Kaspi.kz: business account score and facts

Kaspi.kz is a Kazakhstan payments, e-commerce and banking group built around Kaspi Bank JSC, which holds universal banking licence No. 1.1.722.131 from the ARDFM. Businesses use a separate app called Kaspi Pay, which opens a tenge account in about five minutes and adds accounts in US dollars, euro, roubles and yuan. Opening, closing and extra accounts cost nothing and tenge payments are free, but account maintenance costs KZT 1,950 a month after the first month. The group reported total assets of KZT 11.08 trillion (USD 21.9 billion) and net income of KZT 1.07 trillion (USD 2.1 billion) for 2025, with 764,000 active merchants. It serves companies registered in Kazakhstan, and in July 2026 it completed the purchase of Rabobank A.S. in Turkiye and renamed it Hepsi Bank, with Turkish deposit and lending products planned from 2027. Kaspi Pay publishes no crypto, custody or trade finance products.

Legal name: Joint Stock Company Kaspi.kz
Regulated by: ARDFM (Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market), National Bank of the Republic of Kazakhstan, US SEC (Nasdaq-listed foreign private issuer, ticker KSPI)
Licence confirmed: yes, on a regulator's own list
Established: 2008
Website: kaspi.kz

Scores, 0 to 10

10.0Latin America, Africa & South Asia

Kaspi serves 15.7 million monthly active users and 764,000 active merchants in Kazakhstan on its own banking licence, with QR payments integrated across local banks and payment volume of KZT 44,219 billion in 2025. · source

8.5Fast digital onboarding

A Kazakhstan company connects to Kaspi Pay and gets an account in about five minutes in the app any day from 07:00 to 23:00, and extra currency accounts open instantly from 09:00 to 20:00, but only the company head may apply and never by power of attorney. · source

7.5Lowest fees

Connecting, opening the account, closing it and opening extra accounts all cost KZT 0 and tenge payments are free, but account maintenance costs KZT 1,950 a month after a free first month, waived only in a month with no operations. · source

7.5Best interest on business balances

The Kaspi Pay deposit is calculated at a 14% nominal and 15.02% effective annual rate, accrued on the daily balance every day, and closing it early costs no fee and loses no interest. It runs in tenge only, has to be opened separately from the current account, which pays nothing, and 14% sits below the 18.00% NBK base rate that the FY2025 Form 20-F records as effective from 1 December 2025. · source

7.0Financial strength & stability

Moody's rates the issuer Baa3 and Fitch BBB-, the lowest investment grade. Kaspi Bank ended 2025 with total and Tier 1 capital ratios of 12.7% against the 12.0% and 10.5% minimums set for it as a systemically important bank, which leaves 0.7 points of headroom on the total ratio, and from 1 April 2026 the NBK adds a 2% sectoral countercyclical buffer on the retail loans that make up 83% of its risk weighted assets. Estimated uninsured deposits were KZT 2,189,056 million. · source

6.5Customer satisfaction

The Kaspi Pay business app scores 3.47 from 2,229 App Store ratings in Kazakhstan, while the consumer Kaspi.kz app scores 4.86 from 386,918 ratings in the same store. · source

5.0Online businesses: e-commerce and SaaS

Smart POS acquiring costs 0.95% on Kaspi Gold by QR or card and 0.69% via Apple Pay or Google Pay until 1 October 2026, against 1.3% for medical and education merchants and 1.35% for all other merchants on other banks' cards, but there are no foreign-currency collection accounts. Any organisation selling goods or services in Kazakhstan can connect, and accounts exist in tenge, USD, EUR, RUB and CNY, but the guide offers no business card for cloud spend and no accounting or Stripe integrations. · source

