How Kaspi.kz decides what to develop and what to discontinue
Mikhail Lomtadze explains how customer needs shape product development and drive change within the company
Customer needs determine which products Kaspi.kz develops and which decisions it reconsiders. Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, spoke about this approach during a panel discussion at the Kazakhstan Growth Forum 2026.
As an example, he described the evolution of the company’s branch network. After launching its new brand in 2008, the company opened a new branch every three days.
Later, as more customers began using Kaspi.kz’s online services, the need for physical branches declined. The company then began closing branches at roughly the same pace. As Lomtadze explained, the company’s goal is not to build branches, but to meet its customers’ needs. Those needs ultimately determine whether branches should be opened or closed.
«Our conversations always come down to one question: does the customer need it or not? If the customer doesn’t need it, we close it. If the customer does need it, we develop it», — he said.
According to Lomtadze, a product needs to evolve together with the customer, taking advantage of new opportunities to address their needs more effectively. This also requires the company to be willing to rethink the way it operates.
«We put the customer first. If we need to change, we will», — the Kaspi.kz CEO emphasized.
The company is applying the same approach to the next stage of its development — creating a personal AI assistant designed to help customers with everyday tasks.
