In Kazakhstan, women play a significant role in business, with nearly half of the country’s SMEs led by women. While women entrepreneurs are increasingly becoming a vital part of the business landscape, they still encounter certain challenges in accessing the financing necessary for growth.
To address this, Incofin Investment Management, through the Global Gender Smart Fund (GGSF), has partnered with Solva, a Kazakhstani microfinance institution, to implement a gender action plan with a focus on developing tailored financial products specifically designed for women-led businesses. With an initial investment of USD 5 million, Incofin has invested in Solva’s accessible financial products, mentorship, and financial literacy resources for women-led micro and small businesses. Together, they aim to set a foundation for sustained economic growth led by resilient women entrepreneurs.
Solva’s inclusive approach
Founded in 2017, Solva combines fintech innovation with an extensive branch network to provide accessible financial solutions. Serving over 127,000 borrowers through 113 branches and a user-friendly digital platform, Solva has become a benchmark for inclusive finance in Kazakhstan. With nearly 70% of its MSME clientele being women-led businesses, Solva is committed to advancing gender equity. The “Women in Business” initiative has provided mentorship, networking, and financial literacy resources to over 14,000 women, helping them navigate business challenges and drive economic growth in their communities.
“This partnership with GGSF and Incofin strengthens our mission to provide women entrepreneurs with accessible, flexible financial solutions that have clear and measurable economic and social impact across Kazakhstan,” said Konstantin Barabanov, CEO of Solva Group.
Tailored loan solutions
With the support of GGSF and Incofin, Solva is committed to deliver on its gender action plan — with a focus on developing tailored financial products specifically designed for women-led businesses. This plan includes flexible loan structures and customized repayment options that address the unique financial needs of women entrepreneurs, helping them achieve greater financial stability and growth. By creating products that align with the operational realities of women in business, Solva aims to provide critical tools that enable women to expand their enterprises and contribute to Kazakhstan’s economy in meaningful ways.
Stories of women thriving with Solva’s support
Solva’s Women in Business initiative has supported numerous women. Here are just a few of them:
Gulzhan, founder of a chain of childcare centers, overcame the hurdle of lack of collateral with Solva’s loan and mentorship. Today, her centers are thriving, creating stable jobs in her community.
Nurzhamily, owner of multiple beauty salons, secured seasonal loans through Solva to match her salon’s revenue cycles, allowing her to expand her brand and employ more local women.
Raushan, owner of a branded merchandise business, needed funding to fulfill a large contract. Solva provided her a tailored loan with business advice, enabling her to expand production and become a leading supplier in her sector.
Nurgul, running a local shop in Almaty, used Solva’s financing to expand her inventory and serve her community better, keeping her business strong and relevant.
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Looking ahead
Solva and Incofin Investment Management are building on their partnership through GGSF – to innovate Solva’s financial offerings further, reinforcing its standing as a leader in gender-focused finance. Its focus will enable more women entrepreneurs to turn their visions into reality.