Kazakhstan has elected its first microfinance ombudsman.

According to the Agency for the Development and Regulation of the Financial Market, Nazgul Karasovna Yestusizova holds higher education degrees in economics and law and has a Master of Laws. She has experience working in the banking sector.

Before being elected 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 the rights of clients of microfinance organizations and facilitating the resolution of disputes between borrowers and microfinance organizations, as well as collection agencies," the statement reads.

The agency reminded that the institution of the microfinance ombudsman was established to implement the law on minimizing risks in lending, protecting borrowers' rights, and improving the regulation of the financial market and enforcement proceedings, which was signed in June of this year.

It is noted that the microfinance ombudsman is elected for a term of three years from among candidates proposed by the Council of Representatives and approved by the ARRF.

The decisions of the microfinance ombudsman are mandatory for execution by microfinance organizations and collection agencies. The services of the microfinance ombudsman are free of charge.

Before reaching out to the microfinance ombudsman, the borrower must first contact their lender.

The ombudsman does not consider appeals that are already under consideration by a court and/or for which a judicial act has entered into force, as well as those submitted again in the absence of new circumstances.

The agency added that as of December 1, 2024, there are 220 microfinance organizations, 215 credit partnerships, 199 collection agencies, and 497 pawnshops operating in Kazakhstan.