Kyrgyzstan Member of Parliament Marlen Mamataliev has introduced a bill aimed at prohibiting the use of religious terms in the names of microfinance and housing cooperatives. Mamataliev has pointed out the exploitation of ethnic and religious factors by financial pyramids to attract clients, emphasizing the need to prevent deceptive marketing tactics.
According to Mamataliev, there are a total of 6,500 cooperatives in Kyrgyzstan, out of which 5,500 are agricultural commercial cooperatives, 900 are non-profit, and 162 are housing cooperatives. The MP has highlighted that there were 358 criminal cases related to financial pyramids investigated in 2023, leading to 40 individuals being held accountable.
Mamataliev has expressed concerns about non-profit cooperatives straying from their original purpose and incurring significant financial losses. He has stressed the importance of removing religious references from the names of financial pyramids to combat fraudulent practices and safeguard consumers.
