Solva
bonds

MFO Onlinekazfinance JSC is the first issuer of corporate bonds from the MFI sector in the Republic of Kazakhstan. Since the launch of the first bonds issue in 2020 on the Kazakhstan Stock Exchange (KASE) and Astana International Exchange (AIX), the company has been fulfilling its obligations to investors, regardless of geopolitical and socio-economic factors. The credit rating was confirmed by S&P Global Ratings in July 2022 at the level of “B-/B”, the forecast is “stable”.

Despite impressive growth, the quality of the loan portfolio remains at a consistently high level – the share of overdue loans over 90 days was only 5.1% in 2021, and in the first half of 2022 the figure was below 5%.

Since 2021, the Company formed a supervisory board, which includes independent members. In 2022 the company’s internal audit service was established, the service reports directly to the supervisory board.

As of the end of July 2022, the size of the loan portfolio of MFI “OnlineKazFinance” exceeded 76 billion tenge. Portfolio growth in 2021 amounted to 26 billion tenge or 43% y/y.

Fast growth rate achieved in difficult market conditions – Covid-19 pandemic, geopolitical shocks in CIS, growing inflation – indicates effective approach to business management and consistently high demand for the Company’s products.

Solva is owned by international fintech investors who have successfully developed businesses in the online lending and distressed debt collection segments in Spain, Mexico, Vietnam and Singapore.

Solva management team members held senior management positions at major banks and IT companies in Kazakhstan and Russia.

Solva’s strategic goal for 2023 is to receive a banking license and transform from an MFI into a bank, which will make it Kazakhstan’s first credit and financial institution to work with micro and small businesses.