The National Bank of Kyrgyzstan has submitted amendments to regulatory legal acts for public discussion. The purpose of these changes is to improve the conditions for the provision of financial services and protect the rights of borrowers when using online lending. The bank reported.
The National Bank proposes that the maximum loan amount that can be obtained through remote channels should not exceed 200,000 soms, if a simple electronic signature is used, and 300,000 soms with an enhanced electronic signature. In addition, for clients who have passed identification via video communication, the limit is 15,000 soms.
These limits are aimed at reducing credit risks and ensuring financial accessibility, especially for residents of remote regions. However, the National Bank of the Kyrgyz Republic also notes an increase in fraudulent activities and intends to introduce additional measures to protect borrowers. In particular, it is proposed to introduce a «cooling-off period» — a time interval during which the client can reconsider the decision to take a loan. The proposed minimum cooling-off period varies depending on the loan amount:
- Up to 50,000 soms — 3 hours;
- From 50,000 to 100,000 soms — 6 hours;
- Over 100,000 soms — 24 hours.
The following restrictions on the transfer of funds are established for microfinance organizations:
- Up to 15,000 soms — 3 hours;
- Over 15,000 soms — 24 hours.
In addition, it is proposed to introduce a mandatory procedure for a control call, during which the bank must receive the client’s confirmation for the loan. Financial and credit organizations must develop internal procedures for such calls, and save conversation records in the client’s electronic file.
The National Bank emphasizes that these measures are aimed at protecting the interests of citizens and strengthening trust in the country’s banking system.
