ASTANA — Astana International Financial Centre (AIFC) launched the Astana Finance Days (AFD) Innovate. Invest. Impact on Sept. 5 focused on exploring technologies in the financial sector, investment opportunities in Kazakhstan, and the role of finance in promoting sustainable development and positive social change.
(from left to right) Among the panelists were notable figures such as Nariman Mukushev, Deputy Chairman of Halyk Bank, Aidos Zhumagulov of Freedom Bank, Lyazzat Satieva of Eurasian Bank, Ruslan Vladimirov of Bank CenterCredit, and Bekzhan Pirmatov from ForteBank. Photo credit: AIFC
The session, Payments Landscape Transformation in Kazakhstan and Central Asia, delved into the shift towards cashless payments, the importance of financial literacy, and the development of a positive credit history, emphasizing the social responsibility of financial institutions and their consumers.
Driving social change through financial products
Anton Borozdin, session moderator and senior director of Business Development for Central Asia at Visa, highlighted the significant progress made by Kazakhstan’s financial institutions in promoting the rapid adoption of cashless transactions in the country’s economy. He expressed confidence that ongoing initiatives could lead to cashless transactions comprising 99% of all payments in the country.
Eurasian Bank CEO Lyazzat Satiyeva emphasized that banks have the potential to drive positive societal change through the development of innovative financial products. She highlighted the importance of enabling clients to give back through banking services. For example, Satiyeva mentioned a Eurasian Bank product where a portion of cashback is directed toward charitable causes, specifically funding surgeries for children in need.
“With this in mind, we developed a product where 1% of the cashback from each transaction is donated to the Give Life to Children foundation. Every year, we witness how this initiative gives a new chance at life to children. Last year alone, 19 children received surgeries unavailable in Kazakhstan, thanks to these contributions. We are committed to continuing this effort,” said Satiyeva.
Enhancing financial literacy
Transitioning to broader financial concerns, Aidos Zhumagulov of Freedom Bank Kazakhstan emphasized the importance of financial education when transforming payment systems to mitigate the rise in overdue loans. Zhumagulov highlighted that around eight million people in Kazakhstan currently rely on various types of loans or credit products.
“When people enter a retail store, they often fall under the ‘magic of zeros,’ opting to buy on installment rather than paying upfront. They leave the store with their purchases, but also with new financial obligations,” Zhumagulov said.
He emphasized the growing need for financial literacy, particularly among adults aged 18 to 23. According to him, the number of overdue loans among this age group in Kazakhstan has surged. At the start of 2022, the share of problematic loans for those under 23 was 13.1%; by Aug. 1, 2023, it had risen to 20.8%. Many young Kazakhs are damaging their credit histories early on, making it difficult for them to qualify for mortgages or car loans with preferential rates under state programs in the future.
“Why is this happening? An 18-year-old with an unstable job might still qualify for credit and start purchasing goods in installments. By 25, he might take out a car loan. But by the time he is 30, he may find himself unable to secure a mortgage. Through our involvement in the 7-20-25 program (state-subsidized mortgage), we have observed that more than 80% of clients under 35 who have previously taken out consumer loans are denied mortgages. Some 56% have a bad credit history, 31% have insufficient income. This is directly linked to their financial literacy,” he concluded.
Digital customer service and collaboration with state agencies
In the realm of customer service, ForteBank Chairman Bekzhan Pirmatov emphasized that banks need to focus on enhancing customer service quality, particularly through digital channels. He said that ForteBank gathers feedback across all platforms to address customer concerns.
“A top priority for us is improving the mobile application, ensuring it is reliable and efficient,” he said.
Pirmatov also highlighted the importance of risk-sharing across different client segments and noted that all basic products, such as cards, deposits, and car loans, are fully digitized.
Halyk Bank Deputy CEO Nariman Mukushev underscored the need for collaboration between banks and government agencies. The primary goal, he noted, is to streamline services, reducing the need for clients to visit public service centers.
“Halyk Bank operates within two ecosystems: one for individuals and another for legal entities. Currently, 90% of all loans and deposits are issued online, with plans to increase this figure to 95%. The bank also integrates 57 government services into its application, with 9.2 million services processed to date. During the recent car legalization process, 56% of services were provided through the bank’s app, significantly reducing the burden on special public service centers,” he said.
The session emphasized that improving the payment environment in Kazakhstan and the broader region requires a unified commitment to advancing financial technology, improving customer service, and promoting financial literacy. This forward-thinking approach is essential for Kazakhstan’s evolving financial landscape.
Organized by the AIFC, the AFD has been held for over five years and serves as the key platform for networking and discussing current issues, trends, and opportunities not only in Kazakhstan’s financial sector but also across the entire Eurasian region. The event will continue tomorrow.
