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Kazakhstan is set to introduce a groundbreaking digital platform designed to simplify debt management for citizens struggling with multiple problematic loans. This initiative aims to provide a unified solution for borrowers facing difficulties with various financial institutions.

A Unified Approach to Debt Resolution

The new system will allow borrowers to consolidate and manage all their outstanding debts through a single online platform. This move is expected to significantly ease the burden on individuals who currently have to negotiate separately with each bank or microfinance organization they owe money to.

Key Features and Eligibility

This digital debt restructuring system is slated to officially launch under new regulations on July 12, 2026. It is specifically designed for borrowers with unsecured consumer loans and microloans who have overdue payments to two or more creditors. For microfinance organizations, a debt is considered overdue if it exceeds 90 days, while for banks, the threshold is 180 days. The total debt amount must not exceed 1600 MCI (Monthly Calculation Index), approximately 6.3 million tenge. Borrowers with secured loans, such as mortgages or auto loans, will not be eligible for this platform, as separate mechanisms are being developed for them.

Streamlined Application and Review Process

The application process will be entirely online, requiring only an individual's IIN (Individual Identification Number) and mobile phone number. Upon registration, the system will automatically retrieve data from credit bureaus and state registries to assess the borrower's debt status, legal claims, and social standing, eliminating the need for paper documents. A significant feature is the right to dispute the system's decision. The platform will be transparent about the data and criteria used, and if an algorithmic decision is unfavorable, borrowers can request a review by a human specialist, such as a financial ombudsman.

Consolidated Payments and Creditor Requirements

Once verified, debt information will be automatically sent to creditors, leading to the creation of a single repayment schedule instead of multiple individual ones. This restructured plan can extend up to 60 months and will be finalized with an electronic digital signature. During the review process, creditors are prohibited from demanding early repayment, initiating legal action, or transferring the debt to collectors. Banks and MFIs will also be required to write off all fines and penalties accrued by the borrower once the procedure begins. Payments can be made directly through the platform, which will automatically distribute funds to creditors according to the schedule. The system also allows for automatic recalculation of the payment schedule if the borrower's financial situation changes.

Data Protection and Future Implications

The platform operator will not claim ownership of user data and will be solely responsible for the technical operation of the system. All user activities will be logged in secure audit trails, and information will only be shared with third parties under legal grounds or with the borrower's explicit consent. It's important to note that this initiative is not a debt amnesty; borrowers will still be obligated to repay their full debt amount. The process will be recorded in the borrower's credit history, making future lenders aware of their participation in the debt restructuring program.

The primary goal of this reform, according to the Agency for Regulation and Development of the Financial Market (ARDFM), is to reduce bureaucracy for borrowers. The introduction of this platform, along with a unified financial ombudsman, aims to create a more accessible and efficient system for managing financial obligations.

This system will begin operating under new rules from July 12, 2026, and will transition under the management of a unified financial ombudsman from January 1, 2027. The unified ombudsman will combine the functions of the current banking and microfinance ombudsmen.

Source: inbusiness.kz