Question 1

What is Bolashak Finance?

Accepted Answer

Bolashak Finance is a microfinance organization operating in Kazakhstan, providing microloans and financial services primarily to individuals and small businesses. As a licensed microfinance institution, it operates under the regulatory framework of the National Bank of Kazakhstan, offering accessible credit solutions to customers who may not qualify for traditional bank financing.

The organization is registered as Microfinance organization BOLASHAK LLP with Business Identification Number (BIN) 140540004830. It specializes in non-depository credit intermediation and related financial services.

Question 2

When was Bolashak Finance founded?

Accepted Answer

Bolashak Finance received its license for microfinance activities (License No. 05.21.0002.М) on February 24, 2021, issued by the Representation Office in Almaty of the Financial Markets Regulation Agency of the Republic of Kazakhstan. The organization was established during a period of significant growth in Kazakhstan's microfinance sector, which has expanded rapidly since microfinance organizations entered the regulatory perimeter of the National Bank in 2012.

The company is led by Director Talapker Baktybaevich Shagirov and operates under the regulatory framework established by the 2012 Law "On Microfinance Organizations."

Question 3

Where is Bolashak Finance headquartered?

Accepted Answer

Bolashak Finance is headquartered in Astana (formerly Nur-Sultan), the capital city of Kazakhstan. The registered legal address is 7 Aksu Street, Saryarka District, Astana, Kazakhstan.

Question 4

Where does Bolashak Finance operate?

Accepted Answer

Bolashak Finance operates within Kazakhstan, serving customers across various regions of the country. The organization is part of Kazakhstan's growing microfinance sector, which as of 2023 includes 237 licensed microfinance organizations providing services throughout the nation.

The microfinance sector in Kazakhstan has shown particular strength in serving regions where traditional banking services may be limited, including rural areas and smaller cities.

Question 5

What services does Bolashak Finance offer?

Accepted Answer

Bolashak Finance offers a range of microfinance services including:

Microlending Services: The organization provides microloans to individuals and legal entities, with or without collateral. Under Kazakhstani regulations, microloans can be issued up to twenty thousand times the monthly calculation index established for the corresponding financial year.

Business Credit: Bolashak Finance supports small and micro-enterprises with credit intermediation services designed for entrepreneurs who may not meet traditional bank requirements.

Consumer Financing: The organization offers consumer microloans to individuals for various personal financial needs.

Digital Services: In accordance with Kazakhstani regulations, Bolashak Finance has the capability to provide microloans electronically through digital channels, allowing for streamlined application and approval processes.

Question 6

What makes Bolashak Finance unique?

Accepted Answer

Bolashak Finance operates in Kazakhstan's distinctive microfinance ecosystem, which has been under the supervision of the National Bank since 2012. The organization is part of a sector that fills a crucial gap in financial inclusion, serving micro-entrepreneurs and individuals who may lack access to traditional banking services.

Kazakhstan's microfinance organizations are distinguished by their ability to serve both the informal sector and rural regions, providing quick access to credit without the stringent collateral requirements of traditional banks. As of 2023, microfinance organizations held approximately 50% of non-bank household financing in Kazakhstan.

The sector is characterized by rapid processing, flexible lending criteria, and a focus on underserved market segments, making financial services more accessible to a broader population.

Question 7

What type of financial institution is Bolashak Finance?

Accepted Answer

Bolashak Finance is classified as a Microfinance Organization (MFO) under Kazakhstan's financial regulatory framework. MFOs in Kazakhstan are licensed non-bank financial institutions that specialize in providing microloans and related financial services.

Under the Law "On Microfinance Organizations" adopted in November 2012, MFOs are regulated and supervised by the National Bank of Kazakhstan. They are distinct from second-tier banks and operate under specific capital requirements and prudential regulations designed for the microfinance sector.

MFOs in Kazakhstan are permitted to engage in microlending, attract loans from residents and non-residents, invest in securities, provide consulting services, perform factoring operations, and issue guarantees. As of the third quarter of 2023, MFOs represented 53% of assets and 50% of the total microloan portfolio in Kazakhstan's non-bank financial sector.

Bolashak Finance

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About Bolashak Finance in Kazakhstan