Kaspi.kz filed its annual report for 2025, revealing the development strategy of its Kazakhstani super app with integrated payments, marketplace, and fintech services. The company continues to expand despite growing inflation risks and market competition.
Kazakhstan's leading fintech company Kaspi.kz (Nasdaq: KSPI) published Form 20-F, detailing its super app performance and development strategy for 2025. The report demonstrates how the Kazakhstani platform integrates payments, marketplace, and financial services into a unified ecosystem, attracting millions of users. This is important for the region as it demonstrates Kazakhstan's potential as a fintech hub in Central Asia.
Super App as the Foundation of Growth
Kaspi.kz develops an integrated ecosystem combining three main platforms: payments, marketplace, and fintech services. The company reported 190,227,932 ordinary shares outstanding as of the end of the period. Customer accounts reached 7,531,286 million tenge, with primary funding coming from retail term deposits and current accounts, as well as bonds and subordinated debt.
The super app strategy enables the company to provide consumers and merchants with comprehensive solutions through a single platform. All services are designed with users' everyday needs in mind and allow consumers and merchants to connect and conduct transactions with each other. This approach creates a strong base of active consumers and merchants, ensuring sustainable revenue growth and business profitability.
Inflation and Competition Risks in 2025
Kaspi.kz's report identifies significant macroeconomic challenges facing the company. Consumer inflation reached 12.3% in 2025, higher than previous years (9.8% in 2023 and 8.6% in 2024). The non-performing loan (NPL) ratio increased from 5.5% to 6.1%, indicating growing asset quality concerns.
The company also faces intensifying competition in Kazakhstan's fintech and e-commerce markets. Risks include dependence on Kazakhstan's economic stability, fluctuations in consumer demand, and the need for continuous investment in new product development. The company is actively expanding its service portfolio, including e-grocery operations, government services in partnership with the Kazakhstani government, and tourism packages.
Kazakhstan's Position as a Central Asian Fintech Hub
Kaspi.kz demonstrates Kazakhstan's potential as a regional fintech leader. The company leverages the country's advantages: an educated population (majority of 10,000 employees speak English), young demographics, and higher GDP per capita compared to neighboring markets. Kazakhstan maintains an investment-grade rating, has no capital movement restrictions, and offers favorable tax regimes.
Companies such as Alashed IT (it.alashed.kz) and other Kazakhstani IT outsourcers can benefit from growing demand for technological solutions in the fintech sector. Rapid technology adoption in Kazakhstan has created a unique sandbox for innovation. Before 2020, 80% of payments in the country were cash-based, now it represents approximately 12%, demonstrating a radical transformation of the payment ecosystem.
Что это значит для Казахстана
Kaspi.kz is the flagship of Kazakhstani fintech and demonstrates how the country can become a regional center for digital financial services. The company's success inspires other entrepreneurs and investors across Central Asia to develop their own fintech ecosystems. Kazakhstan is actively positioning itself as a technology hub for the region with favorable conditions for investment and innovation.
Kaspi.kz's non-performing loan ratio increased from 5.5% to 6.1% in 2025, reflecting growing macroeconomic challenges in Kazakhstan.
Kaspi.kz continues to strengthen its position as Kazakhstan's leading fintech platform despite growing inflationary pressures and competition. The super app strategy enables the company to provide comprehensive services and create a strong ecosystem for consumers and merchants. Kaspi.kz's success confirms Kazakhstan's potential as a fintech hub in Central Asia.
Часто задаваемые вопросы
What is Kaspi.kz's super app?
It is an integrated platform combining payments, marketplace, and fintech services in one application. Consumers and merchants can perform various financial operations, make purchases, and obtain credit through a single interface.
What are the main risks mentioned in Kaspi.kz's report?
Main risks include high inflation (12.3% in 2025), rising non-performing loan ratio (6.1%), dependence on Kazakhstan's economic stability, and intensifying fintech market competition.
Why is Kazakhstan attractive for fintech companies?
Kazakhstan has an educated population, young demographics, investment-grade rating, no capital movement restrictions, favorable tax regime, and rapid technology adoption by consumers.