The Republic of Kazakhstan has a two-tier banking system.[1]
The National Bank of the Republic of Kazakhstan is the central bank of Kazakhstan and presents the upper (first) tier of the banking system of Kazakhstan. The National Bank represents, within the limits of its authority, the interests of the Republic of Kazakhstan in the relationship with the central banks, with banks of other countries, in the international banks and other financial-credit organizations.[2]
All banks operating in the country, except the National Bank of Kazakhstan, represent the second tier of the banking system and are second-tier banks. The legal basis for operation of the second-tier banks is the law «On Banks and Banking in the Republic of Kazakhstan» from August 31, 1995, No. 2443. According to this law, a second-tier bank in Kazakhstan is a corporate entity which, irrespective of the form of ownership, carries on business for achieving its main goal of earning profits. Second-tier banks are entitled to open their subsidiary banks, branch and representative offices on the territory of Kazakhstan as well as outside of the territory of the country.[3] Banks on April 13, 2022 there are 22 (10 of them are with foreign capital, the share of which is only 17.1%).[4]
| Bank's name | Controlling stakeholder | Bank assets as of January 1, 2023 (billion tenge) | ||
| 1 | Halyk Savings Bank of Kazakhstan |  Holding Group ALMEX JSC | 13863 | |
| 2 | Kaspi Group JSC | 5087 | ||
| 3 | 4347 | |||
| 4 | Otbasy bank | National Managing Holding «Baiterek» JSC | 3440 | |
| 5 | 2914 | |||
| 6 | Jusan Bank | First Heartland Securities JSC | 2844 | |
| 7 | Eurasian Financial Company JSC | 2360 | ||
| 8 | KCC Financ LLP | 1984 | ||
| 9 | National Managing Holding «Baiterek» JSC | 1695 | ||
| 10 | 1335 | |||
| 11 | Freedom Finance JSC | 1264 | ||
| 12 | 981 | |||
| 13 | Home Credit Bank Kazakhstan | 552 | ||
| 14 | 551 | |||
| 15 | JP Finance Group LLP | 469 | ||
| 16 | 290 | |||
| 17 | 193 | |||
| 18 | 171 | |||
| 19 | 126 | |||
| 20 | 60 | |||
| 21 | Tasbulat Abguzhinov | 36 | ||
Development Bank of Kazakhstan JSC operates as a national development institution in the Republic of Kazakhstan. The company’s services include investment projects funding, export operations financing, interbank lending, clients operational servicing, and lease financing. It also offers various financial services, such as mezzanine, syndicated, interim, lease transactions, and project financing; lending of current activities; and provision of guarantees, as well as equity and capital participation.[5]
Kazakhstan Deposit Insurance Fund (the KDIF) was established by Resolution of the National Bank of the Republic of Kazakhstan Management Board No. 393 dated 15 November 1999 “On incorporation of «Kazakhstan Individuals’ Deposit Guarantee (Insurance) Fund».
Individuals’ deposits placed in the second-tier banks of the Republic of Kazakhstan, excluding non-interest bearing demand deposits placed with the Islamic banks.
At present the Parliament of the Republic of Kazakhstan has approved the draft law which stipulates deposit coverage payouts on the individuals’ and individual entrepreneurs’ savings deposits up to the deposit coverage limit of 15 million tenge.[6]
In August 2018 the number of deposits of individuals has reached the historic peak - 8.3 trillion tenges, 47% of the total volume of deposits.[7]