ASTANA, Kazakhstan, October 25. Fitch Ratings expects slower growth for Kazakhstan and Uzbekistan’s finance and leasing companies in late 2025 and 2026, Trend reports.
Higher interest rates, inflation, and tighter regulations are set to curb demand and new lending, the agency said in a new report.
According to Fitch, tighter regulations, slower economic expansion, and rising funding and operational costs will weigh on rated non-bank financial institutions (NBFIs). However, strong business models, solid profitability, and generally conservative leverage will continue to support their credit profiles.
The agency highlighted growing regulatory pressure in both countries, including interest rate caps, stricter prudential standards, and tighter supervision of the microfinance sector. Consolidation within the industry is expected to continue, as lenders seek efficiency gains and larger scale. More microfinance institutions may also pursue banking licenses to expand their participation in the consumer lending market.
Fitch noted that access to funding remains challenging amid rising rates and reduced flows of state-subsidized funds. Nonetheless, wide margins and short-term loan portfolios that reprice faster than liabilities will help sustain profitability.
In 2025, Fitch affirmed the ratings of seven finance and leasing companies and assigned new ratings to Microfinance Organization Mogo Kazakhstan, LLP MFO Robocash.kz, and Uzbekistan's’ Uzum Holding Ltd. The agency upgraded Kazakhstan’s TechnoLeasing LLC and Astana Motors Finance TOO to ‘B’/Stable and revised MFO Arnur Credit LLP’s outlook to Positive, citing stronger business growth and a better operating environment. Kazakhstan’s Robocash was placed on Rating Watch Negative in October following the temporary suspension of its microfinance license.