How to Secure a Payment Operator License in Kazakhstan

How to Secure a Payment Operator License in Kazakhstan

Getting a payment operator license in Kazakhstan isn’t just paperwork — it’s a ticket into the country’s financial market, granting firms the legal right to handle payments and money transfers. These providers sit at the very core of the settlement system: they keep transfers flowing between banks, businesses, and clients, making sure every move of funds is not only processed but also shielded against risks.

Think of them as trusted intermediaries — the ones who keep the gears of financial circulation well-oiled. They don’t just move money; they safeguard the reliability of the whole transaction chain.

As Kazakhstan steers further into the digital economy, the role of payment operators has become crucial. The state enforces strict oversight here, and any company that wants to operate in this space must secure an official license. Without it, a fintech business in Kazakhstan is legally grounded before it even starts. This license proves a provider complies with national laws and acts as a cornerstone of trust between clients, partners, and regulators.

This article walks through the licensing process step by step, breaking down legal requirements and practical nuances. The goal: help companies steer clear of costly mistakes, cut down risks, and grow confidently in the dynamic payment services sector.

The Powerhouse Behind Kazakhstan’s Digital Economy: Payment Operators

Payment operators are the silent engines driving Kazakhstan’s digital economy. They build the rails for cashless payments and online transactions — a network that has grown explosively in the past five years. The share of non-cash payments in the country has jumped by more than 65%, and it’s payment providers who made this leap possible. By rolling out new technologies, they’ve accelerated settlements and lowered transaction costs for both businesses and end users. To deliver such services, a company must hold a payment operator license, proof that it meets strict security standards.

A major focus is supporting small and medium-sized businesses. Operators give SMEs the tools to accept online payments smoothly and securely, which is essential in a booming e-commerce market. In 2023, Kazakhstan’s e-commerce turnover topped 1.5 trillion tenge, with over 80% of transactions processed through payment operator systems. Holding a payment services license isn’t just a legal formality — it directly shapes how businesses operate and grow.

Another crucial role is shrinking the shadow economy. By 2024, registered transactions through payment systems had climbed 40% year on year, cutting down unrecorded payments and boosting tax revenues. Licensed operators bring transparency to money flows, helping the state curb tax evasion and financial crime.

The digital shift also shows in the lives of everyday users. More than 15 million people now rely on mobile and online banking in Kazakhstan, and that number keeps climbing. Payment operators are the connective tissue, integrating banking platforms with fintech apps so users can send money or pay bills in seconds. Convenience, speed, and secure mobile payments have built public trust in going cashless. Licensed operators stand out as those offering the fastest and safest services.

On the innovation front, payment providers are leading players in fintech. Kazakhstan has become a regional leader in contactless payments, and operators were first movers here. By 2024, more than half of all transactions nationwide were contactless, radically cutting checkout times. A license cements a provider’s position in this fast-moving market, proving not only compliance with law but also readiness for cutting-edge tech.

Payment operators are also gateways to the global financial system. In 2023, cross-border payments through local systems rose by 25%, opening doors for exporters and importers while lowering costs of international trade. Faster, cheaper cross-border settlements make Kazakhstan more appealing to foreign investors.

In short, payment operators aren’t just service providers. They’re the architects of a transparent, innovative, and globally connected financial future in Kazakhstan.

The Price of Skipping a License: Fines and Criminal Liability in Kazakhstan

In Kazakhstan, no company can legally provide payment services without first securing a license. This requirement isn’t just red tape — it’s what keeps operations legitimate, ensures compliance with national standards, and safeguards consumer rights. Licensed operators help maintain stability across the financial system, while those who bypass the rules face heavy consequences: steep fines and even criminal prosecution.

The fines alone can be crushing. Depending on the scale of unlicensed operations, penalties range from 2,000 to 10,000 monthly calculation indicators (MCI). With today’s conversion, that equals roughly 7.38 million to 36.92 million KZT, or about $15,700 to $78,550. These figures are designed to make one thing clear: cutting corners in fintech is a very expensive gamble.

But the risks don’t stop at financial penalties. Operating without a license can trigger criminal liability if it causes serious losses to clients or the state. The law treats such activity as fraud, money laundering, or even terrorist financing — crimes that carry punishments from hefty fines to prison terms of up to seven years.

Complying with licensing rules, then, is not just about ticking a box. It shields companies from legal pitfalls, builds trust with customers, and lays the foundation for sustainable growth in Kazakhstan’s financial market.

