Article 25-3. Action plan for the conversion of a microfinance organization into a bank of the Law on Microfinance Activities

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 1. The action plan for converting a microfinance organization into a bank is approved by the board of directors of the microfinance organization.

2. The action plan for converting a microfinance organization into a bank should contain a detailed description of the following measures, including the timing of their implementation:

1) development of standard terms of agreements on bank operations of the bank;

2) publication of the conversion announcement in periodicals distributed throughout the Republic of Kazakhstan, in Kazakh and Russian, and posting on the microfinance organization's Internet resource;

3) revision and modification of corporate governance and internal policies and procedures, as well as other internal documents of a microfinance organization, taking into account new types of activities;

4) identification of the managers of the microfinance organization responsible for the implementation of the action plan for the conversion of the microfinance organization into a bank;

5) carrying out work with clients under microcredit agreements in accordance with Article 25-4 of this Law;

6) carrying out all organizational and technical measures, including preparation of premises, equipment and software for automation of accounting and general accounting books that meet the requirements of regulatory legal acts of the authorized body and the National Bank of the Republic of Kazakhstan, revision of software for banking and other operations of the bank, preparation of draft staffing tables with the indication of surnames, first names and patronymics (if they are specified in the document, identity document) employees for the recruitment of relevant personnel, rules of banking and other activities, regulations on the internal audit service, the credit committee;

7) excluded by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective from the date of its first official publication).

8) approval of candidates for senior positions of the bank in accordance with Article 20 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan";

9) submission to the authorized body of a report on the implementation of the measures provided for in paragraphs 1), 2), 3), 4), 5), 6), 7) and 8) of this paragraph;

10) applying to the Government for Citizens State Corporation with an application for state re-registration of a microfinance organization with a bank;

11) after the state re-registration of the microfinance organization with the bank, approval of the rules for banking and other activities, the staffing table with the indication of surnames, first names and patronymics (if they are indicated in the identity document) employees, approval by the bank's Board of Directors of the regulations on the Internal audit service, the credit committee;

12) applying to the authorized body for a license to conduct banking and other operations of the bank;

13) the planned deadline for converting a microfinance organization into a bank, which should not exceed the period specified in paragraph 4 of Article 25-4 of this Law.;

14) other measures necessary to convert a microfinance institution into a bank.

3. No later than two months before the end of the conversion period specified in the permit of the authorized body, a microfinance organization shall submit to the authorized body a report on the implementation of measures provided for in the action plan for converting a microfinance organization into a bank, accompanied by documents confirming the implementation of measures.

4. If there are comments to the report specified in paragraph 3 of this article, the authorized body has the right to require the microfinance organization to take additional measures and (or) provide additional information and documents. The microfinance organization is obliged to take into account the comments of the authorized body (perform the required additional measures and (or) provide additional information and documents) and resubmit to the authorized body a report on the implementation of measures provided for in the action plan for converting a microfinance organization into a bank, with supporting documents attached, within the time limit set by the authorized body.

5. The authorized body approves or refuses to approve the report on the implementation of measures provided for in the action plan for converting a microfinance organization into a bank within two months from the date of its submission to the authorized body.

The Law of the Republic of Kazakhstan dated November 26, 2012 No. 56-V.

This Law regulates public relations related to the provision of micro-loans, establishes the specifics of the creation and reorganization of organizations engaged in microfinance activities, the legal status, activities of organizations engaged in microfinance activities, and also defines the specifics of state regulation of organizations engaged in microfinance activities, control and supervision of their activities.

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Republic of Kazakhstan

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