The National Bank of Kyrgyzstan has decided to make money transfers within Kyrgyzstan more accessible to the population. A new regulation will come into force on November 24, 2024, according to which fees for transfers via mobile applications and Internet banking are canceled. The central bank told 24.kg news agency in which cases the fee will be charged.
The National Bank reported that the fee for transfers in national currency to bank cards, accounts and electronic wallets is canceled until December 31, 2025. This is done in order to facilitate everyday financial transactions for citizens.
The regulation is applied to transfers made in national currency and only within the country, including transfers via QR code and through the gross and clearing systems. However, restrictions on charging fees apply only to transfers in mobile applications and Internet banking.
Transfers through bank cash desks, ATMs, POS terminals and payment terminals remain with the usual fees. The resolution is also not applied to payment for goods and services, such as communications, utility bills, taxes and fines. Thus, commercial banks still have the right to set fees for these services.
The National Bank of the Kyrgyz Republic stated that if financial institutions violate the new resolution, they may be fined.
The bank added that similar measures to improve access to financial services and the development of non-cash payments were also taken in different countries. At the same time, each country chooses its own approaches depending on the level of development of its payment services market and its priorities.