Payment Services in Kazakhstan: The Toolkit Licensed Operators Bring to the Table

In Kazakhstan, payment operators cover the full spectrum of services that keep money moving and businesses running. This ranges from transfers and card issuance to handling digital wallets and transaction processing. The idea is simple: make payments smooth, safe, and convenient, so companies can focus on growth while customers enjoy frictionless service. A license isn’t a formality here — it’s proof that a provider is playing by the rules and meeting national standards.

Handling payments through bank accounts. Clients can move money across Kazakhstan or abroad with straightforward bank transfers. For businesses, this means paying suppliers on time and collecting customer funds into their company accounts with ease.

Payments without a bank account. One-off transfers without the hassle of opening an account are popular for clients who want quick, low-cost transactions. Licensed operators make this possible while keeping everything within the legal framework.

Cash deposits into bank accounts, including third-party accounts. This service is especially handy for companies with multiple branches or payment points. It allows them to pull all that cash together in one centralized bank account.

Issuing and redeeming electronic money and cards. This is where the fintech boom really shows. Electronic money fuels instant transactions — crucial in e-commerce — while payment cards give people a practical way to access funds and shop online or in-store.

Processing payments made with cards and e-money. These systems are the backbone for sectors where reliable, secure transactions are non-negotiable. Licensed operators ensure the data flows to banks and payments go through quickly, safely, and without hiccups.

Not everything counts as a payment service. Cash collection, or handing money from one private individual to another without a licensed provider, doesn’t qualify. The same goes for store-specific digital credits that only work with a single seller — they’re too limited to be considered true payment instruments.

Services that are purely technical, like setting up payment terminals or maintaining authentication systems, also don’t make the cut. They provide the plumbing but don’t move the water. That’s why regulators place so much emphasis on high security and reliability standards when issuing a license in Kazakhstan.

This separation of services makes life easier for businesses choosing partners. A company built on cash flow may prioritize deposit services, while an e-commerce brand will look for strong electronic money solutions. For operators, a license is the ticket to credibility and long-term stability in the country’s financial sector.

National Bank of Kazakhstan: The Watchdog of Payment Operators

The National Bank of Kazakhstan plays a central role in shaping the rules of the payment game. It doesn’t just hand out licenses — it sets the standards, enforces them, and makes sure operators stick to the law. Its authority comes from the law “On the National Bank of the Republic of Kazakhstan”, which gives it sweeping powers over financial markets and the duty of keeping the payment system safe and stable.

But oversight doesn’t stop at Kazakhstan’s borders. The National Bank works closely with international financial institutions, adapting global best practices to local realities. This exchange raises the bar for quality, builds trust in the national payment system, and strengthens Kazakhstan’s position in the global financial arena.

Legal Landscape for Payment Operators in Kazakhstan

The work of payment operators in Kazakhstan is tightly bound to law — with transparency and security as guiding principles. At the core lies the law “On Payments and Payment Systems”, which sets the ground rules for all providers. It defines their rights and duties, frames accounting standards, and establishes technical support obligations, ensuring the payment market runs on solid ground.

Another cornerstone is the law “On Personal Data and Its Protection.” Under it, operators must shield client information against leaks or breaches, and prove they meet the highest security benchmarks. Failure to do so can lead to heavy fines or even loss of license. This act is a key pillar of the regulatory system, putting user interests front and center.

Oversight doesn’t end once a license is granted. The National Bank of Kazakhstan continues to monitor operators closely. According to the Financial Reporting Instruction, providers must regularly submit data on transactions, information security measures, and compliance with laws. This ongoing supervision is essential for managing risks and keeping the country’s financial sector resilient.

License Requirements for Payment Operators in Kazakhstan

The road to becoming a licensed payment operator in Kazakhstan isn’t short or simple. The National Bank sets out a multi-stage process that checks everything from corporate governance to financial resilience. These requirements are designed to protect consumers, enforce quality, and make sure only competent, reliable firms enter the market.

Legal status of the company To qualify, an applicant must be a registered legal entity under Kazakh law. The typical structures are LLP (ООО) or JSC (АО), depending on the scale and nature of the business. Beyond the paperwork, a company must also put in place clear rules for internal control and risk management. This structure reduces operational risks and signals trustworthiness to regulators.

Minimum charter capital for different license types Financial strength is a must. Under Kazakh law, companies must hold a minimum amount of charter capital before they can operate in the payment services market. The exact figure depends on the scope of the license and the services offered, with the National Bank keeping close watch through its regulatory resolutions.

