KMF

What KMF does

KMF Bank JSC (formerly Kazakhstan Credit Fund / KazMicroFinance / KMF MFO JSC) is a Kazakhstan-licensed commercial bank headquartered in Almaty that provides financing, deposits, payments, and money transfer services to micro-entrepreneurs, small and medium businesses, farmers, and individual consumers. Founded in 1997 and operating continuously for 28 years, it transitioned from a microfinance organization to a full-service bank upon receiving its banking license from the Agency for Regulation and Development of the Financial Market in August 2025, and subsequently joined the country's Deposit Guarantee System.

The product portfolio is anchored on credit — KMF-Business (loans up to 100 million tenge, terms up to 7 years), KMF-Agro (agricultural loans from 300,000 to 100 million tenge over 3–84 months, with effective rates up to 46%), KMF-Dostar (group-lending up to 10 million tenge), and KMF-Potreb consumer credit (up to 100 million tenge). Deposit offerings span individual, individual-entrepreneur, and business savings and term deposits (GESV up to 20% for individuals, 17.5–18% for businesses), alongside USD currency accounts and interbank/international transfers via KoronaPay and the Kazakhstan National Payment Corporation system. Distribution runs through 19-city branch coverage of nearly 4,000 rural settlements, a multilingual mobile app on iOS/Android (with Kaspi QR and remote account opening), and partnerships including Kazpost JSC for last-mile delivery.

Revenue is generated primarily through net interest income on a 270.0 billion tenge loan portfolio (FY2024 net interest income 58.2 billion tenge, +2.5% YoY), supplemented by transaction fees on transfers, cash, and FX operations, and funded through a mix of international development finance (EBRD, IFC, JICA, ADB, Proparco), local KASE bond issuances, and customer deposits. The bank reported FY2024 net profit of 11.0 billion tenge, ROE of 19.1%, ROA of 3.5%, and total assets of 336.3 billion tenge (+16.6% YoY); women represent 53.1% of the loan book, reflecting its positioning in inclusive and agricultural finance.

Name

KMF

Legal name

KMF Bank JSC (АО «KMF Банк»). BIN 061240001583.

Website

https://kmf.kz

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

251–500 employees

Short description

KMF Bank JSC is a Kazakhstan-licensed commercial bank serving micro-entrepreneurs, small and medium businesses, farmers, and consumers across 19 cities and nearly 4,000 rural settlements with credit, deposits, and digital payment services.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Agricultural & Rural Microfinance (FSAKAGAG)

akta.pro secondary industries

SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Microfinance lending
• Small business financing
• Agricultural credit
• Consumer banking
• Mobile banking services

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Credit/Lending Operations: Interest income from microcredits, business loans, agricultural financing, and consumer credits. Interest rates range from 24.99% to 38.25% (effective rate 35% to 46%)
2. Deposit Operations: Acceptance of deposits from individuals and businesses with interest rates up to 20% for individuals and 18.5% for business deposits
3. Money Transfers: Fees from domestic and international money transfers including KoronaPay service and interbank mobile payments
4. Cash Operations: Cash acceptance, disbursement, exchange, recounting, sorting, packaging and storage services
5. Foreign Currency Exchange: Currency exchange operations including cash exchange transactions

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

KMF Bank JSC is a Kazakhstan-based commercial bank (transformed from a microfinance organization in August 2025) that provides microcredit, business loans, agricultural financing, consumer loans, deposit products, and money transfer services to entrepreneurs, micro and small businesses, farmers, and individual consumers across 19 cities in Kazakhstan through a branch network, mobile application, and digital channels.

Product overview

KMF (KMF Bank JSC) is a Kazakh commercial bank that transformed from a microfinance organization (established in 1997) into a licensed bank in August 2025. Its product portfolio centers on credit products for small businesses, entrepreneurs, and individuals — including the KMF-Бизнес (up to 7-year business loans), KMF-Агро (agricultural credit from 300,000 to 100 million KZT), KMF-Достар (group joint-liability loans up to 10 million KZT), and consumer loans for individuals (up to 100 million KZT). Deposit offerings span individual savings deposits (KMF-Депозит, Депозит плюс, Депозит плюс с пополнением with effective rates up to 20%), individual entrepreneur deposits (Депозит ИП, Депозит ИП плюс), and business deposits (Депозит Бизнес, Депозит Бизнес плюс). Money transfer services include domestic phone-number-based transfers, KoronaPay international remittances, and the interbank mobile payment system. The KMF Mobile App serves as the primary digital channel for account management, QR payments (Kaspi QR), currency accounts, and loan processing.

Differentiator

Problem solved

Functional benefit

Brands

• KMF-Agro: Agricultural microcredit product for farmers and agri-business, financing working capital and fixed assets from 300,000 to 100,000,000 tenge, terms 3 to 84 months.
• KMF-Business
• KMF-Dostar
• KMF-Potreb
• KMF-Demeu

