Question 1

What is Open Credit?

Accepted Answer

Open Credit is a microfinance organization (MFO) operating in Kazakhstan, providing microcredit services to individuals, individual entrepreneurs (IPs), and legal entities (TOOs). The organization offers both secured and unsecured lending products to support consumer needs and business development.

Open Credit is licensed by the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (ARDFM) to conduct microfinance activities throughout the country.

Question 2

When was Open Credit founded?

Accepted Answer

[Information not publicly available]

Question 3

Where is Open Credit headquartered?

Accepted Answer

Open Credit is headquartered in Almaty, Kazakhstan, at prospekt Nazarbayeva, 223. The organization maintains offices and service points throughout the country.

Question 4

Where does Open Credit operate?

Accepted Answer

Open Credit operates throughout Kazakhstan, serving clients in multiple cities and regions. The organization provides services through physical offices as well as online channels, extending its reach across urban and regional markets.

Question 5

What services does Open Credit offer?

Accepted Answer

Open Credit provides a range of microfinance products for different customer segments:

Short-term consumer loans for individuals up to 50 MRP (monthly calculation index) for terms up to 45 days. First-time borrowers can access loans from 20,000 to 170,000 tenge for 10-45 days at 32% annual interest.

Larger microcredits for individuals ranging from 1,000,000 to 10,000,000 tenge for terms of 12 months to 5 years. These products serve more substantial consumer and business needs.

Business financing for individual entrepreneurs (IPs) and legal entities (TOOs) starting from 3,000,000 tenge, with maximum amounts up to 20,000 MRP. Terms extend from 12 to 60 months.

Secured lending with collateral requirements including real estate (residential or commercial), equipment, jewelry, or precious metal scrap. Loans against real estate range from 1,000,000 to 10,000,000 tenge.

Digital application services allowing customers to apply online through the company website, by phone, or via messengers. The organization offers multiple repayment options including bank cards, terminals, and cash payments at offices.

Question 6

What makes Open Credit unique?

Accepted Answer

Open Credit differentiates itself through flexible lending criteria and a willingness to work with borrowers who may have limited access to traditional banking. The organization does not require formal employment as a mandatory condition.

The company offers both collateralized and uncollateralized products, providing options for different risk profiles. Borrowers can choose from short-term loans for immediate needs or longer-term financing for major purchases or business investments.

Open Credit permits early repayment without penalties or additional commissions, and offers loan extension (prolongation) options for eligible borrowers facing temporary financial difficulties.

Question 7

What type of financial institution is Open Credit?

Accepted Answer

Open Credit is a Microfinance Organization (MFO), a regulated category of financial institution in Kazakhstan. MFOs operate under specific licensing from the ARDFM and serve markets between informal lending and traditional banking.

These institutions provide microcredits to individuals and businesses, often with more flexible requirements than banks. MFOs in Kazakhstan can lend up to 20,000 times the monthly calculation index as established by national budget law.

As a licensed MFO, Open Credit must comply with regulatory standards including consumer protection principles, maximum interest rate limits, transparent disclosure requirements, and regular reporting to financial market authorities.

Open Credit

in Kazakhstan 🇰🇿

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About Open Credit in Kazakhstan