According to Resolution No. 10 of February 19, 2024 (effective July 1, 2024):

• For one category of payment services, the minimum charter capital is set at 150,000,000 KZT (around USD 312,000). This threshold applies to services such as: • accepting cash payments without requiring a sender to open a bank account; • issuing and circulating electronic money and payment cards; • managing payment operations involving electronic currency; • processing electronic payments on behalf of clients, including transmitting data to banks and financial institutions.
• For two or more categories of services, the required capital rises by 50,000,000 KZT (about USD 104,000) for each additional service. For example, a company offering two types of services must hold at least 200,000,000 KZT (150,000,000 + 50,000,000).

This tiered system ensures that only firms with the financial muscle to handle risks — and the discipline to follow regulatory standards — can enter Kazakhstan’s payment market.

Who Gets to Run a Payment Operator in Kazakhstan: Demands on Leaders and Shareholders

Kazakhstan doesn’t hand out payment operator licenses lightly. The law sets strict rules not only for companies themselves but also for the people running them and those holding shares. Article 19 of the law “On Payments and Payment Systems” lays down the foundation: only leaders and shareholders who meet high standards of integrity, education, and reputation can be part of this industry. The aim is clear — financial transparency, system stability, and a trustworthy business climate.

Qualifications and restrictions for executives To sit in the director’s chair at a payment company, a person must have a higher education diploma. There’s also a blacklist: anyone who managed a financial institution that went into liquidation, conservation, or bankruptcy in the year before those events cannot take a leadership role. This safeguard is meant to stop repeat management failures.

The ban is even stricter for those who ran a payment company struck off the registry for violations. Such individuals cannot be appointed for five years after the exclusion, as specified in Article 19, paragraph 1-1.

Anti-terrorism safeguards No one associated with financing terrorism or developing weapons of mass destruction can be brought into management. These restrictions serve as a firewall, protecting the financial system from threats to national and global stability.

Criminal records and business reputation Anyone with an active or unexpunged conviction is barred from holding key positions or owning shares. This applies not just to economic crimes but to any offense that undermines trust. If the National Bank discovers a violation of Article 19 or finds false information about a director, it can demand their immediate replacement.

Requirements for shareholders The same rules apply to the owners behind the scenes. Shareholders must meet strict criteria under Article 19-1 of the law. Those with outstanding convictions cannot hold equity in a payment operator. The law also blocks participation by anyone linked to terrorist or extremist networks, or to financing weapons of mass destruction. This ensures that ownership structures remain clean and reliable.

Data management standards The demands go beyond people to systems. Every payment operator must build data management tools that guarantee security: encryption, secure communication channels, and controlled access to databases are mandatory. Protecting client information is not optional — it’s the backbone of legal compliance.

Companies that meet all these requirements and complete the licensing process gain the right to serve millions of customers across Kazakhstan. By holding managers, shareholders, and technology to such high standards, the National Bank ensures that only the most trustworthy players operate in the country’s payment ecosystem — and that trust fuels the stability of the entire financial sector.

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How to Get a Payment Operator License in Kazakhstan: Step-by-Step

Becoming a licensed payment operator in Kazakhstan isn’t just filling out a form — it’s a sequence of carefully regulated steps. Each stage is locked into law, and every detail matters. Below is a clear roadmap that shows how the licensing process unfolds in practice.

Documents Required to Obtain a Payment Operator License in Kazakhstan

Getting licensed as a payment operator in Kazakhstan means more than just filling in forms — it’s about presenting a full, convincing package that proves the company is legally established, financially stable, and technically reliable. The National Bank uses these materials to evaluate whether a business meets the country’s strict standards. Here’s what the file must include.

In addition, regulators require a set of internal policies that detail exactly how the payment organization will function. These rules are not optional — they are central to the licensing process and must cover the following:

• A detailed overview of all payment services the company plans to provide.
• Clear regulations and deadlines for service delivery.
• Pricing structure and tariff schedules for financial services.
• Procedures for working with third-party providers of technical support.
• A risk management framework with measurable parameters.
• A client dispute-resolution process and conflict-handling algorithms.
• A cybersecurity compliance plan with specific technical measures.
• A description of the equipment, digital platforms, and technical solutions used to guarantee services.

This structured documentation package is what convinces the National Bank that a company can operate legally, securely, and sustainably as a payment operator in Kazakhstan.

Waiting for the Green Light: How Long Does a License Take in Kazakhstan?

In Kazakhstan, patience is part of the process. Once a company hands in the full stack of documents, the National Bank typically needs 30 to 60 days to go through it all. During this time, regulators dig into the details — from financial stability to corporate governance to how well the firm protects client data.

