Population
19M
Online population
18.1M
Currency
KZT
Population - 19M
At the start of 2024, 58.3% of Kazakhstan’s population lived in urban centres, while 41.7% lived in rural areas.
Internet penetration - 92.3%
There were 18.1M internet users in Kazakhstan at the start of 2024
The financial technology market in Kazakhstan is one of the fastest-growing in Asia, facilitated by the active use of digital payment services by local residents. This is stated in a study by Finextra, published on September 6, 2023.
Analysts note that several factors contribute to the development of the FinTech sector in Kazakhstan. In particular, the country benefits from a favorable business environment and a reliable banking infrastructure. Additionally, there is a high level of internet penetration—over 90%. At the same time, major organizations, including those from the telecommunications sector, are experimenting with the development and implementation of new products and services.
<aside> 📌 KazFinTech The ‘Kazakhstan Association of FinTech’ is a non-profit association of legal entities whose activities are aimed at strengthening and promoting the interests of its members and companies operating in the online lending market and the FinTech industry as a whole. The association ‘KazFinTech’ was established in October 2015 by the initiative of leading companies in the sector.
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As of February 1, 2024, the banking sector of the Republic of Kazakhstan [is represented](https://www.gov.kz/memleket/entities/ardfm/press/news/details/716821?lang=ru#:~:text=По состоянию на 1 февраля,том числе 8 дочерних банков.) by 21 second-tier banks, 11 of which have foreign participation, including 8 subsidiary banks.