THE MICROFINANCE INDUSTRY IN THE REPUBLIC OF KAZAKHSTAN


Author: Kairat Bolatovich Koishibekov (Burgas Free University)

Keywords: microfinance industry, development of start-up and fintech enterprises, prudential standards, stress testing.

The presented scientific material relates to the microfinance industry in the Republic of Kazakhstan. It is divided into two parts: theoretical-methodological and empirical. The first part entails - a brief literature review (discussion), the terminology “microfinance”, the criteria for defining the microfinance industry, legislation, licenses and types, start-up and fintech development of microfinance institutions, as well as barriers to microfinance growth. The second part covers a study of the microfinance industry within the context of the global depression and the Covid-19 pandemic, comments on prudential standards for microfinance organizations and the results of stress testing on microfinance institutions in the Republic of Kazakhstan. The study concludes with some prospects for the development of microfinance by 2030.

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