Turkmenistan pays considerable attention to the development of a reliable national banking sector with the integration of digital technologies. This task is a priority since the organization of the activities of credit institutions in accordance with modern requirements contributes to ensuring the competitiveness and innovative development of the country’s economy, as well as its integration into the system of global economic relations. The State News Agency TDH provides a detailed overview of the digital banking services available within the country.
In accordance with the “State Program for the development of the banking system of Turkmenistan for 2011-2030” and the “State Program for the Development of the Digital Economy of Turkmenistan for 2021-2025”, the country focuses on enhancing the competitiveness of banks, increasing lending to economic sectors, transition bank financial statements to world standards and improving the legislative framework.
Special importance is attached to the implementation of non-cash payments using advanced technologies, expansion of operations with bank cards and mobile applications.
The electronic payment system is being upgraded and its protection is being ensured. New types of banking products are also being introduced, the quality of service is being improved.
A key aspect of the transformation is the digitalization of services, which involves the creation of a technology platform capable of big data processing and providing a full range of services. Turkmenistan has created opportunities to provide modern digital services, such as Internet-bank, Mobil-bank, e-commerce, Halkbank-terminal, Galtaşyksyz töleg, VISA Virtual, Menzilara-bank, Sanly kart, Sanly töleg and Sanly karz. These services allow to perform various transactions, including making loans, viewing bank accounts via the Internet, receiving statements, opening cards, making transfers, and paying for goods and services.
The introduction of the VISA and MasterCard international payment systems has facilittated Turkmenistan’s integration into the global banking. The State Bank for Foreign Economic Affairs introduced the VISA Virtual bank card. The state-owned commercial banks “Daýhanbank” and “Turkmenistan”, as well as the Joint-Stock Commercial Bank “Halkbank”, offer digital services to pay for students’ tuition and accommodation abroad, as well as for medical treatment and examination abroad.
Currently, the following types of banking services operate in Turkmenistan:
- Menzilara-bank (Remote Banking) service from the State-owned Commercial Bank Daýhanbank, which allows to manage a bank account, make money transfers, check balances and receive statements. As of 1 December 2024, more than 24.1 thousand customers have deposited funds to the accounts of international payment cards “VISA” and “MasterCard” through this service, and more than 6.3 thousand customers paid for training programs.
- “Onlaýn halkara töleg” (Online international payment) from the State Commercial Bank Turkmenistan, to which about 1,400 customers joined as of 1 December 2024, enables to replenish international card accounts.
- The mobile application “Sanly töleg” from the Joint-Stock Commercial Bank “Halkbank”, helps to replenish international card accounts. Users can view their transaction history and manage their finances directly from their phone. As of 1 December, about 18.3 thousand clients are connected to the application.
- The Sanly karz (digital loan) system for individuals from the Halkbank Joint-Stock Commercial Bank, which enables remote obtaining a consumer loan. By 1 December 2024, 7054 clients applied through this application, and loans in the amount of 23168.4 thousand manats were extended.
- Halkbank-terminal mobile app from Halkbank can replace a regular payment terminal. In January-November 2024, the volume of non-cash payments through this service amounted to 210.6 million manats, which is 3.8 percent higher than last year.
- The Senagat töleg mobile app from the Senagat Joint-Stock Commercial Bank, which enables users to conveniently pay for cellular services, internet, television subscriptions, and fines. The subscribers can also make donations to the Gurbanguly Berdimuhamedov Charitable Foundation through this app.
Funds are constantly being invested in Turkmenistan to improve banking activities, including through the introduction of online banking services such as Internet-bank, Mobil-bank, and Elektron söwda (E-commerce).
Non-cash payments in Turkmenistan have surged, reflecting the country’s rapid digital transformation. In 2013, the volume of non-cash payments stood at 4.2 million manats. By 2023, this figure had skyrocketed to over 17.37 billion manats, representing a more than 4,000-fold increase.
This momentum continued into 2024, with non-cash payments reaching 18.32 billion manats in the first eleven months, a 17% increase compared to the same period in 2023.
The advantages of using bank cards include reducing the risk of losing large amounts of money, the possibility of prompt payment and currency conversion, as well as the convenience of controlling your personal budget. The material and technical base of banking institutions is being strengthened, including through the introduction of software to counter cyber threats.
The fundamental transformations in the banking sector contribute to increasing confidence in the financial institutions, attracting deposits and further developing the banking sector. ///nCa, 24 December 2024