Products and services

• KMF-Business (KMF-Бизнес) Business credit product for financing working capital and fixed assets of small and medium businesses; loan amount up to 100 million tenge; terms up to 7 years; interest rate 24.99%-38.25% (GESV up to 46%); no commission.
• KMF-Agro (KMF-Агро) Agricultural credit program financing agribusinesses covering working capital, fixed assets, and refinancing; amounts from 300,000 to 100,000,000 KZT; terms 3 to 84 months; interest rate from 24.99% to 38.25% (GESV up to 46%); available for farmers and agricultural entrepreneurs.
• KMF-Dostar (KMF-Достар) Group financing product providing loans up to 10 million KZT with terms up to 5 years; based on group joint liability guarantee model; targets entrepreneurs lacking traditional collateral.
• Consumer Loan (KMF-Потреб) Consumer loan for individuals for personal consumption purposes; loan amounts up to 100 million KZT; commission-free; no collateral required up to 10 million KZT; interest rate 24.99% to 38.25% (GESV 35% to 46%).
• KMF-Deposit (KMF-Депозит) Time Deposit Time deposit product for individuals offering effective annual rate up to 15.5%; allows partial withdrawal of funds; available to private individuals.
• Deposit Plus (Депозит плюс) Savings deposit for individuals with effective annual rate up to 18.5%; no replenishment or partial withdrawal allowed; targeted at individual savers.
• Deposit Plus with Top-up (Депозит плюс с пополнением) Savings deposit for individuals allowing top-up contributions; effective annual rate up to 20%; no partial withdrawal; highest-yielding individual savings product.
• IP Deposit (Депозит ИП) Deposit product for individual entrepreneurs (IPs) without top-up or partial withdrawal; effective annual rate up to 18.5%.
• IP Deposit Plus (Депозит ИП плюс) Deposit product for individual entrepreneurs with top-up option; effective annual rate up to 18%.
• Business Deposit (Депозит Бизнес) Deposit product for small and medium businesses; effective annual rate 17.8%.
• Business Deposit Plus (Депозит Бизнес плюс) Deposit product for small and medium businesses with higher rate; effective annual rate up to 17.5%.
• USD Currency Account (Валютный счёт в долларах США) USD current account opened via mobile app without visiting a branch; earns 1% annual interest on balance with minimum $100 USD; instant transfers between own accounts with no commission.
• Phone Number Transfers (Переводы по номеру телефона) Interbank money transfer service using recipient's phone number; supported at 11 banks in Kazakhstan; max 500,000 KZT per transfer; daily limit 2 million KZT; commission 250 KZT regardless of amount.
• KoronaPay International Transfers Instant international money transfer service via KoronaPay (Золотая Корона payment system); transfers to over 35 countries; max $10,000 USD equivalent; commission from 0% with currency conversion.
• KMF Mobile Banking App (Мобильное приложение KMF) Mobile banking application enabling credit applications, balance checking, loan payments, account opening, QR payments, USD currency accounts, self-employed account opening, and money transfers; available on App Store and Google Play.

Quantifiable outcome

• Assets grew 16.6% to 336.3 billion tenge in 2024
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Kazpost JSCcoreStrategic or Co-development Partner · 1 July 2025Strategic partnership agreement signed for service delivery, leveraging Kazpost's extensive postal network for financial inclusion.
• KMF-Demeu Corporate FundcoreStrategic or Co-development Partner · 1 January 2025Corporate fund conducting educational programs, agroforums, and social initiatives for entrepreneurs. Fund co-organizes events with bank for SME and agricultural sector support.
• UN Global CompactminorStrategic or Co-development Partner · 1 January 2025UN Global Compact member since 2025, committed to 10 principles on human rights, labor standards, environment and anti-corruption with annual sustainability reporting.
• KASE (Kazakhstan Stock Exchange)coreStrategic or Co-development Partner · 1 January 2024KASE bond placement for 20 billion tenge in 2024 and 2025, listing of corporate bonds on national stock exchange.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Bank CenterCredit: Mid-sized universal Kazakh bank active in SME lending and deposits. Overlaps with KMF in the small business and agricultural lending segments across Kazakhstan.
• Halyk Bank: Largest universal bank in Kazakhstan offering SME lending, deposits, and digital banking via Halyk QR. Comparable as a full-service Kazakh commercial bank competing for the same SME and consumer segments as KMF Bank, though at vastly larger scale.
• Kaspi.kz (Kaspi Bank): Dominant Kazakh super-app combining payments, marketplace, and fintech banking. Directly comparable to KMF's newly launched Kaspi QR integration and mobile banking app, and represents the primary competitive threat in digital consumer finance.
• ForteBank: Top-5 Kazakh universal bank with strong SME and consumer franchise. Comparable as a competitor for SME deposits, lending, and digital banking customers in Kazakhstan's commercial banking market.
• Bereke Bank: Kazakh universal bank with growing SME and retail deposit franchise. Competes with KMF Bank for deposit gathering and small business lending following KMF's bank conversion.

Regional players

• Xalq Bank (People's Bank of Kazakhstan): Kazakhstan-focused bank with retail and SME presence. Functions as a regional competitor in the same Kazakh deposit and SME lending market KMF now operates in.

Direct peers

• Bai Tushum Bank: Kyrgyz microfinance-turned-bank serving SMEs and rural customers across Central Asia. Closely comparable microfinance-to-bank conversion story with EBRD and international DFI backing, similar to KMF's transformation path.
• FINCA Bank Kyrgyzstan: Microfinance bank serving micro-entrepreneurs in Kyrgyzstan and Central Asia. Comparable as a deposit-taking microfinance institution focused on unbanked and rural customers in the CIS region.
• Hamkorbank: Large private Uzbek bank with significant SME and microfinance exposure. Comparable as a Central Asian commercial bank serving similar entrepreneur and small-business customer segments.

Emerging players

• Kompanion Bank (Kyrgyzstan): Microfinance-turned-bank in Kyrgyzstan focused on rural agricultural lending and group lending. Comparable to KMF's KMF-Agro and KMF-Dostar product lines in microfinance and smallholder agricultural finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/kmf.official
• LinkedInlinkedin.com/company/microfinance-organization-kmf

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KMF