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Thursday, August 24, 2017

Logistical needs keep mobile banking elusive in Kyrgyzstan

Representatives from the National Bank of the Republic of Kyrgyzstan (NBKy) and the European Bank for Reconstruction and Development (EBRD) discussed how to implement mobile banking and remote branches on Thursday.

EBRD representative Alaa Abbassi said many Kyrgyz citizens do not have access to financial services from banks and other institutions. The main obstacle to building branch banks in remote areas is low population density over spread-out rural areas.

"In the age of rapid development of information, mobile technology, there is an opportunity to expand the level of financial enrollment in Kyrgyzstan, and thereby provide access to financial services to all segments of the population," Abbassi said.

He said new laws and regulations would need to be implemented to protect the privacy and assets of clients and service providers. A solid Internet infrastructure also would be needed to establish a workable mobile-banking system that could be integrated into the financial sector and made easily accessible for banking customers.

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National Bank of Kyrgyzstan

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