The report provides an overview of Kazakhstan's financial market, highlighting opportunities and challenges in digital financial services and lending. It also offers insights on the fintech ecosystem, consumer lending, short-term financing, and regulatory factors.
Kazakhstan's financial sector is transforming quickly, largely driven by advancements in digital technologies and the expansion of short-term financing and alternative lending options. A considerable percentage of the population engages with the internet and utilizes cashless payment methods.
At the same time, there has been an increase in regulatory oversight, including the introduction of a cap on daily interest rates.
Kazakhstan Economics in Numbers
Kazakhstan has the largest economy in the Central Asian and Caucasus region, with a nominal GDP of $261.4 billion in 2023 and a GDP per capita of $12,800. The economy is projected to grow by 3.5% in the coming year.
The financial sector is rapidly evolving, driven by digital adoption and the growth of short-term financing and alternative lending. By May 2024, 89% of payments were cashless, internet penetration was at 92%, and smartphone adoption reached 83%.

Digital Adoption Fuels Fintech Boom in Kazakhstan
Kazakhstan's high digital adoption rates, with 92% internet penetration, 83% smartphone usage, and 89% cashless payments, are fueling the fintech sector's growth.
Active online banking users surged 4.6 times from 2019 to 2023, while short-term financing options grew by 20% in organizations and 30% in average loan size. As of August 1, 2024, total loans reached $78.7B, a 21.3% increase from the previous year, with short-term financing loans increasing by 12.8% to $5.4B.
The financial sector in Kazakhstan is regulated by two distinct jurisdictions, which fosters both national and international financial activity. This unique regulatory framework encourages innovation and competition, further driving the growth of the fintech sector.

While traditional banks are key drivers of fintech innovation, the fintech startup scene has experienced remarkable growth, with the number of fintech companies quadrupling from around 50 in 2018 to over 200 in 2024.
The increase in the use of short-term financing and other alternative lending products, driven by the rise of fintech, is thus closely tied to the overall economic expansion of the country and the increasing adoption of technology by its young population.
Unique Dual Regulatory Framework
Kazakhstan's financial sector operates under a unique regulatory framework that features two distinct jurisdictions. The first one covers the entire country, while the second is the Astana International Financial Centre (AIFC), which has its own specific regulations. The key regulatory bodies in this setup include the National Bank of the Republic of Kazakhstan and the Agency for Regulation and Development of Financial Market.

This dual system promotes financial activities at both national and international levels. However, the regulatory environment is considered quite strict. For example, in August, a new daily interest rate cap of 0.3% was implemented.
Additionally, over five hundred organizations provide data to the credit history database maintained by the JSC State Credit Bureau, a non-profit subsidiary of the National Bank of Kazakhstan. These organizations are required by law to share and update information with the JSC State Credit Bureau, while the data transfers to LLP First Credit Bureau happen on a voluntary basis.
Read more in the full report. It consolidates key metrics, trends, and insights from authoritative sources to provide a clear analysis of Kazakstan’s financial ecosystem. Check it to see the key stats, trends, companies driving the space forward here.