National Bank Waives Money Transfer Fees, with Select Exclusions
The National Bank of Kyrgyzstan to Make Money Transfers More Accessible to Population
Bishkek – 08:42, 26 October 2024
The National Bank of Kyrgyzstan has announced a new regulation aimed at making money transfers within the country more accessible to the population. Starting on November 24, 2024, fees for transfers made through mobile applications and Internet banking will be canceled.
According to the central bank, the fee for transfers in national currency to bank cards, accounts, and electronic wallets will be waived until December 31, 2025. This move is intended to simplify everyday financial transactions for citizens.
The new regulation applies to transfers made in national currency within the country, including transfers via QR code and through the gross and clearing systems. However, fees will still apply to transfers made through bank cash desks, ATMs, POS terminals, and payment terminals. Additionally, the resolution does not cover payments for goods and services such as communications, utility bills, taxes, and fines, which may still incur fees set by commercial banks.
The National Bank of the Kyrgyz Republic has warned that financial institutions must comply with the new resolution, or face potential fines. The bank emphasized that similar measures to improve access to financial services and promote non-cash payments have been implemented in other countries, with each country choosing its own approach based on the development of its payment services market and priorities.
