Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC


of January 21, 2015 No. 21

About payment system of the Kyrgyz Republic

(as amended on 06-08-2018)

Accepted by Jogorku Kenesh of the Kyrgyz Republic on December 17, 2014)

Chapter 1. General provisions

Article 1. The relations regulated by this Law

1. This Law establishes procedure and forms of implementation of payments and calculations, carrying out money transfers in the territory of the Kyrgyz Republic, determines characteristics of payment systems, procedure for relations between participants of payments and calculations, supervision (oversight) of payment systems and determines powers of National Bank of the Kyrgyz Republic (further - Bank of Kyrgyzstan) in payment system of the Kyrgyz Republic.

2. The relations arising in case of payments and payment under transactions between business entities of the Kyrgyz Republic and foreign countries money transfers between legal entities and physical persons (international/cross-border payments and money transfers) are regulated by this Law and other regulatory legal acts in the part which is not contradicting this Law.

3. Operation of this Law does not extend to the activities for operation of communication networks and provision of services of electric and mail service in the Kyrgyz Republic regulated by the law in the sphere of electric and mail service. In case of implementation of payments for the goods/services which are not relating to communication services, operations are performed directly through payment systems according to the procedure, established by this Law.

Article 2. The concepts used in this Law

The acceptor of electronic money (acceptor) - the legal entity, and also the individual entrepreneur who according to the signed contract with emitting bank of electronic money or the agent accepts electronic money for payment of goods or services with provision of the documents confirming making of transactions with electronic money.

Clearing settlement - form of currency circulation in case of which cash flow happens without participation of cash, by cash write-off from the settlement (current) account of the payer and their transfer on the settlement (current) account of the receiver according to the submitted payment documents. Calculation is payment completion.

House banking (home-banking) - method of remote bank servicing "at home" and provisions of retail services by banks to clients (physical persons and legal entity) by means of connection of home or office terminals (the personal computer, stationary phone) to computer network of bank.

Internet banking - remote control of the client of the bank accounts on the Internet. Payments with use of Internet banking are made with use of public channels of the Internet.

Interbank clearing system - set of rules, procedures and methods by means of which participants of clearing system represent and is exchanged by data, transfer payments or securities to other participants through clearing center. The system can be based on determination of bilateral or multilateral net line items of participants.

Mobile banking - remote management of the bank account by means of the messages sent by the client to bank from the mobile phone.

The operator of payment system - the legal entity having license/registration of Bank of Kyrgyzstan depending on type and category of payment system, providing functioning of payment system and who signed with participants the contribution agreement in payment system according to which the operator and members of payment service provider shall perform the activities within payment system according to this Law and regulatory legal acts of Bank of Kyrgyzstan.

Payment - execution of monetary commitment with use of cash or transfer process by the payer of non-cash.

The payment document - the document of the established form which is drawn up by legal entity or physical person based on which payment is made.

Bank payment card (payment card) - the payment instrument used when carrying out payments upon purchase of goods, services, receipt of cash in national and foreign currencies, implementation of money transfers and also for calculations in the form of electronic money via terminals, ATMs or other devices (peripheral devices).

Payment system - the interconnected system of technologies, procedures, rules, payment instruments and money transfer systems providing currency circulation. Depending on types of the registered payments payment systems are subdivided into systems of large payments and system of retail payments.

Payment institute - the legal entity having the license of Bank of Kyrgyzstan for implementation of activities in the field of rendering services in acceptance and carrying out payments and calculations for the goods and services which are not result of the activities, for benefit of the third parties by means of the payment systems based on information technologies and electronic means and methods of carrying out payments, according to the contract between payment institute and suppliers of goods/services, and also the contract between payment institute and the bank concluded according to the procedure, established by this Law and regulatory legal acts of Bank of Kyrgyzstan.

Money transfer system - type of payment system on acceptance of payment system of money by the operator from the population on condition that this money will be paid to the addressee.

Settlement system payment cards - set of regulations, rules, organizations and program technical means for the organization of clearing settlements with use of cards.

Electronic money - monetary value which is kept in electronic form on the program and technical device including prepaid cards and e-wallet, and is accepted as instrument of payment.

The electronic payment document - the type of the payment document constituted electronically, containing necessary information for implementation of calculations and certified by the digital signature.

Processing - the licensed activities including the interconnected processes on acceptance, processing and issue to members of payment service provider of financial information.

The issuer of electronic money (issuer) - Bank of Kyrgyzstan, and also the bank having the license of Bank of Kyrgyzstan for the right of release of electronic money, assuming the unconditional and irrevocable obligation on repayment of electronic money to the holders showing electronic money to cashing in.

Chapter 2. Payments and calculations

Article 3. Organization of clearing settlements

1. Clearing settlements in the territory of the Kyrgyz Republic are perfromed by the banks having licenses for implementation of the corresponding account transactions, opened based on bank account agreements, bank deposit if other is not established by regulatory legal acts and is caused by the used form of calculations.

2. The bank has the right to sign the contract (agency agreement) with legal entities for provision of banking and payment services, and also with individual entrepreneurs for provision of services to the population on carrying out payments, calculations according to regulatory legal acts of Bank of Kyrgyzstan. At the same time responsibility on obligation fulfillment by agents within the agreement is born by bank.


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