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Digital Transformation Spurs Financial Inclusion in Kazakhstan

Kaspi’s digital solutions are bridging vast geographical divides to boost financial inclusion and empower small and midsized enterprises across the nation.



June 2023

Kaspi seeks “to improve people’s lives by developing innovative products and services,” a mission that has helped the company establish itself as the dominant force in Kazakhstan’s digital financial landscape. With a wide range of offerings, including consumer financing, payment services, and an ecommerce marketplace, Kaspi is driving financial inclusion and leveling the playing field for the country’s small and midsized enterprises (SMEs). Kaspi serves individuals with digital payment services and consumer financing while extending working capital loans to merchants and providing an online marketplace for them to expand their customer reach.

Kaspi’s payment services accounted for 68 percent of the country’s noncash transactions in 2022, while its consumer loan business comprised 41 percent of nationwide retail credit.[1] The company’s point-of-sale (POS) terminals and QR code technology enable merchants to accept payments from customers directly without using a card. This digital payment platform provides SMEs with an omnichannel sales model previously accessible only to large corporations. By the end of 2022, Kaspi had 465,000 POS devices nationwide, with payments through the company’s proprietary payment network accounting for approximately 92 percent of overall transactions. In 2022, Kaspi’s QR payment platform was used by 86 percent of merchants, with its free peer-to-peer payment platform used by 85 percent of consumers. [2]

Kaspi’s functionality mirrors the omnichannel experience offered by U.S. retail giants like Target and Walmart, which allows a customer to search for a product on their mobile app and either order it for delivery or pick it up from a local store. Kaspi’s Super App boasts an impressive user base, with approximately 65 percent of Kazakhstan’s population as monthly active users.[3] In addition, 63 percent of monthly Super App users log into the app daily, according to Kaspi’s 2022 annual report.[4] The high ratio of daily to monthly Super App users highlights its popularity and convenience.

Kaspi’s Logistics Services Drive Growth for Small and Midsized Enterprises

Kaspi’s ecommerce marketplace connects consumers with goods from over 400,000 merchants. Kaspi supports SMEs through robust logistics services that empower businesses to overcome the challenges posed by Kazakhstan’s vast geography—it is the world’s ninth largest country in terms of land area.[5] The company’s logistics capabilities have been instrumental in facilitating the growth and expansion of SMEs, with Kaspi delivery accounting for 94 percent of total Kazakhstani ecommerce orders in 2022.[6] This reliable and efficient service ensures that products reach customers promptly, with 46 percent of orders delivered within 48 hours.5

Kaspi’s Postomat service, similar to Amazon lockers, is another innovative solution that reduces the operating expenses associated with last-mile delivery. With 3,348 lockers spread across 86 cities in Kazakhstan, this service accounted for 31 percent of ecommerce deliveries, providing customers with a convenient pickup option.5

Kaspi’s emphasis on logistics services goes beyond efficiency and cost-effectiveness; it also addresses the unique logistical challenges posed by the country’s geography. With vast distances between population centers and remote areas, delivering products to customers in a timely manner can be daunting. However, Kaspi has successfully navigated these challenges by establishing a robust delivery network and leveraging advanced logistics technology. By strategically placing lockers and optimizing delivery routes, Kaspi ensures that even customers in remote locations can access its marketplace offerings.

The success of Kaspi’s logistics services is a testament to its commitment to empowering SMEs and fostering economic growth nationwide. By providing reliable and affordable logistics solutions, Kaspi enables SMEs to reach a broader customer base, regardless of location.

Boosting Visibility and Sales: Kaspi’s Promotion and Reward Campaigns for Merchants

In addition to logistics, Kaspi supports SMEs with advertising services. Merchants gain free access to Kaspi’s extensive customer base of over 12.8 million users.[7] The platform also offers promotion and reward campaigns to help merchants boost their visibility and sales.

Kaspi goes beyond logistics and advertising to offer a range of services to benefit SMEs. This includes a business-to-business bill payment service and ongoing development of additional services tailored to the unique needs of merchants. Additionally, Kaspi has partnered with the government to streamline business registration on its platform, easing the process of starting an SME—20,000 merchants register their businesses on the platform each month on average.[8]

Providing Broader Access to Financial Services

Designed to bring financial services to users’ fingertips, the Kaspi Pay app bridges the geographical divide that often hinders access to formal financial systems in a vast country like Kazakhstan. By providing digital banking services accessible through mobile devices, Kaspi Pay ensures that people in remote areas can easily participate in the formal financial system.

Kaspi’s commitment to SMEs extends to its merchant finance portfolio, which has grown significantly since its establishment in 2020. Within just two years, the portfolio has expanded to account for 14 percent of Kaspi’s loan book, providing critical working capital loans to SMEs.[9] This is particularly noteworthy because emerging markets often face challenges in extending loans to businesses due to the lack of quality accounting records and tenable business outlooks. By integrating merchants into its payments and commerce platforms, Kaspi can responsibly provide working capital loans to these businesses, fostering their growth and development.

Additionally, Kaspi offers “Buy Now, Pay Later” products that empower individuals with limited financial means. This payment option allows them to make purchases and pay in installments, enhancing their purchasing power. These transactions help establish a credit history for individuals, making it easier for them to access future loans and other financial services.

Sustainable Development Goals

The Sands Capital six investment criteria tend to lead us to businesses that are innovators or vital facilitators of change in industries undergoing significant transformation. Kaspi is one of many portfolio businesses that create impact by addressing at least one major social or environmental challenge identified by the United Nations Sustainable Development Goals (SDGs). Kaspi’s initiatives support multiple U.N. SDGs, such as SDG 8, Decent Work and Economic Growth; SDG 9, Industry, Innovation and Infrastructure); and SDG 10, Reduced Inequalities.

[1] Company-level loan and payment services data is from Kaspi’s annual report: Kazakhstan country-level data is from Kazakhstan National Bank:

[2] Kaspi 2022 annual report: (pages 13, 15)

[3] Monthly active users from Kaspi annual report: (page 51) Kazakhstan population data sourced from the World Bank:

[4] Kaspi 2022 annual report: (page 4)

[5] Statista:

[6] Kaspi 2022 annual report: (page 39)

[7] Kaspi 2022 annual report: (page 23)

[8] Sands Capital research based on interviews with Kaspi.

[9] Kaspi 2022 annual report: (page 49)


The business profiled was selected based on its reported alignment with one or more U.N. Sustainable Development Goals.

Amazon, Target and Walmart were not held in any Sands Capital portfolios.

The views expressed are the opinion of Sands Capital and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. The views expressed were current as of the date indicated and are subject to change. Information contained herein may be based on, or derived from, information provided by third parties. The accuracy of such information has not been independently verified and cannot be guaranteed. The information in this document speaks as of the date of this document or such earlier date as set out herein or as the context may require and may be subject to updating, completion, revision, and amendment. There will be no obligation to update any of the information or correct any inaccuracies contained herein. This material may contain forward-looking statements, which are subject to uncertainty and contingencies outside of Sands Capital’s control. Readers should not place undue reliance upon these forward-looking statements. There is no guarantee that Sands Capital will meet its stated goals. Past performance is not indicative of future results. All investments are subject to market risk, including the possible loss of principal. Differences in account size, timing of transactions, and market conditions prevailing at the time of investment may lead to different results, and clients may lose money. A company’s fundamentals or earnings growth is no guarantee that its share price will increase. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. There is no assurance that any security will continue to be owned by Sands Capital. You should not assume that any investment is or will be profitable.

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