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Microfinance organizations to issue Elcard credit cards

Parliament of Kyrgyzstan in the third reading approved the bill, according to which microfinance organizations are allowed to pre-issue credit cards of Elcard national payment system.

According to the proposed amendments to the Law «On Microfinance Organizations», the issue of pre-issued credit cards will be carried out to provide loans in non-cash form with the exception of overdraft and acquiring payment cards, as well as electronic money issued in the territory of the country, two-dimensional bar code symbols (QR code) and other payment instruments in compliance with the requirements of legislation in the field of combating the financing of terrorist activities, money laundering and regulatory legal acts of the National Bank.

In general, the draft law is aimed at increasing the share of non-cash payments in Kyrgyzstan.

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