Payment operator's licence in Kazakhstan - YB Case 2024

Payment operator's licence in Kazakhstan

Payment operator
A payment operator's licence is an essential requirement for legal financial and payment transactions. It is issued to companies that provide various financial services, including the acceptance, transfer and execution of payments from customers. A payment operator licence in Kazakhstan guarantees compliance with legal requirements in the field of financial transactions, protects the interests of customers and maintains the stability of the financial system. Obtaining a payment operator's licence may also improve the confidence of customers and business partners in the company and open access to certain markets and services.

To obtain a payment operator licence in Kazakhstan, it is usually required to prepare the company's founding documents, business plan, contracts and agreements, compliance certificates, provide financial information about the company, and ensure a high level of security to protect financial transactions and customer data. This and other aspects of obtaining a payment system operator's licence in Kazakhstan will be discussed in this publication.

Payment Service Provider Licence in Kazakhstan: What makes the jurisdiction attractive to investors?

The Republic of Kazakhstan (hereinafter referred to as RK) attracts investors for several reasons:

  • Developed economy. The Republic of Kazakhstan has one of the largest and most diversified economies in Central Asia. A favourable business environment, stability and economic growth make the country attractive for payment operators.
  • Convenient geographical location. Kazakhstan is a strategic point of transport corridors between Europe and Asia. Large market. Kazakhstan has a large consumer market (more than 19 million people). This gives payment operators an opportunity to serve a wide audience and develop based on consumer demand.
  • Developed infrastructure. The RoK has a developed financial infrastructure, including banking and payment systems. This provides a sound basis for payment operators to operate and process electronic transactions.
  • Government support. The authorities support the development of the digital economy and provide incentives and regulatory frameworks for the development of the payment industry.
However, it is important to note that these are only some of the reasons why payment operators may choose Kazakhstan. The final choice depends on many factors, such as the company's strategy, legal and financial environment, regulatory environment and others. The right decision is to consult with competent professionals who can inform you in detail about the process of obtaining a payment operator licence in Kazakhstan.

What services can payment operators provide in Kazakhstan?

Payment operators in Kazakhstan provide various services related to financial transactions. Some of them are listed below:

  • International and domestic money transfer services, including transfers through banking systems, transfers to mobile wallets, transfers to bank cards and other transfer methods.
  • Domestic or international cash transfer services.
  • E-wallet services that allow customers to store money, shop online, make transfers and other transactions.
  • Secure online payment services for goods/services through various electronic payment systems.

What requirements should be observed by those who plan to obtain a payment licence in Kazakhstan?

Compliance and enforcement of certain rules and policies established by the relevant payment system not only ensures the safe operation of the operator, but also contributes to customer confidence and business success.

In order to obtain a payment operator's licence, the following requirements must be followed:

  • Familiarise yourself with all licensing conditions.
  • Gather all required documents that must be submitted when applying for a licence. This may include company registration documents, business plan, contracts and agreements, certificates of compliance and other required documents.
  • Provide financial information about the company. This may include financial statements, accounting records and any other information about the financial position.
  • Provide a high level of security to protect financial transactions and customer data. It is important to develop and implement effective methods to protect against fraud and hacker attacks.
  • Establish procedures to verify customer identity (KYC) and prevent the platform from being used for illegal purposes (AML/CTF).

Regulators may require additional documents to prove your qualifications and readiness to start operating as a payment operator.

Stages of obtaining a payment operator's licence in Kazakhstan

The licensing process for payment operators involves several basic steps:

  1. Registration of a company in Kazakhstan. A payment organisation must comply with the requirements established by the National Bank of the country, including requirements for the authorised capital, distribution of ownership and control over the organisation's assets and resources.
  2. Drawing up a package of necessary documents. Usually, the company's founding documents, audit reports, agreements with banks and confirmation of compliance with cybersecurity requirements will be required.
  3. Submitting an application. The application must be submitted to the National Bank of the Republic of Kazakhstan.
  4. Review of the application. At this stage, the compliance of the documents with the legal requirements will be assessed.
  5. Payment of licence fees. After the application is approved, licence fees must be paid. The amount of the payment is set by the National Bank of the Republic of Kazakhstan.
The amount of initial capital may vary depending on the size of the company and the type of operations offered. The amounts of initial capital vary from KZT 30 million to KZT 50 million. If the operator plans to combine payment services, the amount of the initial deposit may reach up to KZT 100 million. It is important to note that the licensing process may change over time and it is recommended to seek the support of dedicated specialists to obtain information on the current requirements or support in obtaining a payment operator licence in Kazakhstan.

