SCHEDULE 13G/A

KASPI KZ JSC

American depositary shares, no par value, each representing one common share of the Issuer, no par value ("ADSs") · CUSIP: 48581R205

Event date: 2025-12-31

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Asia Equity Partners Limited

  Shares: 13,870,945.00 · Class: 7.3%

• Baring Fintech Nexus Limited

  Shares: 13,870,945.00 · Class: 7.3%

• Baring Fintech Private Equity Fund III L.P.1

  Shares: 13,870,945.00 · Class: 7.3%

• Baring Fintech Fund III (GP) LP

  Shares: 13,870,945.00 · Class: 7.3%

• Baring Fintech Fund III Managers Limited

  Shares: 13,870,945.00 · Class: 7.3%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.