Kyrgyz bank moves into mobile finance

One of Kyrgyzstan’s leading commercial banks has signed a mobile banking deal with MFS specialist Mahindra Comviva. With this, Kyrgyz Investment Credit Bank (KCIB) becomes the first bank in the country to take an initiative in the mobile banking and payments space. The bank is looking to partner with multiple remittance service providers to enable both inward and outward remittance in the region.

The deal will enable KCIB’s customers to conduct a range of financial and non-financial transactions such as domestic and international remittance, cash in-cash out at agent locations, airtime recharge (top-up), balance enquiry, bill and merchant payments. Mahindra Comviva’s mobiquity solution can be leveraged as a complete self-service channel for various banking and payments related requirements.

Srinivas Nidugondi, Head of Mobile Financial Solutions at Mahindra Comviva said, “Our solution will allow the bank to offer an intuitive and superior user experience to its customers so that they can conduct a range of financial and non-financial transactions on the go.”

Kwang-Young Choi, CEO, Kyrgyz Investment Credit Bank commented, “With this mobile banking solution, our aim is to provide a cost-effective banking solution, enhacing convenience for our existing and future customers by providing them with an additional, convenient touch-point to access banking services.”

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