Asian Credit Fund

What Asian Credit Fund does

Asian Credit Fund (ACF; Russian: Азиатский Кредитный Фонд) is a Kazakhstan-based microfinance organization (LLC) founded in 1999 and headquartered in Almaty, specializing in microcredit to rural residents and small entrepreneurs. Its core products include microloans for agriculture and animal husbandry (constituting 83% of the active portfolio), small business microloans, fast-access microloans, personal-purpose loans, group-based solidarity microloans (Топтық Несие), and energy-efficient housing microloans (ТЭЖН). The organization complements its lending with non-financial services such as business training, financial literacy programs, and agricultural best-practice seminars.

ACF operates through a distribution model combining an extensive physical branch network across at least 12 Kazakhstan regions (Almaty, Taldykorgan, Semey, Karaganda, Shymkent, and others) with field-based loan officers who conduct in-person rural outreach. Digital touchpoints are limited but include a WhatsApp chatbot for customer service and online payment functionality. The company is regulated under microfinance activity license №02.21.0008.М issued by the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market, and in 2024 completed a debut bond issuance on the Kazakhstan Stock Exchange (KASE ticker MFCFb2) with a 2.0 billion tenge program at a 22.5% annual coupon.

ACF serves a base of approximately 40,165 active agricultural clients, with 92% of clients residing in rural regions. The company maintains long-standing partnerships with international impact investors and donors, including MCE Social Capital (20-year partnership), Credit Agricole, Triodos Investment Management, Alterfin, Oikocredit, USAID, and BCC Invest (its bond underwriter), and holds international microfinance certifications including SMART Campaign client protection certification and Social Rating from MicroFinanza Ratings. Revenue is generated primarily through interest income on its microloan portfolio, with capital sourced from a combination of domestic bond issuance, international partner facilities, and retained earnings.

Name

Asian Credit Fund

Legal name

Limited Liability Company Microfinance Organization Asian Credit Fund (ТОО «Микрофинансовая организация «Азиатский Кредитный Фонд»)

Website

https://asiancreditfund.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Asian Credit Fund (Азиатский Кредитный Фонд) is a Kazakhstan-based microfinance organization founded in 1999 that provides microloans to rural entrepreneurs and farmers, with 83% of its portfolio allocated to agriculture and 40,165 active agricultural clients. It operates through an extensive branch network across Kazakhstan and supplements lending with business training and financial literacy programs.

Ownership category

akta.pro rank

Product category

Microfinance

NAICS

Nondepository Credit Intermediation (5222), Credit Intermediation and Related Activities (522)

SIC

Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159)

akta.pro industry

PRIMARYFSAKAGAJ

SME Lending Platforms & Embedded SME Credit

Financial & Insurance/Lending & Consumer Finance/Small Business & Microenterprise Lending

SECONDARYFSABAKAE

Agricultural & Rural Development Banks

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)

Keywords

• Rural microfinance
• Agricultural microloans
• Small business lending
• Microcredit services
• Financial inclusion

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Microloan Interest Income: ACF generates revenue primarily through interest charged on microloans provided to rural entrepreneurs and farmers in Kazakhstan. The organization offers various microloan products including agricultural financing, small business loans, and personal loans.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Asian Credit Fund (ACF) is a Kazakhstan-based microfinance organization that provides microloans to rural residents, including agricultural financing, small business loans, fast microloans, personal-purpose loans, group microloans, and energy-efficient housing microloans. It complements its financial products with non-financial services such as business training and financial literacy courses, and distributes these products through an extensive branch network supported by field loan officers.

Product overview

Asian Credit Fund (ACF) operates as a microfinance organization (MFO/LLC) offering a suite of microloan products tailored to rural Kazakhstan residents. The core product portfolio includes microloans for agriculture and animal husbandry (the largest segment at 83% of portfolio), small business development, fast microloans, and personal-purpose loans. ACF also offers group-based microloans (Топтық Несие) and housing microloans with energy-efficient elements (ТЭЖН). Non-financial support services (business training, financial literacy courses) complement the lending products. ACF recently expanded into capital markets via its debut bond issuance on KASE (MFCFb2).

