Bravo Microfinance has had its microfinance organization license revoked.

“The basis for the revocation of the microfinance organization (MFO) license, according to subparagraph 2) of paragraph 2 of Article 16 of the law of the Republic of Kazakhstan ‘On Microfinance Activities,’ was the conduct of activities with systematic violations (three or more times within twelve consecutive calendar months) of the requirements of the laws of the Republic of Kazakhstan, as well as the regulatory legal acts of the authorized body, the National Bank of the Republic of Kazakhstan,” the agency's message states.

Now, the MFO is required to conduct a re-registration procedure within thirty calendar days by removing the words “microfinance organization,” derivatives of those words, or abbreviations that imply that the specified legal entity is engaged in the provision of microloans from its name, or to make a decision on reorganization or liquidation.

Clients of the MFO who have outstanding obligations under microloan agreements are liable for any breach of obligations to the MFO in accordance with the terms of the concluded microloan agreements.