Kazakhstan to license payment banks from October 2026, barring deposits and loans

September 11, 2026 at 02:02 PM2 min

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Kazakhstan's National Bank will start issuing licenses to first-category payment organizations, effectively payment banks, from October 2026. The new entities will be able to open accounts and issue cards but will be prohibited from taking deposits or issuing loans. The move aims to boost competition in payment services and lower transfer costs.

Key Facts

Licenses for first-category payment organizations will be issued starting October 2026.
The new entities will be prohibited from attracting deposits and issuing loans.
Thirteen companies have already expressed interest in obtaining such a license, including Binance.
Payment organizations of the first category will have access to the National Bank's payment systems and the unified QR code through the National Payment Corporation.
The initiative was announced by National Bank Chairman Timur Suleimenov at the Central Asia Fintech Summit 2026 in Almaty.

New Market Participants

The National Bank of Kazakhstan will begin issuing licenses to first-category payment organizations from October 2026. These organizations, referred to as payment banks, will be able to open accounts for individuals and legal entities, issue payment cards, and service cross-border payments independently. They will also gain access to the National Bank's payment systems and the unified QR code through the National Payment Corporation. However, they will be strictly prohibited from attracting deposits and issuing loans, as those remain exclusively banking activities.

Competition and Interest

National Bank Chairman Timur Suleimenov stated that the new participants should strengthen competition in payment services, where second-tier banks currently hold strong positions. Thirteen companies have already shown interest in obtaining the license, including global crypto firms such as Binance, with which a memorandum was signed. Telecom operators are also attracted to the product, aiming to integrate financial services into their offerings. Yandex Qazaqstan is considering creating a payment organization to serve its partners, including couriers and taxi drivers, though it has no plans to establish a bank.