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    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0002030192</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001985487</issuerCik>
      <issuerName>Joint Stock Co Kaspi.kz</issuerName>
      <secFileNumber>001-41921</secFileNumber>
      <issuerAddress>
        <com:street1>154A NAURYZBAI BATYR STREET</com:street1>
        <com:city>ALMATY</com:city>
        <com:stateOrCountry>1P</com:stateOrCountry>
        <com:zipCode>050013</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>7 727 3306710</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Gardner Douglas W</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Director</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>ADR</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab Corp.</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>2963</noOfUnitsSold>
      <aggregateMarketValue>384923.33</aggregateMarketValue>
      <noOfUnitsOutstanding>189333465</noOfUnitsOutstanding>
      <approxSaleDate>07/26/2024</approxSaleDate>
      <securitiesExchangeName>Nasdaq</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>ADR</securitiesClassTitle>
      <acquiredDate>03/18/2024</acquiredDate>
      <natureOfAcquisitionTransaction>Stock Option Exercise</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>2963</amountOfSecuritiesAcquired>
      <paymentDate>03/18/2024</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>07/26/2024</noticeDate>
      <signature>Douglas W Gardner</signature>
    </noticeSignature>
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144
0002030192
XXXXXXXX
LIVE
0001985487
Joint Stock Co Kaspi.kz
001-41921
154A NAURYZBAI BATYR STREET
ALMATY
1P
050013
7 727 3306710
Gardner Douglas W
Director
ADR
Charles Schwab Corp.
3000 Schwab Way
Westlake
TX
76262
2963
384923.33
189333465
07/26/2024
Nasdaq
ADR
03/18/2024
Stock Option Exercise
Issuer
N
2963
03/18/2024
Cash
Y
07/26/2024
Douglas W Gardner