But that clock isn’t always predictable. The review can drag out if:

• the document package is incomplete, forcing the regulator to stop and wait for corrections;
• the business model is too tangled or management practices aren’t transparent, which means auditors will need extra time to untangle the picture.

So, firms that submit a sharp, well-prepared file usually glide through on schedule, while those with gaps or gray areas risk seeing the calendar stretch.

Why Licenses Get Denied in Kazakhstan — and How to Fix It

For companies dreaming of stepping into Kazakhstan’s payment services market, nothing hits harder than a rejection from the National Bank. The reasons for refusal are many, but so are the ways to prevent them. Knowing the pitfalls — and fixing them before filing — can save months of frustration.

• False or incomplete information. Errors, missing data, or inconsistencies in the paperwork immediately raise red flags. Every document must be accurate and verifiable, because even minor discrepancies can make the regulator hit pause.
• Incomplete package. Submitting fewer documents than required, or forms that don’t meet the official standards, will stop the application in its tracks.
• Unqualified leadership. If the appointed director lacks the necessary education, or has an unexpunged criminal record, it violates Article 19 of the law — a sure path to rejection.
• Missed deadline. If a company fails to apply for registration within one year of its state incorporation, the application will be automatically refused. This rule enforces strict discipline on timing.

Success comes down to preparation. Before applying, firms should run an internal audit to double-check every line of every document. A complete and carefully assembled package gives regulators no reason to doubt. Creating a checklist of required papers — and reviewing it regularly — minimizes oversights.

If a company head doesn’t meet the criteria, replacing them before filing is far better than waiting for the rejection letter. And the moment a business is registered, it should already start preparing its licensing paperwork to avoid timing issues later.

In short, thoroughness and timing are everything. Companies that prepare smartly don’t just dodge refusals — they build credibility with the regulator from day one.

The Pitfalls of Licensing in Kazakhstan — and How to Dodge Them

Getting a payment operator license in Kazakhstan may look straightforward on paper, but in practice it comes with hurdles. A single mistake at any stage can mean long delays — or even a flat rejection. Here are the most common stumbling blocks companies face:

• improperly prepared documentation;
• shortfalls in charter capital — either miscalculations or lack of funds;
• directors who fail to meet legal requirements or carry a questionable track record;
• weak IT infrastructure — poorly implemented systems or insufficient data protection;
• no AML/CFT (anti–money laundering and counter-terrorism financing) policies in place;
• inability to present reliable financial reports;
• failure to comply with obligations after the license is granted.

The smartest move is to bring in professionals early. Lawyers specializing in licensing can clean up the paperwork and plug legal gaps. Financial advisors check whether the company’s capital, reserves, and reports match regulatory expectations. This kind of expert support prevents most of the mistakes that sink applications.

It’s also worth running a full compliance audit before filing. That means reviewing financial health, governance structures, and IT security. Fixing weak spots ahead of time not only boosts the chance of success but also strengthens the business plan itself. With the right preparation, the licensing process stops being an obstacle — and becomes a launchpad into Kazakhstan’s financial market.

Living With the License: The Daily Grind of a Payment Operator

Securing the license is a milestone, but it’s not a finish line — it’s an ongoing promise to play by the rules. Once in the game, payment operators in Kazakhstan are held to strict standards, and every move is watched by regulators.

Financial reporting and audits Forget about simple income statements. Licensed firms have to provide in-depth breakdowns of every service, from liquidity compliance to operational data. Regulators also keep the right to drop in for a surprise audit — no warning required.

Fighting money laundering and terrorism financing Operators must constantly scan transactions for suspicious activity. That means data analysis systems, updated blacklists, and automated high-risk alerts. Every frozen transaction must be documented and sent to the authorities.

Securing customer data Hackers don’t wait, and neither does the National Bank. Operators must constantly update their systems, back up all transactions, and maintain strict cybersecurity policies. Every breach, no matter how small, must be logged and reported.

Capital upkeep The law requires firms to keep their capital strong enough to absorb risks. If transaction volumes grow, the reserves must grow too. Regulators can order increases in charter capital if they see rising risks.

Constant supervision There’s no “set it and forget it.” Regulators continuously monitor operators through reports, inspections, and infrastructure checks. Any red flags trigger deeper reviews.

What happens if you slip The consequences aren’t light: fines, license withdrawal, and in some cases, even criminal charges. The system is designed so only companies that stay transparent, secure, and financially sound keep their license.

