The First Credit Cards for Students from Kassa Nova Bank
The Kassa Nova bank is closely associated with the name of Bulat Utemuratov, who is also the owner of one of the largest Kazakhstani banks, Forte Bank. It also positions as a smart technology bank, targeted to serve the needs of younger audience within small and medium business, as well as retail customers, since they are active users of modern digital technology.
So it is no surprise that at the very end of 2017 the Kassa Nova bank and Narxoz University announced about launching a new project "Student credit cards". For the first time in the Kazakhstan market, students will be able to obtain credits through bank cards, while studying at the university. Kassa Nova even developed an exclusive design of credit cards for its clients among students.
The launch of the credit card project from the Kassa Nova bank started in Narxoz within the framework of the cooperation agreement, which was signed in December 2017. The credit line for students is only one of the areas of mutual cooperation between the financial institution and the university. The international practice of lending to students shows that such an experience contributes to building student’s credit history, as well as to developing financial responsibility in students.
A graduate of Narxoz University, Zhumabek Mamutov signed the memorandum of cooperation with the university as a Deputy Chairman of the Board of Kassa Nova. On behalf of the university, the agreement was signed by Victoria Tsai, Vice-Rector for Strategic Development and International Affairs. It’s worth remarking that the current CEO of Kassa Nova, Nurumbetova Sholpan, is also a graduate of the university, while the main investor of this educational institution is Verny Capital, which is the investment company that manages Bulat Utemuratov’s funds. This shows the obvious interest of the bank and the investor in the further development of cooperation with the university and the expansion of services available for the younger generation.
The Kassa Nova bank started its activity as a microcredit financial institution that obtained a licence to carry out banking operations in 2009. In two years the bank received B\C rating from the influential international rating agency Standard & Poor's, and in 2014 the agency confirmed the stability of the bank, assigning it B\B rating. It is also a participant of the Kazakhstan Deposit Insurance Fund. The bank issues payment cards of the international system MasterCard and VISA, as well as cooperates with the EBRD on a program for providing loans to small business.
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