KMF Digital Bank Build (IFC-607460)

  • Kazakhstan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 5, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
LLC Microfinance Organization “KMF”
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 14, 2023

Disclosed by Bank Jun 13, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, the current Project intends to support LLC Microfinance Organization “KMF” in its transformation into a Bank by helping the Client to define a clear and achievable business strategy that includes a detailed business plan, financial projections, and technological model review. Abovementioned will assist the Company’s Supervisory Board/Shareholders to make an informed decision on transforming the Company into a bank.
IFC's role in the engagement with KMF include (1) project management; and (2) key documents review and assistance in project development and approval process.
1. Project management includes strategic support to ensure quality of the deliverables, timelines, consistency and smooth implementation of the project
2. Review and develop key documents and approval processes of the:
a. Bank strategy
b. Financial model and business plan
c. Technological model review. With IFC's support, the current project has a strong potential to transform the largest MFI in Kazakhstan to the fully-fledged bank, feasible for future investments. Furthermore, the project provides a ground to engage IFC AS and IS teams to provide implementation support and potential debt and equity investment.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

As stated by the IFC, the project has been provisionally categorized as FI-3 according to the IFC Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The estimated total budget was pending at the time of disclosure.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's website, the microfinance organization "KMF" has been operating in the market since 1997. For 20 years of activity the Company has become one of the leaders in Central Asian microfinance sector.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - MFO KMF LLC Client Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - LLC Microfinance Organization “KMF”:

Elena Skufalyaridy - Manager Treasury
Phone: +7 (701) 755 16 07 / +7 (727) 331 74 74
Skype: kmf.elena
Address: Nazarbayev avenue 50, Almaty, Kazakhstan


You can submit a request for information disclosure at:

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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