Regulatory Authority and Legal Framework for Payment Services in Kazakhstan
The NBK is the central body that is responsible for recording eligible payment organizations in its official register. On the basis of the nature of the transactions, other financial activities may be regulated by the ARDFM.
Registered firms may perform:
- Collection of cash without requiring the sender to open an account;
- Purchases, and sales of e-money, and distribution of payment cards;
- Handling of transfers made using e-money;
- Processing electronic instructions and forwarding information to an authorized entity for execution.
Different rules will apply depending on the types of services which a company intends to offer. Being registered does not automatically authorize every activity associated with digital finance. For instance, a business wanting to hold customers’ money and launch new products must check if any additional permits are required.
National Bank’s regulations set the operational standards and security measures that the companies must comply with. Entrepreneurs need to be aware of the latest terms and conditions before they launch their businesses as the necessary processes may also vary from time to time.
Document Preparation for PSP Registration
The required paperwork depends on the proposed activities and the entity’s structure. A payment organization generally submits the prescribed materials to the NBK through an accepted electronic government service or another permitted channel.
The standard package may include:
| Application form | Details about the organization, its activities, and executive officers. |
| Management qualifications | Educational certificates and professional experience records for relevant personnel. |
| Charter capital evidence | Confirmation that the applicable amount has been formed. Under NBK Resolution No. 129, the minimum charter capital is KZT 150 million for one of the payment service categories specified in the applicable legislation, with an additional KZT 50 million for each further qualifying service category. |
| Company charter | The entity’s constitutional document. |
| Banking arrangements | Information about cooperation with a bank or another authorized organization. |
| Responsible personnel details | Information about cooperation with a bank or another authorized organization. |
| AML policies | Procedures addressing money laundering and terrorist financing. |
| Operating rules | Written procedures approved by the appropriate decision-making body. |
Incomplete information or inconsistencies can delay the review. The company’s proposed services, staff appointments, and operating procedures should therefore be aligned before submission. Professional consulting, registration support, and application preparation can help identify gaps in advance.
PSP Registration Costs and Processing Time in Kazakhstan
The total cost depends on the business model, company structure, and technology needed to operate. Entrepreneurs should consider the following expenses:
| Cost category | What to consider |
| Government charges | Confirm whether an official fee applies. |
| Charter capital | Verify the applicable statutory amount. |
| Company establishment | Incorporation, registered address, and administration. |
| Bank arrangements | Account servicing and technical integration. |
| Technology and controls | Cybersecurity and system maintenance. |
| Professional services | Advice, translations, and paperwork preparation. |
There is no single price applicable to every PSP. Costs depend on the services offered and whether additional authorization is needed.
How long does registration take?
Article 16 of the Law on Payments and Payment Systems establishes a 15-working-day review period for the relevant procedure, calculated from receipt of the complete set of required materials.
The overall timetable may be longer because establishing the entity, arranging cooperation with a bank, and preparing operating policies take additional time. Incomplete submissions may also cause delays, so the current procedure should be confirmed before planning a launch.
Ongoing Compliance and Reporting Obligations of PSPs
After being enrolled in the relevant register, the entity must continuously comply with the regulations concerning the activities of the entity. Some major obligations are:
- AML measures: Report any suspicious transactions and fulfill the reporting requirements under the relevant legislation.
- Corporate governance: Set out responsibilities within staff and update policies as necessary.
- Safety of information: Ensure customers’ privacy and payment systems remain secure.
- Bank relations: Implement the agreements with partner banks and licensed third parties.
- Official reporting: Provide the authorities with the necessary information and inform them of relevant changes from time to time.
- Keeping records: Keep records during the periods prescribed by the law.
- Changes to activities: Check whether new services require further filings or permission.
FAQ
Is a PSP license required in Kazakhstan?
Organizations conducting activities covered by the payment organization regime must complete the relevant procedure with the NBK. Other activities may require separate authorization.
How long does PSP registration take?
The statutory review period is 15 working days after receipt of the complete set of required materials. Preparation may extend the overall timetable.
What documents are needed?
The package generally includes the prescribed form, company charter, evidence of charter capital formation, staff details, banking arrangements, AML policies, and operating rules.
How much does PSP registration cost?
Costs depend on the applicable capital thresholds, company establishment, technical infrastructure, and professional fees. An accurate estimate requires an assessment of the proposed activities.
Can foreign entrepreneurs establish a PSP in Kazakhstan?
Foreign founders should assess the available entity structure, ownership arrangements, and eligibility conditions. They must also confirm which authorization applies to their intended services.
Can a PSP operate immediately after submitting its application?
No. Submission alone does not authorize activities requiring prior registration or permission. The relevant procedure must be completed before those services begin.
What professional assistance is available?
Eternity Law International can provide regulatory support. We advise on activity classification, prepare paperwork, review operating policies, and assist with communication with the competent authorities. The scope of work should account for any additional authorization the business may need.
