Banks in Kazakhstan will have to revise their loans and deposits
Tengrinews.kz — Kazakhstani banks have been given six months to overhaul their range of financial services, including loans and deposits. This follows a decree by the Agency for Regulation and Development of the Financial Market (ARDFM).
The ARDFM decree was adopted on August 3, 2026, and subsequently published officially. The document will take effect 60 calendar days after its first official publication—specifically in October. Following this, all financial institutions will have exactly six months to conduct a full audit of their current product portfolios.
Why is this being done?
The regulator's primary objective is to protect the rights of ordinary citizens by eliminating unfair practices from the market:
Eliminating tied-in services and hidden fees: Banks will be prohibited from enabling paid services by default or concealing the actual cost of a loan.
Preventing excessive debt: Financial institutions will be required to clearly define the target audience for specific loans. Complex or high-risk financial instruments can no longer be sold to clients lacking experience or high income levels.
Ensuring fair terms: The actual benefit of a deposit or loan must correspond to its price. If fees are excessive and the benefit to the client is questionable, the product must be modified or discontinued.
Proactive management: The ARDFM is requiring banks to establish safe conditions from the outset, rather than addressing consequences after receiving borrower complaints.
How banks will review their products
Every loan or deposit will have a clear "fact sheet" specifying the annual effective interest rate (AEIR), all fees, risks, and a description of the intended customer profile. This documentation must be stored for at least five years.
Banks must also analyze client complaints and remove fine print, hidden subscriptions, and pre-selected consent boxes from contracts.
Products with updated terms must first be tested on pilot groups. If risks emerge, they will be sent back for revision. Products that cannot be brought into compliance with the established standards must be completely withdrawn from the market.
However, the six-month deadline does not mean that banks must recalculate or change the terms of every existing loan and deposit held by Kazakhstanis. These new requirements primarily change the approach banks and other financial institutions take toward creating and monitoring their products, rather than triggering an automatic revision of all individual client contracts.
What else will change for clients
A 14-day "cooling-off period": Within two weeks, customers will be able to opt out of an unsecured loan or insurance policy without penalties or fees.
No pre-checked boxes: Apps and contracts will be barred from pre-selecting options for the client—any consent must be intentional and informed.
Honest advertising: Banks will be prohibited from advertising "attractive" low interest rates without disclosing the full annual effective interest rate (AEIR).
Ending the sales race: Bank managers' bonuses will no longer depend solely on the volume of services sold, making it unprofitable for them to push unnecessary products.
Earlier, it was reported that defaults on certain loans at pawnshops may no longer impact the credit history of Kazakhstanis. The Agency for Regulation and Development of the Financial Market has drafted a document that provides for the exclusion of information regarding overdue payments, fines, and penalties on microloans secured by vehicles and other movable property from credit reports. Details below.
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