Nearly every second small and medium-sized enterprise in Kazakhstan is managed by a woman today. However, most of them do not scale up but focus on maintaining personal income. Nurbank offers more to women entrepreneurs: accessible financing, flexible terms, and long-term support through the "Business Hanyim" program. In an interview with inbusiness.kz, Gulnara Musatayeva, Chairman of the Board of Directors of Nurbank JSC, explained why women's entrepreneurship is important for Kazakhstan's economy and how the bank supports it.
– Gulnara Abaevna, how do you assess the current state of women's entrepreneurship in the country?
– Today, in our opinion, women's entrepreneurship is a crucial factor in the development of the national economy. According to official statistics, in 2024, over a million women head small and medium-sized businesses, which constitutes 48.1% of all SMEs. This is a very high figure and speaks volumes. Women actively develop entrepreneurship in various sectors of the economy, including trade, education, the beauty industry, and social projects.
We would also like to note that, according to our experience, women entrepreneurs often create and develop businesses with a high level of social responsibility. Many of our clients strive not only for commercial success but also to create projects that benefit society. The majority of financing applications come from large trading cities such as Almaty, Shymkent, and Astana.
From the banking sector's perspective, we see significant potential in further developing this segment. Nurbank considers women's entrepreneurship a priority area for supporting small and medium-sized businesses. We are confident that with a continued systematic approach and government support, women's entrepreneurship in Kazakhstan will continue to grow dynamically.
– What are the main barriers faced by women wishing to start their own business?
– In our view, despite the active development of women's entrepreneurship in Kazakhstan, certain barriers still exist.
Often, women lack the knowledge and competencies in financial planning and business management. Many start with enthusiasm and an interesting idea but face a lack of systematic knowledge. Additionally, there are several social and cultural factors that create additional challenges. This includes the traditional division of roles within the family, which often requires women to balance business development with household and childcare responsibilities, certainly increasing their workload. The social-cultural context also plays a role, as stereotypes at the societal and personal levels still curb women's aspirations for professional realization and business success.
An interesting aspect we've observed in our work with clients is that women generally treat financial risks with great caution. They carefully assess their financial capabilities and approach credit burden questions consciously. On one hand, this demonstrates a high level of responsibility, but on the other, it can sometimes restrain business growth rates.
According to official statistics, about 719,000 women entrepreneurs are registered in Kazakhstan, nearly matching the 726,000 employed in their businesses. The numbers indicate that women's entrepreneurship in small business is often aimed at ensuring self-employment rather than creating additional jobs. This trend reflects a great potential for further growth.
Overall, women account for only 34% of employees in SMEs, while men make up 66%. The gender income gap remains high, with women earning, on average, 25.7% less than men. Additionally, the unemployment rate among women is 5.3%, compared to 4.2% among men.
– Why is it important to support women in business? What advantages does this offer the economy?
– The contribution of women is difficult to overestimate, as it reflects in the GDP: the labor of Kazakhstani women constitutes about 40% of its structure. International studies indicate that with equal participation of women and men in the economy, a country's GDP can significantly increase.
According to the McKinsey Global Institute, promoting gender equality could add $28 trillion to the annual growth of the global economy by 2025. For Central Asian and Eastern European countries, promoting gender equality will result in a 9% increase in the expected GDP growth. If we look at the traditional GDP growth forecast presented by the Ministry of National Economy by 2025, and add McKinsey's forecast considering gender equality advancements, GDP growth rates will nearly triple. This means the additional contribution to the economy through equal participation of women will be 14.3%, or 4.5 trillion tenge.
At Nurbank, we recognize the importance of supporting women in business. Thus, we have developed the "Business Hanyim" program, aimed at financing and providing advisory support to women entrepreneurs. Our goal is to create favorable conditions for the development of women's entrepreneurship, which in turn, contributes to job creation, innovation, and strengthening the country's economic stability.
– Tell us more about the "Business Hanyim" program.
– The "Business Hanyim" program is aimed at existing women entrepreneurs and provides financing to replenish working capital, for investment purposes, and refinancing existing loans. The main feature is a reduced interest rate, making financing more accessible. Additionally, the program considers women's business characteristics, such as flexible terms and emphasis on long-term development.
The program provides the opportunity to receive a loan up to 100 million tenge with a grace period for principal repayment. This is particularly relevant for female entrepreneurs who are launching new projects or investing in business expansion and need temporary financial cushioning to establish a stable cash flow.
The "Business Hanyim" program is part of our strategy to support women's entrepreneurship.
– Does Nurbank plan to expand the program, such as launching training, mentoring sessions, or networking for women?
– Yes, that is one of our next steps. We are indeed considering creating an ecosystem of support for women in business. Financing is just one aspect. Women's entrepreneurship also needs knowledge, mentoring support, access to professional communities, and self-confidence. We are convinced that these components help achieve more sustainable success.
– What are Nurbank's plans for further developing products for women in business?
– Currently, our primary focus is on the effective implementation of the "Business Hanyim" program. We are closely monitoring the results and collecting feedback from clients. Should we observe sustainable demand and positive dynamics, we will consider the possibility of expanding product conditions.
– What do you see as the contribution of women's business to Kazakhstan's economy in 5-10 years?
– We are confident that in the next 5-10 years, the impact of women's business on Kazakhstan's economy will only intensify. Moreover, this development will occur not only quantitatively but also qualitatively. The share of women among business owners and managers in sectors with high added value, such as innovation, digital economy, "green" technologies, and social entrepreneurship, will increase.