The National Bank of Kyrgyzstan has temporarily prohibited charging commissions from citizens for online transfers, according to the regulator's press service.
On October 23, the National Bank's board adopted a resolution that bans charging commissions from individuals for money transfers conducted through mobile applications or online banking.
This new regulation, which applies to commercial banks and payment organizations, is effective until December 31, 2025, and pertains to transactions in the national currency (soms) within Kyrgyzstan.
“This measure will help ensure the accessibility of banking services for all segments of the population and accelerate the implementation of digital technologies in the banking sector,” the regulator notes.
The resolution will take effect one month after its official publication, starting from November 23, 2024.
Previously, Spot reported that the fintech association of Uzbekistan joined an alliance of Turkic countries.