Asian Credit Fund has taken part in the Microfinance Institutions Forum in Almaty city, Kazakhstan

26 April 2019. One of the main events in microlending – Kazakhstan Microfinance Institutions Forum “New Horizons” – was held in Almaty city. This Forum coincided with the 15th anniversary of AMFOK (Kazakhstan Microfinance Institutions Association).

All participants of the Forum obtained the comprehensive information about further regulation of the sector, existing problems and new opportunities of MFIs, additional types of the activity and sources of financing, further plans of microfinancing development in Kazakhstan and much more information needed to the microfinance sector for movement towards its new horizons. The representatives of the National Bank of the Republic of Kazakhstan, Damu Fund, Kazakhstan Stock Exchange (KASE), Kazakhstan Financial Institutions Association, First Credit Bureau, MFIs and other organizations providing the financial services digitally were invited as the speakers.

ACF Executive Director Zhanna Zhakupova spoke at the Forum about “Microfinancing Role at Present Time: New Opportunities and Previous Goals”. She told the audience about 40-years history of industry and international experience of microfinancing. In her speech she noted that currently microfinancing model was efficient enough but it was very expensive owing to frequent interaction with a customer resulting in high operating costs. Digitalization enables MFIs to reduce the cost of services provision significantly and sharply increases opportunities of MFIs. The Digital Era changes the entire model of microfinancing. The model becomes highly-efficient but contact with a customer is lost. Zhanna Zhakupova noted that in spite of new opportunities of microfinance services digital provision MFIs should comply with the principles of customers’ protection identified by SMART campaign and follow social mission of microlending as the basis of the MFIs activities.