KMF, Kazakhstan’s largest microfinance organization (MFO), has reregistered as a bank and changed its name to KMF Bank, according to a statement published on the Kazakhstan Stock Exchange (KASE) website.
The company received a re-registration certificate on Aug. 1, 2025. From July 30 to Aug. 3, the MFO suspended all operations in preparation for its reorganization into a bank, for which it obtained permission in March 2025 from Kazakhstan’s Agency for Regulation and Development of Financial Markets (ARDFM).
However, KMF has not yet received a banking license from ARDFM.
«KMF is currently in the process of obtaining a license to conduct banking operations in accordance with Kazakhstan’s current legislation,» KMF told Kursiv.media.
KMF has operated in Kazakhstan since 1997, with 17 branches and 122 offices nationwide. It offers financial services to individuals and micro-, small, and medium-sized enterprises, including those in agriculture. According to data from Kazakhstan’s National Bank as of April 1, KMF ranks first among 213 microfinance organizations in the country. Its assets total $646 million, with a loan portfolio of $425 million. Liabilities amount to $524 million, equity to $122 million, and net profit to $4.5 million at the current exchange rate.
According to KASE, as of July 1, 60.44% of KMF shares are held by KMF – DEMEU, while 9.9% are owned by MultiConcept Fund Management S.A. Legal Owner Emerging Markets B.V. and KAZ Finance B.V. each hold 6.72%, and another 6.22% stake belongs to Legal Owner Triodos Funds B.V.
On June 25, BNK Finance Kazakhstan, a subsidiary of South Korea’s holding BNK Capital, became the country’s first microfinance organization to receive a banking license. The new bank was named BNK Commercial Bank.
