PAYMENTS IN KYRGYZSTAN
Kyrgyzstan (also known as the Kyrgyz Republic) is one of the Asian countries in the Eurasian Yearbook. Since independence, the Kyrgyz Republic was officially a unitary parliamentary republic, although it continues to endure ethnic conflicts, revolts, economic troubles, transitional governments, and political party conflicts. In 2021 it reverted to a presidential system.
The country is located in Central Asia. Landlocked and mountainous, Kyrgyzstan is bordered by Kazakhstan to the north, Uzbekistan to the west, Tajikistan to the southwest and China to the east. Its capital and largest city is Bishkek. The country’s official language is Kyrgyz.
Kyrgyzstan is a member of the Commonwealth of Independent States (CIS), the Eurasian Economic Union (EEU), the Collective Security Treaty Organisation, the Shanghai Cooperation Organisation, the Organisation of Islamic Cooperation, the Turkic Council, the TÜRKSOY community, and the United Nations.
Kyrgyzstan is one of the least-developed countries in Eurasia, with annual per capita income of $1,146 at end-2020 and about half the population employed in agriculture. Large numbers work abroad, particularly in Russia. According to UNDP, remittance inflows accounted for over $2.3 billion per year, equivalent to 28% of GDP in 2020, making Kyrgyzstan the third most remittance-dependent country in the world.
Funds remitted from Russia accounted for 98% of total remittances in 2020. The Kyrgyz government says that improvement of conditions for its citizens working in Russia is a major motive for joining the customs union.
Increasing financial inclusion, especially in remote regions, is a primary focus of digital banking and payment initiatives in the country, as part of government efforts to transition into a market economy.
As of 2020, the NBKR approved a roadmap for expanding electronic payments and mobile banking across all regions, the Digital Payment Technologies Development Concept was approved for 2020-2022. This also creates a legal framework for the circulation of cryptocurrencies and the activities of cryptocurrency exchange service providers.
In 2020, the NBKR continued to oversee implementation of the State programme to increase the share of non-cash payments. The bulk of efforts were aimed to providing remote services to the population using existing online services.
STATISTICAL KEY FIGURES FOR 2020 PROVIDED IN THIS PROFILE
• UPDATED: tables with card business data 2016-2020; growth rates: Y-o-Y, CAGR
• Population, Cards per Capita, Card Value per Capita
• Debit Cards, Credit/Delayed Debit Cards, Total Cards
• Card payments by number and by value, ATV per card, payments per card/year
• ATMs, POS terminals, ATMs/POS terminals per 1 million capita
• ATM withdrawals by number/by value, ATV per withdrawal, TXs per ATM/month
• POS payments by number/by value, ATV per POS payment, TXs per POS/month
• Internet Use, e-payment mix, B2C e-Commerce by value and growth rate
• Issued Card brands by individual major issuer bank
• Accepted card brands by individual major acquirer
• Drill down into the debit card use and credit cards use details
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Version 1.0 - last updated Wednesday 26th January 2022