4.5Cross-border payments, FX and multi-currency accounts

Kaspi Pay charges 0.15% on dollar and yuan payments (minimum USD 35, maximum USD 200), 0.15% on euro and other freely convertible currencies (minimum EUR 45, maximum EUR 200) and 0.12% on roubles (minimum KZT 3,000, maximum KZT 20,000), charges nothing for conversion or for registering a foreign trade contract, and gives each outgoing transfer a reference code for tracing, but accounts are held in five currencies and the margin taken on the conversion rate is not stated. A business can open and use any number of accounts under the single KZT 1,950 monthly fee, opened instantly by the company head, but Kaspi publishes no cash pooling, hedging or cross-border account structure. · source

4.0On-ramp: buy crypto with fiat

Kazakh retail buyers mostly pay P2P sellers on licensed exchanges by Kaspi transfer, while direct tenge deposits at AIFC exchanges run through Halyk, Jusan, Bereke and Bank CenterCredit rather than Kaspi; Kaspi publishes no policy on business payments to exchanges and card acceptance is not guaranteed, so evidence is thin. · source

4.0Off-ramp: crypto to fiat in a business account

Tenge from P2P crypto sales commonly lands in Kaspi accounts, but Kaspi publishes no source-of-funds process for exchange proceeds in business accounts and no public refusal is on record either; evidence is thin, checked September 2026. · source

3.5Startups & VC-backed companies

Business Credit is approved online 24/7 up to KZT 100 million with no collateral or documents, but it is repaid daily from sales through Kaspi, and there is no venture debt, pre-revenue product or foreign-founder route. · source

3.5Foreign-owned & non-resident companies

The partner guide says a non-resident of Kazakhstan can connect to Kaspi Pay after a manager requests documents within two days and each case is decided individually, while online opening for an LLP requires the company and its head to be residents of Kazakhstan. · source

3.0High-risk verticals (iGaming, cannabis, adult, forex)

Kaspi publishes no policy on gambling, adult, forex or cannabis businesses; the eligibility answer only says any organisation selling goods or services in Kazakhstan can connect, so the score is conservative. · source

2.5Trade, manufacturing & import-export

Kaspi Pay registers foreign trade contracts above USD 50,000, monitors repatriation deadlines and issues contract certificates, but publishes no letters of credit or other trade finance instruments. · source

2.0Crypto-friendly bank

Kaspi publishes no digital-asset service for businesses and no policy on onboarding crypto firms, and its FY2025 Form 20-F contains no occurrence of the words crypto, blockchain, stablecoin or digital asset. No public refusal is on record either, so the position is silence rather than a stated stance. · source

2.0Fintech companies that need a partner bank

Kaspi publishes no safeguarding, BaaS or sponsor-banking offer for payment firms; its external rail work is Kaspi Pay QR integrated with 7 local banks and 1 bank in Kyrgyzstan, and with AliPay+ and its partner network. · source

1.0Business cards (Visa, Mastercard)

Kaspi's partner guide answers 'No' to whether a company can get a card for its Kaspi Pay account; all operations run in the app and cash is withdrawn at Kaspi ATMs by QR or with the head's personal Kaspi Gold card. · source

1.0Crypto wallet and custody for a business

Kaspi offers no crypto wallet and no direct tenge-to-bitcoin exchange in the Kaspi.kz app, per a May 2026 exchange guide that found no official Kaspi crypto feature. · source

1.0Accept crypto payments

Kaspi Pay and Kaspi's merchant tools take tenge only, with no crypto or stablecoin acceptance, and paying for goods and services in crypto remains prohibited in Kazakhstan, checked September 2026. · source

1.0Bitcoin

Kaspi offers no bitcoin buying, holding or transfer, checked May 2026. · source

1.0Ethereum

Kaspi offers no ether buying, holding, transfer or staking, checked September 2026. · source

1.0Stablecoins (USDC, USDT and others)

Kaspi offers no stablecoin service; Kazakhstan's July 2026 presidential decree allows AIFC-licensed stablecoins for cross-border trade settlement, but no Kaspi product built on it was found, checked September 2026. · source

Kaspi.kz

Scores, 0 to 10

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