- the rules for regulating microfinance organizations, including those operating based on Islamic financial principles;
- the forms of periodic reporting for microfinance organizations (MFOs);
- the rules regarding the activities of guarantee funds.
Key changes:
Capital and dividends. The requirements for the adequacy of own and total capital of microfinance companies (MFCs) are clarified; new grounds for limiting or prohibiting dividend payments are introduced.
Subordinated debt. The possibility of accounting for subordinated debt in capital (for MFCs/MKCs) is introduced under certain conditions.
Debt securities. For MFCs that do not attract deposits, a limit on the volume of bond issuance will be established, the size of which will be determined by the NBKR.
Wholesale lending. A maximum size for large loans for MFCs is established.
Investments. The limit for investments by MFOs, leasing companies, and banks will be no more than 30% of their own capital.
Reporting. The forms, format, and deadlines for submitting regulatory reports for MFOs (including Islamic organizations) are updated.
Guarantee funds. The rules will be aligned with the law "On Guarantee Funds," especially regarding the functioning of the board of directors.
According to the NBKR, as of October 2025, there are 104 MFOs operating in Kyrgyzstan, of which 10 operate on Islamic principles. The sector continues to consolidate, which requires updating prudential parameters (capital, subordinated debt, bonds, and investment limits) and unifying reporting.
Comparative table of international practices in regulating microfinance organizations
| Country/Region | Forms and format of reporting | Calculation and payment of dividends | Prudential requirements |
| Kazakhstan | Monthly and quarterly submission of standard reporting forms in electronic form to the National Bank | Payment is allowed in the presence of net profit, full payment of authorized capital, and absence of signs of bankruptcy. | Minimum size of authorized capital (phased increase), risk limits per borrower. |
| Uzbekistan | Submission of financial reports (balance sheet, income statement) and other reports to the Central Bank in electronic form. | Regulated by general legislation for economic entities; the decision is made by the general meeting provided there is financial stability. | Minimum size of authorized capital (2 billion sums), capital adequacy standards, liquidity, maximum risk sizes. |
| Tajikistan | Submission of financial reporting in accordance with IFRS to financial and statistical authorities. | Specialized forms are established by the NBT. Regulated by the Law "On Joint Stock Companies"; the decision on payment from net profit is made by the general meeting of shareholders. | Minimum size of authorized capital, capital adequacy standards, liquidity, maximum microloan size per borrower, investment restrictions. |
According to analytics, Kazakhstan, Uzbekistan, and Tajikistan are following global trends towards tightening regulation of the microfinance sector.
In all three countries, regulators establish prudential standards, including capital requirements and risk limits, and require MFOs to submit regular reports.
Kazakhstan stands out with the most stringent and formalized reporting system and clear rules for dividend payments. Uzbekistan is actively harmonizing its legislation by implementing comprehensive prudential requirements. Tajikistan is also following this direction, establishing key standards through instructions from the National Bank while relying on general legislative acts regarding dividend payments.
Overall, the experience of these countries demonstrates a commitment to creating a transparent and sustainable microfinance environment, which is critically important for protecting the interests of both creditors and borrowers, as well as reducing systemic risks in the financial sector.
The main goal of the proposed regulation is to amend the Rules concerning the activities of MFOs, including those operating according to Islamic financing principles, specifically:
- revising the procedure for calculating the amount of dividends, as well as expanding the grounds for the National Bank to prohibit or limit dividend payments. This requirement is proposed based on other regulatory acts of the NBKR (in particular, the Instruction on Capital Adequacy Standards for Commercial Banks of the Kyrgyz Republic), as well as taking into account the current economic instability, market volatility, and geopolitical situation;
- updating prudential requirements for MFOs.
