Published
12/26/2025, 10:48In Kyrgyzstan, the banking sector is still considered one of the most profitable segments of the economy. According to the latest data, commercial banks earned over 23 billion KGS in net profit and increased their assets by almost 38% compared to the previous period — these figures reflect the stability of the financial system and a noticeable increase in demand for banking products. But behind these figures lies fierce competition, where not only those with strong capital survive, but also those who are able to quickly adapt to digital realities, because customers have long since ceased to view banks as simply a place to store money.
In recent years, the market has undergone significant changes. At the beginning of the year, there were 21 commercial banks in Kyrgyzstan, but over the course of the year, another bank, Bereket Bank, officially received its licence. And that's not all: four more banks are awaiting approval from the regulator, and companies such as Freedom are also planning to enter the market. It is unclear how the market situation will develop.
Not all financial institutions are capable of increasing their capital and expanding their customer base enough to withstand pressure from competitors and new regulatory requirements. Small banks with a limited customer base and modest investment opportunities are faced with a choice: either to rapidly accelerate their digital transformation, or to seek a niche in related segments, or to leave the market, becoming microfinance organisations or ceding their positions to stronger players. Such market selection processes have long been characteristic of mature financial systems, and Kyrgyzstan is no exception.
Alongside the banking sector, players from other industries, especially telecommunications companies, are increasingly appearing on the horizon. The world has long seen examples of mobile operators becoming digital platforms. They integrate banking services, payments, loans and services into ‘super apps,’ turning the phone into a universal tool for financial transactions and everyday services.
The story of Company O's acquisition of the former Halyk Bank is no longer surprising. The company is leveraging its strengths and gaining independence in the financial sector. But the story with Eldik Bank looks more interesting. This summer, the bank officially completed the acquisition of 100% of mobile operator Sky Mobile LLC, operating under the Beeline Kyrgyzstan brand. The deal was finalised after all the necessary approvals were obtained, and the government exercised its pre-emptive right, appointing the bank as the buyer on behalf of the state.
Beeline, as part of a global group of operators, was part of the ecosystem of a company serving tens of millions of customers prior to the deal. According to the latest data, we are talking about 200 million subscribers.
This is an unusual step for banks, which traditionally grow through deposits, lending, and servicing corporate and private clients. But here, Eldik Bank gained access to a huge customer base, which includes not only bank account holders but also mobile phone users. This instantly expands the potential for growth for the company as a whole.
‘We have done a lot of work, and we can be proud of it. And then, sometime in August, we closed the deal. After August, we began to form the Beeline team, update all internal documents and the overall strategy,’ said Ulanbek Nogaev, head of Eldik Bank.
In public statements, the head of the bank's board emphasised that the deal was conducted in accordance with international standards of corporate governance and transparency, and that the new asset not only strengthens the technical infrastructure but also paves the way for the creation of a digital ecosystem where banking and telecom services work as a single entity.
The emergence of such an integrated structure shows an interesting shift in the very nature of the financial market in Kyrgyzstan: from classic banking services to comprehensive digital solutions, where products are tied to the daily needs of the user. This is a step towards financial services ceasing to be a separate ‘place’ and becoming part of the everyday digital experience.
For a market where competitive pressure is growing and customer needs are constantly changing, such a step could be the difference between stagnation and breakthrough. Eldik Bank has bet on a future where the boundaries between banks and technology platforms are blurred, and where the customer base is not just numbers in a report, but an asset that can be worked with more broadly, deeply and effectively than ever before.