Differentiator

Problem solved

Functional benefit

Products and services

• Microloans for Agriculture and Animal Husbandry Specialized microloans supporting livestock farming and agricultural activities for rural residents of Kazakhstan. Constitutes 83% of ACF's active portfolio.
• Microloans for Small Business Microloans designed to support the development and growth of small businesses in rural areas of Kazakhstan.
• Fast Microloans Quick-access microloans providing rapid financing to rural entrepreneurs and individuals.
• Microloans for Personal Purposes Microloans available for personal financial needs of rural Kazakhstan residents.
• Group Microloans (Топтық Несие) Group-based microcredit offered to solidarity groups of rural entrepreneurs, typically without collateral requirements, based on mutual support principles among group members.
• Housing Microloans with Energy-Efficient Elements (ТЭЖН) Specialized microloans for housing improvements with energy-efficient components, helping clients reduce heating costs and improve dwelling comfort.
• Bond Issuance (MFCFb2) Listed bonds on the Kazakhstan Stock Exchange with a total program volume of 2.0 billion tenge, nominal value 1,000 tenge per bond, coupon rate 22.5% per annum paid quarterly.

Quantifiable outcome

• 40,165 active clients in agricultural sector
• +2 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered minor.

• Fintech Area FoundationminorStrategic or Co-development PartnerFoundation founded by Don Ginsel, member of ACF Supervisory Board, focused on fintech innovation in microfinance sector.
• Halyk BankminorChannel Partner/ Reseller/ DistributorMajor Kazakhstan bank listed as banking partner for potential referral and distribution arrangements.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• KMF (KazMicroFinance): Kazakhstan's largest microfinance organization, providing microloans to small businesses and entrepreneurs. Direct peer to ACF as both serve the same Kazakh MFO market with overlapping rural and SME client bases.
• FINCA Microfinance Bank of Kazakhstan: Kazakhstan-based FINCA franchise providing microloans and SME lending to underserved clients. Directly competes with ACF for the same rural agricultural and small business borrowers across overlapping regions.

Broad incumbents

• Bank CenterCredit: Parent of BCC Invest, which underwrote ACF's debut KASE bond. Major Kazakh commercial bank with overlapping SME and agricultural client base but vastly broader product set including corporate, retail, and trade finance.
• Halyk Bank: Kazakhstan's largest retail bank, listed as a banking partner of ACF. Competes for some SME and agricultural lending clients but operates a much broader deposit-taking and corporate banking franchise across urban and rural Kazakhstan.

Others

• Alterfin: Belgian cooperative and impact investor currently conducting due diligence with ACF. Functions as a wholesale funder and equity-like supporter of microfinance institutions; comparable as a capital partner rather than direct competitor.
• Oikocredit: International cooperative financial institution and impact investor supporting MFOs globally, listed as ACF partner/donor. Not a direct competitor but provides wholesale funding and comparable peer-set positioning in DFI/MFO ecosystem.
• Incofin Investment Management: International impact investment manager focused on financial inclusion, listed as ACF partner/donor. Provides debt and equity to MFOs globally; comparable as an ecosystem participant supporting ACF's funding and capacity.

Regional players

• Kompanion: Central Asian microfinance institution operating in Kyrgyzstan, listed as an ACF partner/donor. Comparable in mission, product set (group lending, SME loans), and rural agricultural focus, though operating in a neighboring country.
• Microinvest: Largest microfinance organization in Moldova and a recognized EMEN-region microfinance leader. Comparable in scale, group-lending methodology, and rural/SME focus to ACF, though operating in a different CIS market.
• Bai Tushum & Partners: Kyrgyzstan-based microfinance institution focused on rural and agricultural lending. Comparable in mission and product set (group lending, agricultural microloans) to ACF, though operating in a different Central Asian market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/asiancreditfund
• Instagraminstagram.com/asiancreditfund
• LinkedInlinkedin.com/company/asian-credit-fund

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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 Asian Credit Fund