As Mogo is reassessing its growth priorities and capital allocation across markets, the company decided not to further expand its loan book in Kazakhstan. This means Mogo will stop placing new loans issued in Kazakhstan on the Mintos marketplace and will repurchase the existing Kazakhstan loans from investors on Mintos.
The lending company reports that by repurchasing loans already placed on Mintos, it will be better prepared for different development scenarios the company currently has for this region. Mogo comments that these scenarios might also include selling the local entity and exiting the Kazakhstan market.
Meanwhile, Mogo will continue to increase the supply of its loans on Mintos from other countries, offering investment opportunities across multiple regions. Also, the company explores the possibility of starting to offer Kenyan motorcycle loans on Mintos.
The full repurchase of Mogo Kazakhstan loans from investors on Mintos is planned to be finalised by the end of this week.