What did market leaders and experts discuss at the Colvir MFO Brunch?

On September 12, 2025, in Almaty at the Rixos Almaty hotel, Colvir Software Solutions hosted the first industry event for microfinance organizations — Colvir MFO Brunch. The meeting brought together more than 15 MFOs, representatives of banks, IT companies, and industry associations, including top managers, financial directors, and heads of digital technology development. The main goal was to discuss the transformation of Kazakhstan's microfinance sector, new growth opportunities, and the role of technology in this process.

Key Takeaways

The event highlighted that banks and MFOs are increasingly finding common ground through digitalization and business process transformation. In the summer of 2025, two MFOs — BNK and KMF — received banking licenses, becoming the 22nd and 23rd second-tier banks in Kazakhstan. Both companies, clients of Colvir, shared successful transition cases where Colvir's IT solutions served as the technological foundation.

Main Topics and Speakers

— Yerbol Omarhanov, Chairman of AMFOK, noted that MFOs are already moving beyond traditional lending: digitalization and new services will help them establish a sustainable position in the financial ecosystem

— Madina Tukulova, Head of Islamic Finance at MFCI, emphasized that Islamic finance can expand access to services and create a sustainable niche for both MFOs and banks

— representatives of KMF Bank shared their experience of transforming into a bank and discussed future plans

— Murat Abdrakhman, Director of Digital Development at BNK Commercial Bank, shared his experience of transforming an MFO into a second-tier bank, showing which Colvir solutions became the foundation of this transition.

Murat Abdrakhman, Director of Digital Development at BNK Commercial Bank

For us, Colvir is not just a vendor, but a partner that enabled us to go through this journey.

Denis Yudin, Head of Business Development Department at Colvir Software Solutions

Today, our product Colvir MFO — an accounting system that automates all key processes: from credit operations to bond issuance and other financial instruments — is used by microfinance organizations in Kazakhstan.

Initially, the system was created for banks, so we adapted it for MFOs to suit their specifics, making it easier to use and more flexible to implement. For small organizations, it may seem excessive; however, for the top 50 market players, Colvir is a reliable, industrial-grade system that meets their current needs and provides a foundation for future growth.

From the perspective of industry transformation, we expect that upcoming changes in banking legislation, particularly the introduction of a simplified license for banks, will serve as a catalyst for the largest MFOs to transition into the banking sector. Kazakhstan needs new players, more competition, and niche banks that will address specific customer needs.

Oleg Kachalin, Co-founder of Rocket Firm Group

Colvir offers an automated banking system, including a wide range of modules capable of meeting the needs of virtually any financial company. 

We have segments where some processes are still carried out manually. For such companies, a full automation package is in demand. At the same time, more mature MFOs already use systems at the Colvir level and need rather additional modules that expand functionality and allow offering customers a wider range of services.

The optimal approach for MFOs at the transformation stage is to combine solutions from different vendors. For example, a banking system from Colvir can be supplemented with a CRM from another company and front-end applications from a third provider. This hybrid approach allows building a system "to measure" and bringing high-quality products to market faster.

Technology as a Growth Driver

Colvir MFO Brunch demonstrated that technology is becoming a key factor for scaling MFO businesses and transforming them into banks. Process automation, implementation of modular solutions, and integration with other vendors' systems allow MFOs not only to optimize current operations but also to offer customers new services. Event participants agreed that the further development of the industry will depend on companies' ability to adapt to changes in legislation and market needs.

Colvir MFO Brunch became a platform for exchanging experience and ideas, laying the foundation for future meetings aimed at strengthening Kazakhstan's microfinance sector.