Development of consumer lending in the Republic of Kazakhstan: negative and positive aspects

Abstract

The article considers the main aspects of credit relations between second-tier banks in
Kazakhstan and individuals. The main types of consumer lending, their role and contribution to
the development of the country, and improving the welfare of the population are considered. The
current state of retail business lending in Kazakhstan was analyzed. There are determined both
role and importance of consumer lending in the development of the country’s economy and the
well-being of the population. The article discusses the theoretical aspects of consumer credit, its
role in the development of the economy of Kazakhstan, for the analysis of the current state and
trends in the development of consumer lending, there were used official statistical data of the
National Bank of the Republic of Kazakhstan.
The analysis of the impact of the COVID-19 pandemic on the development of the retail market in
Kazakhstan has been carried out. The main problem areas in the development of consumer lending
and current trends are identified. The author’s recommendations on improving the relationship
between banks, individuals, and the state are proposed.