Currently, there are 23 commercial banks registered in the National Bank's registry. Over the past year, the market has been joined by two new participants: one bank received its license in December of last year, and the other — at the beginning of this year.
As noted by the representative of the National Bank, the licensing of banks is strictly regulated by law. This includes checking the founders, the sources of the authorized capital, and their business reputation. An important aspect is the business plan, management structure, and the availability of necessary infrastructure, including server equipment and a data processing center.
The licensing process is divided into two stages:
- The first stage is obtaining permission to establish a bank for its registration with the Ministry of Justice, which can last up to six months.
- The second stage is the consideration of the application for a banking license, which also takes up to six months. Between the stages, the applicant has the opportunity to prepare the bank's infrastructure.
“For the regulator, these timelines are not considered prolonged, as the National Bank is obliged to thoroughly check both the founders and the bank's management to ensure the protection of the rights of financial services consumers,” Osokeeva emphasized.
She also added that licenses for commercial banks are issued indefinitely and cannot be transferred to third parties.
