Kyrgyz Banks Urged to Unite and Create Single ATM Network

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The chairman of the Cabinet of Ministers of Kyrgyzstan, Akylbek Zhaparov, has urged the consolidation of the nation’s ATMs into one network in a speech at the Bishkek International Financial Forum, stating that the government has been unable to reduce commissions on transfers through banks for two years. 24.kg reports.

“This problem has always been there, and it has hindered us. But today, when we are working on the transfer of most payments on a cashless basis, you cannot expect a passive position from us. I have addressed both the National Bank and the Ministry of Economy several times and entrusted the issue to the Ministry of Economy. Therefore, it’s probably time for us to study and adopt the experience of other countries on legislative regulation of fee collection for inter-bank transfers,” said Zhaparov.

The Cabinet of Ministers believes that banks should stop spending a lot of money on installing ATMs as this wastes time and resources, and proposes that banks unite and create a single ATM structure. Zhaparov emphasized the development of digital payment technologies and increasing the share of non-cash payments as essential growth pillars, noting that work is being done in two directions to implement the digital concept: choosing the right technological solution and harmonizing legislative acts to introduce the legal status of the digital system.

“The introduction of the digital som contributes to the country’s economic development by providing a more efficient payment system and stimulating innovation in financial technology. We are pursuing the goal of increasing innovation capacity in the banking sector. Realizing the possibility of protected and secure information exchange between the banking sector participants will allow the development of new products and services and increase their availability and integration,” said Zhaparov.

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Times of Central Asia