A designated individual will safeguard the rights of Kazakhstan citizens in relation to microfinance organizations.

A microfinance ombudsman has been appointed in Kazakhstan. Nazgul Yesteyusizova has taken on this role, reports IA "NewTimes.kz".

According to the press service of the Agency for Regulation and Development of Financial Market (ARRFR), Nazgul Karasovna Yesteyusizova holds higher education degrees in economics and law and is a master of legal sciences. She has experience working in the banking sector. Prior to her appointment as the microfinance ombudsman, she served as the chairperson of the National Chamber of Collectors of Kazakhstan. The microfinance ombudsman is elected for a term of three years from candidates proposed by the Council of Representatives and approved by the Agency.

The ombudsman is tasked with ensuring the protection of clients' rights within microfinance organizations and facilitating the resolution of disputes between borrowers and microfinance organizations, as well as collection agencies. The decisions made by the microfinance ombudsman are mandatory for compliance by microfinance organizations and collection agencies. Services are provided at no cost.

To access the service, a borrower must contact their creditor. The ombudsman does not consider appeals that are already under judicial review and/or for which there exists a legally binding court decision, nor those that are submitted again without new circumstances.

The institution of the microfinance ombudsman was established in accordance with the law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Regarding the Minimization of Risks in Lending, Protection of Borrowers' Rights, and Improvement of Financial Market Regulation and Enforcement Proceedings," signed by the Head of State on June 19 of this year. As of December 1, 2024, there are 220 microfinance organizations, 215 credit partnerships, 199 collection agencies, and 497 pawnshops operating in Kazakhstan.

More detailed information about the microfinance ombudsman and how to contact them is available through the link.