▲ Up
 
17:44 01-02-2015
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
EBRD supports regulatory framework for mobile financial services in Tajikistan

Bishkek (AKIpress) - cells The European Bank for Reconstruction and Development (EBRD) is supporting the central bank of Tajikistan in creating a regulatory framework for mobile financial services in Tajikistan, which was launched as a pilot project today in Dushanbe.

Regulators and representatives from local financial institutions and IFIs presented and discussed business plans for the rollout of mobile services in the country. This new framework allows banks to use innovative technologies and existing retail infrastructure to expand their services and footprint outside of traditional bank branches. It will also enable the provision of innovative mobile payments services by non-banks in Tajikistan.

Mobile financial services are revolutionising the way millions of people around the world manage their finances and are significantly expanding the reach of the traditional branch-based banking model. Financial services now offered through agents and mobile devices include core financial services (account opening, deposits/withdrawals, loans, insurance) and payment services (remittances, bill payments, merchant payments).

“The advance of this new technology has the potential to enable the financial inclusion of millions of Tajik people. Thanks to the project, Tajikistan now has the regulatory framework and know how required for a vibrant mobile money market which will help bring financial services to its unbanked population”, said Sibel Beadle, Senior Banker at the EBRD.

While advanced services like mobile money are commonplace in certain parts of the world, the EBRD has been working to unlock its potential in less developed markets. A market study, funded by Luxembourg, previously identified a number of EBRD countries such as Tajikistan, Azerbaijan, Kyrgyz Republic and Romania as markets that were ready for the introduction of mobile money services, but lacked the regulation and know-how for this to take place successfully.

In Tajikistan the Bank pursued a year-long EBRD technical cooperation project, funded by the French Finance Ministry, which created draft laws and regulation for both agent banking and mobile payments. As part of the project, a review of the country’s financial sector and telecommunications industry was carried out and the ability of both financial institutions and mobile operators to provide mobile financial services was assessed.

A range of organisations were consulted throughout the project, including local financial institutions, the central bank of Tajikistan, the Aga Khan Foundation, IFC, GIZ and mobile operators. Their input was incorporated into the regulatory guidelines and the drafting of laws is currently underway.

“The mobile banking project that will be implemented with the technical assistance of the experts of international financial institutions such as European Bank for Reconstruction and Development is an important step in offering modern banking services. Indeed, this initiative will make it possible to bring financial institutions’ services closer to customers’ needs and requirements”, said Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan.


Twitterfacebookprint
14:49 22.07.2014
LATEST NEWS
15:19 Kyrgyz economy to change after joining Customs Union – First Vice PM Sarpashev15:15 $13.1 million needed for full rehabilitation of Torugart checkpoint – State Customs Service15:02 45 conflicts registered in border areas in Batken region15:00 Gazprom to deliver 450mln m3 of gas to Kyrgyzstan in 2015 – Miller14:50 Ministry of Social Development and UN Population Fund organize consultations on violence elimination14:47 Authorities comment on Kyrgyzstan's debt to UN that deprived country's right to vote14:41 Alcohol industry is sore subject in Kyrgyzstan – State Tax Service14:31 Two heavy trucks collide on Kyzyl-Bel pass creating traffic jam14:25 Customs border of Kazakhstan, Kyrgyzstan must fully open by May 1: PM Otorbayev14:22 16 Kyrgyz athletes to participate in semifinals in boxing tournament in Bishkek14:16 Working group for creation of medical workers association established in Kyrgyzstan14:14 UNDP hands Kyrgyzstan equipment worth $130,00014:02 Life in regions: At-Bashi resident cooks 300 national breads a day starting work from 2am12:16 IS chemical weapons expert killed in airstrike in Iraq US17:35 No universal calculation parameters for comparison of shadow economies of different countries exist – President’s Administration17:21 Economy Ministry proposes to adopt list of goods to be exported and imported under license17:19 Tajikistan, WB discuss prospects of cooperation in agricultural sector17:12 10 of 22 MP candidates fail Tajik language test17:02 Uzbekistan takes part in food festival in India16:58 Kids in one of children institutions claim they were photographed naked in shower and toilet: expert
Astana
-11° C
Ashgabat
+3° C
Bishkek
+3° C
Dushanbe
+5° C
Tashkent
+1° C
exchange rates
 
67.84
59.81
9.57
0.87
209.18
184.45
29.51
2.66
6.09
5.38
0.86
0.08
2830.23
2436.16
389.63
38.43
3.95
3.50
0.56
0.05

© AKIpress News Agency - 2001-2015. All rights reserved
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75