The number of banks in Kyrgyzstan has officially reached 26—a record in the history of the banking system

There are 26 commercial banks officially registered and operating in Kyrgyzstan. This is according to an updated list of banks published by the National Bank of the Republic on May 15.

Thus, the country’s banking sector has set a historic record for the number of banks operating simultaneously. Previously, the highest number of market participants was recorded in 2018, when 25 banks were operating in Kyrgyzstan at the same time.

The new record was set following the entry of several new players at once. According to the National Bank, the two most recent banks—Kylim Bank and Muras Bank—were added to the registry on May 13 and received licenses No. 057 and No. 058, respectively.

However, some of the new banks do not yet have a branch network. For example, the published registry lists zero branches for Bereket Bank, Asman Bank, Alma Finance Bank, Kylym Bank, and Muras Bank.

The largest banks in Kyrgyzstan by number of branches remain Eldik Bank—53 branches, ABank—41 branches, as well as KICB and FINKA Bank—24 branches each.

The growth in the number of banks is occurring against the backdrop of the ongoing transformation of the financial sector, the expansion of digital services, and stricter capital requirements imposed by the regulator.