In 2014, just 7% of financial transaction in Kazakhstan were digital – by 2024, that had reached 89%. The country’s digital infrastructure, which developed rapidly during COVID-19 restrictions, enables citizens to use digital and biometric identification to transact, open bank accounts, and apply for loans online.  

The surge in online financial activity brings increased risk, however, prompting Kazakhstan’s Agency for Regulation and Development of the Financial Market to develop robust, new, consumer protection laws. 

“We have launched a block of legislative amendments aimed at strengthening consumer protection and combating fraud,” says Bella Chikanova, the Agency’s Head of Social Projects and Financial Literacy. 

The new measures include: 

• First-time loan rule: borrowers applying for their first loan must physically identify themselves at a bank or microfinance institution before gaining digital access. 

• Voluntary loan opt-out: citizens can block themselves from taking loans, protecting against fraudulent borrowing. More than 2.5 million people have used this feature since its 2024 launch. 

• Debt limits: individuals with overdue loans are now barred from accessing additional credit until outstanding debts are repaid. 

Fraudsters are constantly adapting, requiring regulators to act proactively, warns Ms. Chikanova. “Scammers constantly improve their techniques, coming up with newer, more seductive ways of targeting consumers. We have to stay ahead of them, which is why AFI’s peer learning is so important, so we can learn from each other’s experiences in consumer protection.”