Millions of Kazakh citizens opt out of taking loans

Tengrinews.kz – More than four million people in Kazakhstan have used the option to voluntarily refuse new loans, according to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market (ARDFM).

She said that around three million citizens currently have an active opt-out status, while about 4.5 million have made use of the service at some point.

“The measure has proven effective. If a fraudulent loan is issued in someone’s name while their voluntary refusal status is active, the financial institution is obliged to write off the debt without a court decision. This norm is clearly stated in the law and is already in effect,” Abylkassymova told reporters in the Mazhilis during the presentation of a draft banking law.

What the service does

Kazakh citizens can activate the voluntary refusal service for bank loans and microloans through the eGov.kz portal or the e-Gov Mobile app.

Once active, banks and microfinance organizations cannot issue loans to that individual, protecting them from fraudulent borrowing.

To activate the service, users must log into eGov with their electronic signature (EDS) or password, select “Voluntary refusal of bank loans and microloans for six months” under the “Services” section, complete the form, and sign the request digitally.

The restriction can be lifted at any time by submitting another request via eGov or the mobile app.

The option to voluntarily block loan issuance was officially introduced in August 2023. Initially, the ban lasted six months before expiring automatically, but it has since been expanded to allow continuous use until canceled by the individual.