The National Bank of the Kyrgyz Republic has amended its regulation on minimum credit risk management requirements for commercial banks and other financial institutions licensed by the regulator. The relevant resolution was adopted by the Board of the National Bank.
Under the new rules, mandatory waiting periods will apply to online loans of more than 50,000 soms.
For loans of up to 100,000 soms, the waiting period will be four hours. For loans of 100,001 soms and above, it will be 12 hours.
For online loans of 100,001 soms and above, lenders will also be required to call customers to obtain confirmation of their consent to the loan.
The changes do not apply to loans under which funds are transferred directly to sellers or service providers, for example, when purchasing goods or services in installments.
The new rules will take effect on December 1, 2026, while some other provisions will come into force on February 1, 2027.
The amendments also concern early loan repayment. Customers will be able to repay their debt in full or in part at any time without fees, penalties or other charges, including through remote banking services.
Previously, borrowers could repay loans early without penalties only if they notified the microfinance organization at least 30 days before making the repayment.
Read more: https://24.kg/a/1031060
