Nazgul Yesteyusizova has been appointed as the microfinance ombudsman of Kazakhstan.

According to the Agency for Regulation and Development of the Financial Market, Nazgul Karasovna Yestusizova holds higher education degrees in economics and law, and is a Master of Legal Sciences. She has experience in the banking sector. Prior to her election as the microfinance ombudsman, she served as the chairperson of the National Chamber of Collectors of Kazakhstan.

The ombudsman has been tasked with ensuring the protection of clients' rights in microfinance organizations and facilitating the resolution of disputes between borrowers and microfinance organizations, as well as collection agencies, the agency added.

The Institute of the Microfinance Ombudsman was established under a law signed by the President of Kazakhstan on June 19, 2024. Its goal is to minimize risks in lending, protect borrowers' rights, and enhance financial regulation.

The ombudsman is elected for a term of three years and has the authority to make decisions that are mandatory for microfinance organizations and collection agencies to implement. Moreover, the services of the ombudsman are provided to borrowers free of charge.

As of December 1, 2024, Kazakhstan has 220 microfinance organizations, 215 credit unions, 199 collection agencies, and 497 pawnshops. The new ombudsman institute aims to make the operations of these organizations more transparent and fair for clients.