The Real Price of Keeping a License Alive

Getting licensed is a milestone, but staying licensed comes with its own bill. For payment operators in Kazakhstan, post-license costs aren’t optional extras — they’re the price of doing business legally and safely.

First on the list are the annual licensing fees. Each year, operators must pay the state to keep their permit active. In 2024, the rate depends on license class and activity, but for payment system providers, the minimum is set at 400 MCIs, or roughly 1,476,800 KZT. Miss a payment, and the license risks slipping away.

Then comes the invisible but essential budget line: cybersecurity. Companies must constantly refresh their IT infrastructure, run penetration tests, and patch vulnerabilities. Protecting client data isn’t cheap — but falling short costs far more if regulators step in.

Finally, there’s insurance. Every operator has to take out policies that cover both operational risks and the legal costs of possible lawsuits. It’s money spent not for profit, but for peace of mind — and for meeting the regulator’s standards.

For firms in this field, these obligations are as binding as the license itself. Staying compliant means paying on time, investing in security, and keeping risks under control.

When Payment Operators Get Kicked Out of the Register in Kazakhstan

The National Bank of Kazakhstan has the authority to wipe payment operators off the official register if they break the rules. Losing the license doesn’t just end a company’s right to offer services — it also shatters its reputation and threatens its finances. Here are the main triggers that can lead to removal:

• Failure to report properly. Firms that repeatedly skip or botch their reporting duties — three times or more in a single year — risk exclusion. Licensed operators are expected to file complete and accurate data about every operation, since transparency is the backbone of trust.
• False information. Submitting inaccurate data, especially if it influenced the licensing decision, is a serious violation. Licensing is built on the principle of full accuracy, and breaking that trust can cost a firm its place in the register.
• Ignoring the law. People who break the Law on Payments and Payment Systems on a regular basis, especially when it comes to anti-money laundering (AML) and fighting terrorist financing (CFT), can be excluded. Following the rules here is not a choice; it is the main reason you have a license.
• Inactivity. If a company doesn’t begin operations within 12 months of registration, or halts work for longer than six months, it can be struck off the list. Long stretches of inactivity essentially nullify its right to operate.
• Voluntary closure or court decision. Companies that liquidate, reorganize, or are shut down by a court automatically leave the register. Before exiting, they must settle all obligations to partners and clients.
• Obstructing the regulator. If a company blocks inspections or refuses to follow National Bank instructions, exclusion follows. Cooperation with regulators is part of the license itself.
• Stopping services by choice. Operators can apply for removal if they decide to quit the market. But if clients’ interests might be affected, the National Bank can delay the exit until obligations are fulfilled.

Once a company is excluded, its license immediately loses force and payment activities must cease. That means losing not just legal status but also market credibility.

Within a month of removal, the company must either change its name to drop the phrase “payment organization” or begin liquidation or restructuring. These rules are designed to keep the market clean and protect customers who rely on payment providers in Kazakhstan.

Conclusion

Obtaining a payment operator license in Kazakhstan is not a one-step formality but a layered, demanding journey. The process stretches from the careful preparation of documents to the deep checks and evaluations carried out by the National Bank. At every stage, strict adherence to legal and regulatory standards is the deciding factor. The outcome depends on the precision of the paperwork, the company’s ability to meet financial and technical benchmarks, and its consistent compliance with all statutory requirements.

To speed up the licensing timeline and reduce the risk of rejection, it is wise to adapt the company in advance to the demands of audits and technical inspections. This means aligning corporate governance with the standards of the regulator, maintaining financial transparency, and reinforcing IT security systems before the application is even filed. Just as important is bringing in professional support — lawyers who understand the legal framework and financial advisors who can confirm compliance with capital and reporting requirements. With their help, companies can avoid the common mistakes that often lead to delays or outright refusal.

A thorough risk assessment carried out ahead of time, along with comprehensive preparation for the audit process, not only shortens deadlines but also helps reveal weak spots in the business model that can be corrected early. This proactive strategy turns licensing from an obstacle into an opportunity to strengthen internal processes and boost credibility with both regulators and partners.

Working with our team ensures the process is as smooth and effective as possible. We provide full-cycle support — from document preparation and compliance checks to direct communication with regulatory authorities. Our experts tailor the licensing roadmap to each client’s business, helping to minimize both time and financial costs while maximizing the chance of approval. By relying on professional guidance, companies don’t just secure a license — they gain a reliable partner in building a long-term, sustainable presence in Kazakhstan’s financial market.