BAKU, Azerbaijan, December 14. Kazakhstan’s digital banking sector has seen extraordinary growth in recent years, with near-universal adoption of online banking, a surge in digital transactions, and rapid development in the fintech industry, said Nariman Mukushev, Deputy CEO and Member of the Management Board of Kazakhstan’s Halyk Bank, in an interview with Trend.
"The number of active online banking users in Kazakhstan has risen from 5 million in 2019 to 23.1 million in 2023, thanks to technological advancements and regulatory support," Mukushev said. He highlighted that the proportion of the population using online banking has increased from 25% in 2018 to nearly 100% in 2024, showcasing the widespread adoption of digital services.
Digital payment volumes have also skyrocketed. "Digital transactions now account for 89% of all transactions, up from just 7% in 2014," Mukushev noted. The per capita value of digital transactions has surged from approximately $20 in 2014 to $13,800 in 2023, underscoring the rapid evolution of financial habits in the country.
Public service digitization has further accelerated this transformation, with over 90% of Kazakhstan’s economically active population using the eGov platform to access government services.
Halyk Bank has played a key role in this digital shift. "At Halyk, the average time to open a bank account online is less than three minutes, and online lending approvals take about two minutes. This efficiency has earned us a loyal client base and consistent growth in active users of both our consumer SuperApp and our commercial OnlineBank," Mukushev explained.
As Kazakhstan’s largest financial institution, Halyk Bank is deeply integrated into the economy. "We finance nearly 50% of the country’s real economy through corporate lending and facilitate payments amounting to 83% of GDP," Mukushev said. "By supporting businesses, infrastructure, and cross-border trade, Halyk ensures that Kazakhstan’s growth story continues."
Mukushev also reflected on the country's economic resilience, noting that GDP growth reached 5.1% in 2023, recovering strongly from the pandemic’s impacts. Looking ahead, he expressed optimism about Kazakhstan’s prospects.
"We are optimistic about the upcoming year, with continued economic growth driven by key industries and government initiatives aimed at diversifying the economy. As global investors increasingly turn to emerging markets, both Halyk and Kazakhstan are well-positioned to benefit," Mukushev said.