported by the Interfax-Kazakhstan news agency.
Recently, Kcell notified its customers about the termination of its joint project with Jusan Bank, known as OGO. Through Kcell’s mobile app, users could open OGO digital cards, make deposits and loans, top up balances from mobile accounts and earn rewards for cashless payments.
Shaimov confirmed that the agreement with Jusan Bank will remain in effect until the end of April.
«We performed quite well in mobile financial services last year. Monthly active users grew by 37% year-on-year,» he said. «We will continue working with Jusan Bank through the end of April, and then we will terminate the cooperation. At the same time, we are in negotiations with another bank, and we’ll announce our new partner soon.»
Kcell’s press office added that the new partner will be announced closer to summer. The company described the incoming partner as a «dynamically developing player in the market with a built-out ecosystem of services.»
Kcell’s ownership structure includes a controlling stake (51%) held by Kazakhtelecom, with additional shares owned by KC Holding Ltd. (14.87%), First Heartland Jusan Bank (9%) and Kazakhstan’s Unified Accumulative Pension Fund (7%). In September 2024, businessman Galimzhan Yessenov sold his stake in Kcell to KC Holding Ltd., a company he founded.
