Astana. October 28. KAZAKHSTAN TODAY - The introduction of a complete ban on online lending is premature and may adversely affect the accessibility of financial services for citizens and businesses.
Starting January 1, 2025, when applying for an online microloan, it will be mandatory to use both biometric identification and an electronic digital signature (EDS) simultaneously. Additionally, for microfinance organizations (MFOs), it is required to identify the ownership of the bank account or payment card before transferring money to the client," - wrote Timur Suleimenov, Chairman of the National Bank of Kazakhstan, in response to a parliamentary inquiry regarding the ban on online lending.
He also reminded about other measures aimed at limiting the use of fraudulent schemes and the issuance of loans to third parties.
These include: a ban on issuing loans without biometric verification, notifying the client of potential fraud risks, voluntary refusal to receive loans, and the obligation for banks and MFOs to submit information on loan applications to credit bureaus, etc.
Suleimenov noted that a three-factor verification of clients is currently being implemented.
Furthermore, the Agency has recommended that banks approve online loan applications no earlier than the next day after submission, thus introducing a "cooling-off" period during which the client can refuse the loan imposed by fraudsters," - explained the head of the National Bank.
Additionally, an anti-fraud center has started operating in Kazakhstan, which allows for the detection and blocking of fraudulent transactions, rapid responses to potentially fraudulent operations, and real-time information exchange.
As of today, all banks, several large payment and microfinance organizations, as well as representatives from 21 territorial divisions and the central apparatus of the Ministry of Internal Affairs of Kazakhstan, are connected to the anti-fraud center. Mobile operators are in the process of being connected," - added Suleimenov.
He emphasized that given the measures being taken to tighten online loan issuance procedures, the introduction of a complete ban is premature and may negatively impact the availability of financial services for citizens and businesses.
Earlier, Mazhilis member Nikita Shatalov raised the issue of banning online loans. According to him, every second Kazakhstani has received calls from telephone fraudsters.
In an interview with a Kazakhstan Today journalist, the deputy also stated that the responsibility for the leakage of personal data should rest with the banks, and loans that a person received due to the bank's negligence, becoming a victim of fraudsters, should be written off.
It is worth noting that on August 21, Kazakhstan introduced restrictions on consumer loans and microloans.
Previously, Kazakhstani citizens were prohibited from obtaining loans without their spouses' consent.