BISHKEK, Kyrgyzstan, October 24. Kyrgyzstan is set to eliminate fees for money transfers conducted online in its national currency, Trend reports.
The resolution was adopted by the board of the National Bank.
The ruling has temporarily barred commercial banks and payment entities from imposing fees on individuals for domestic money transfer services using mobile applications and internet banking until December 31, 2025.
"This measure will enhance the accessibility of banking services for all segments of the population and accelerate the adoption of digital technologies in the banking sector," the bank reported.
The regulation will take effect one month after its official publication.
To note, the total number of bank payment cards in circulation in Kyrgyzstan reached 7.9 million cards at the end of the second quarter. Compared to the same period last year, the number of cards increased by 30.8 percent, and since the beginning of the year, by 15.9 percent.