Post #68

Kaspi.kz: an interesting transformation journey from a traditional bank which didn’t go well in 2008 to $24Bn Fintech in Kazakstan Recently watched an interview with Mikhail Lomtadze, the CEO of Kaspi.kz. And I believe that we’re doing more less in Tajikistan and Uzbekistan with our own values, culture and making our own unique path to $Bn the world Islamic Fintech. Here are some key insights: Massive Reach: Kaspi serves 15 million customers in a country with a population of 20 million. Impressively, 2/3 of their clients use Kaspi daily. Impressive Growth: In 2023, Kaspi achieved $4.2B in revenue with a 45% net income margin, growing at ~50% YoY. Customer Focus: Central to Kaspi's success is a relentless focus on customer satisfaction, meticulously measured through Net Promoter Scores (NPS). 300,000 users are surveyed monthly Organizational Structure: Kaspi's unique structure features small, dedicated teams led by directly responsible individuals. This fosters accountability, ownership, and startup-like agility. Interestingly, managers are measured on NPS levels of customer satisfaction, not financial targets. Cashless Payments Leader: Kazakhstan has emerged as a leader in cashless payments, shifting from 15% cashless transactions in 2015 to over 85% today, thanks to Kaspi.kz as well. In Uzbekistan it was 78,5% cashless based on statistic of Central Bank of Uzbekistan. Will write about part 2 later. Here is the podcast you might watch yourself