Following the meeting of the Council of Representatives, Nazgul Yesteusizova has been elected as the microfinance ombudsman by a majority vote. This was announced by the press service of the Agency for Regulation and Development of the Financial Market.
Nazgul Karasovna Yesteusizova 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 election as microfinance ombudsman, she served as the chairwoman of the National Chamber of Collectors of Kazakhstan.
“The ombudsman has been tasked with ensuring the protection of the rights of clients of microfinance organizations and assisting in the resolution of disputes between borrowers and microfinance organizations as well as collection agencies,” the statement reads.
The establishment of the microfinance ombudsman position is stipulated in 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, Improvement of Financial Market Regulation, and Enforcement Proceedings.” This document was signed by President Kassym-Jomart Tokayev on June 19 of this year.
The microfinance ombudsman is elected for a term of three years, with candidates nominated by the Council of Representatives and approved by the Agency for Regulation and Development of the Financial Market.
The decisions made by the microfinance ombudsman are mandatory for execution by microfinance organizations and collection agencies. The services of the microfinance ombudsman are free of charge.
Before contacting the microfinance ombudsman, the borrower must first reach out to their creditor. The ombudsman does not consider appeals that are already under court review and/or those that have a court ruling in effect, as well as repeated submissions in the absence of new circumstances in the case.
More detailed information about the microfinance ombudsman and how to contact them is available by following this link.
As of December 1, 2024, there are 220 microfinance organizations, 215 credit cooperatives, 199 collection agencies, and 497 pawnshops operating in Kazakhstan.