Published
05/20/2025, 13:54The National Bank of Kyrgyzstan has adopted a resolution that strengthens the requirements for the authorized capital of payment organizations. New regulations will be implemented gradually and will affect companies operating in the fields of electronic payments, cross-border transfers and acquiring services. The main goal is to enhance the sector’s stability amid the rapid growth in transaction volumes.
According to the resolution, the minimum amount of authorized capital is now set as follows:
The transition period, which lasts until January 1, 2027, will give companies the opportunity to adapt without disrupting their current operations.
The payment market in Kyrgyzstan is growing rapidly. According to open data, the number of transactions involving payment organizations has increased from 55 million to almost 90 million in two years, and their total amount has increased from 71 billion to 193 billion KGS. This is almost a threefold increase. This imposes new requirements for the financial stability of intermediaries through which citizens' funds pass.
Aibek Kurenkeev, head of the Kyrgyz Republic's E-Commerce Association, considers the National Bank's decision to be justified and necessary.
“This is a way to minimize risks. Our payment market was legally established back in 2016. At that time, 3 million in authorized capital was justified. Now, however, turnover has grown significantly. Considering that these are client assets, yes, an increase in authorized capital is probably necessary,” — he said.
According to him, such changes make the market more transparent and reliable for all participants. With cashless payments, for example, for housing and communal services, funds first go to the account of the payment organization — an intermediary between the payer and the service provider. For example, when paying 10,000 KGS for the services of the company “My Home,” these funds are temporarily held by the payment organization. If at this moment a failure occurs or the organization becomes insolvent, there is a risk that the funds will not be transferred to the final recipient.
"The authorized capital is a kind of guarantee to customers. The payment organization acts as an intermediary between the customer and the recipient. There is a certain risk when this payment organization collects customer funds and fails to fulfill its obligations. The authorized capital is set aside to cover precisely such risks. A good authorized capital is a guarantee that no failure will occur," — the expert emphasized.
He notes that authorized capital also expands the development opportunities of payment companies. This will allow them to increase turnover, expand their catalog of services, which ultimately leads to strengthening their market position and good income.
In addition, according to Kurenkeev, this opens up additional prospects for the fintech market and e-commerce in general. In his opinion, many market participants, such as FreedomPay, are already demonstrating active development and are ready for new requirements.
"Such steps are very positive because banks in Kyrgyzstan are not yet actively developing their own processing, e-commerce and online payment solutions. Meanwhile, these areas are showing steady growth and high dynamics. Development in this area not only improves the quality of customer service but also strengthens the technological independence of the financial sector," — the expert concludes.
