Kazakhstan Revolutionizes Banking: Phone Numbers Replace Account Numbers for Transfers

Kazakhstan Simplifies Bank Transfers with Phone Number System Kazakhstan is modernizing its banking system with a new initiative allowing money transfers using only phone numbers. This move, announced by the National Bank of Kazakhstan, aims to simplify transactions and reduce errors commonly associated with manual account number entry. The new system will initially be implemented in five major banks, with a phased rollout planned for the remaining institutions. "This system will reduce the risk of errors and make transactions much easier for our citizens," stated a representative from the National Bank. The video shows examples of the simplified transfer process, highlighting the convenience for both senders and recipients. While the initiative promises greater efficiency, concerns remain about potential transaction fees. The National Bank assures that these fees will be determined according to market principles. The successful implementation of this system could significantly boost financial inclusion and digital transformation in Kazakhstan.