What documents should a company prepare to obtain a payment operator's licence?

To obtain a payment operator's licence in the Republic of Kazakhstan, a company should prepare the following documents:

  • Application form. It should contain information about the company, its registered office, main beneficiaries and other necessary information.
  • Constituent documents. This may include the Charter, minutes of general meetings of participants and other documents confirming the legality and legality of the activity.
  • Documents confirming financial solvency. These may include accounting reports, bank statements, audit reports and other documents.
  • Regulations on the activities of the payment operator. It should describe payment procedures, information security, interaction with clients and other important information.
  • Documents confirming the qualifications of personnel. These may include CVs of employees, certificates of completion of special courses, licences to engage in certain activities and other documents confirming their competence.
  • Documents confirming compliance with personal data protection requirements. These may include confidentiality clauses, user agreements, personal data processing policies and other documents.

Registration of payment operator in Kazakhstan: rules of payment organisation

The rules of the payment system shall include the following items:

  1. Procedures for functioning of the payment system, including rules and terms of payment processing, procedures and terms of transactions, sanctions for violations by the user of the terms of use of the system, methods of consideration and settlement of claims of users, terms under which the payment operator will interact with other participants of the financial market.
  2. Description of services provided and transactions performed in the payment system. This will allow users to understand what functions and features they have, how to properly use these services. The description of services should be clear, understandable and contain information on possible commissions, terms of transactions and other important aspects that may be useful to users.
  3. Terms of participation in the payment system. Usually they specify what documents and data should be provided for registration in the payment system, what are the requirements to the financial condition of the participant, what are the terms of use of the payment system, restrictions on transactions, etc.
  4. The procedure of interaction between the participants of the system and its operator. These rules define the conditions under which participants can carry out their transactions and interact with the operator of the payment system in Kazakhstan. This may include such aspects as registration of participants, granting access to the system, establishing rules for making payments, handling complaints and disputes, and other important details governing the operation of the system.
  5. Special procedures for revoking payment and/or money transfer instructions. This will allow users of the system to be able to revoke a payment/money transfer instruction in the event of a wrong action. It is important to note that each payment system may have its own rules and procedures for revoking an instruction.
  6. Procedures for resolving participant insolvencies. This is necessary to ensure the stability and reliability of the system's operation. The resolution order defines the mechanisms and procedures that will apply in the event that a participant becomes insolvent. This may include, for example, debt restructuring procedures or other measures aimed at minimising potential risks to the other participants in the system.
  7. Procedures for compliance with information security measures. This includes various measures to protect the confidentiality and security of user data storage and transmission, prevent unauthorised access and other aspects. By the way, some basic measures may include protective measures at the network level, implementing strict access control policies, conducting security checks and system audits, etc.
  8. Measures taken against a participant for violating payment system rules. These measures may include fines, restrictions on transactions, temporary or permanent exclusion from the payment system, and other sanctions. The specific measures and their consequences depend on the payment system's policies and internal rules established by the payment system.
  9. Measures to combat money laundering and the financing of illicit organisations. Examples of such measures may include identification and authentication of users, implementation of procedures to detect and prevent fraudulent transactions, implementation of mechanisms to control and monitor payment transactions, and training of personnel on payment system security issues.

If you are interested in establishing a payment operator in Kazakhstan, please note that the rules may differ depending on the particular payment system.


A stable macroeconomic environment and openness to foreign investment are factors attracting individuals and companies wishing to provide payment services to Kazakhstan. Registering a payment system operator can be a labour-intensive procedure, especially due to the complexity of the legislative environment. Registration usually requires the submission of various documents, compliance checks, compliance with financial rules and regulations, adequate financial resources and technical support. It should also be borne in mind that the registration and licensing procedure may change over time.

YB Case's business advisers provide advice on the regulation of payment services in Kazakhstan. Such advice may address the following issues:

  • explanation of requirements and procedures for obtaining a licence to provide payment services, including necessary documents;
  • assessment of possible risks associated with the provision of payment services, including data security, fraud and AML compliance issues;
  • discussing technical standards for payment systems and service providers, including payment system integration, data protection issues;
  • discussion of reporting requirements.
Consultation will help you to understand the current regulations and assess possible risks and opportunities for your business. At the request of our clients, we can provide support in obtaining a payment operator's licence.

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