# ID Finance awarded Microfinance Company status from the National Bank of Kazakhstan
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-06-21
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: ID Finance first to get National Bank license in Kazakhstan
Meta Description: ID Finance, the first company licensed by the National Bank of Kazakhstan, offering online credit services and contributing to the fintech market growth.
URL: https://financedigest.com/id-finance-awarded-microfinance-company-status-from-the-national-bank-of-kazakhstanhtml

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ID Finance has become the first [company](https://www.financedigest.com/dksh-sells-its-25-stake-in-swiss-luxury-watchmaker-bovet.html) to be granted an official license from the National Bank of Kazakhstan to provide online credit services. Inclusion in the register of institutional creditors will allow the company to contribute to the creation of a transparent financial technology market with clear and stable rules of operation.

ID Finance, the data science, credit scoring and digital finance business, will offer loans to consumers currently unable to access traditional banking products, whilst upholding the regulatory interests of [Kazakhstan’s](https://www.financedigest.com/kazakhstan-welcomes-frances-macron-under-moscows-disapproving-gaze.html) growing fintech industry.

The status as a MicroFinance Company will allow ID Finance to establish closer [links with the National Bank](https://www.financedigest.com/bank-of-england-removes-paintings-of-governors-linked-to-slave-trade.html "Bank of England removes paintings of governors linked to slave trade").  It cements our position as a trusted organization and will enable us to further grow our business within [emerging markets,’](https://www.financedigest.com/analysis-after-sanctions-barrage-russias-emerging-market-allies-explore-workarounds.html "Analysis-After sanctions barrage, Russia’s emerging market allies explore workarounds") comments Alexander Dunaev, co-founder of ID Finance. “We are continually evolving our technology and bring best in class solutions to the six countries we serve [across Europe](https://www.financedigest.com/white-bullets-piracy-demonetising-programmes-drastically-reduce-ad-revenues-to-piracy-websites-across-europe-analysis-finds.html "White Bullet’s piracy demonetising programmes drastically reduce ad revenues to piracy websites across Europe, analysis finds"), Asia, Caucasus and LatAm,”

Kazakhstan is a promising [market for fintech development](https://www.financedigest.com/ventricular-restoration-systems-market-development-history-current-scenario-industry-insights-2030.html "Ventricular Restoration Systems Market Development History, Current Scenario & Industry Insights 2030"). With a population of nearly 18 million, 65%1 own a smartphone and 73%2 use high-speed internet. However, three-quarters of its citizens are also unbanked and unable to access competitive and transparent financial services.

ID Finance is the leading online lender in Kazakhstan with a [market share](https://www.financedigest.com/countertop-spray-market-share-by-2028-upcoming-trends-and-analysis.html "Countertop Spray Market Share by 2028: Upcoming Trends and Analysis") of 59%. It [launched the country’s](https://www.financedigest.com/g7-launches-climate-shield-fund-some-countries-wary.html "G7 launches climate ‘Shield’ fund, some countries wary") first online lending service in 2014. ID Finance has also achieved Microfinance Company status in Russia from the [Central Bank](https://www.financedigest.com/central-banks-opt-for-shock-and-awe-to-tame-inflation.html "Central banks opt for shock and awe to tame inflation") of Russia – a status it has held since launch in 2012 – and expects to receive an official license imminently for its operations in Georgia.


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