Seven Microfinance Organizations Lose Licenses in Kazakhstan

Kazakhstan's Agency for Regulation and Development of the Financial Market has revoked the licenses of seven microfinance organizations (MFOs) following inspections that revealed systematic violations of consumer rights and legislation. The revoked licenses belong to MaxMoney, Microfinance Systems, SurfKaz Finance, MFO№1, 'Umit Finance', 'Vivus', and EL QAZYNA. MFOs are required to re-register or liquidate within 30 days.

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