BAKU, Azerbaijan, August 11. Rysgal JSCB became
Turkmenistan's largest mobile banking provider in January-June
2026.
This was calculated by Trend based on data published by the Central Bank of
Turkmenistan.
Rysgal JSCB accounted for 54.8% of the country's total mobile
banking transaction volume. Its market share nearly tripled from
19% a year earlier, allowing the bank to overtake the previous
leaders, Turkmenistan State Commercial Bank (SCBT) and Dayhanbank
SCBT.
In parallel, Turkmenistan State Commercial Bank (SCBT) and
Dayhanbank SCBT ranked second and third with market shares of 23.1%
and 10%, respectively.
The State Bank for Foreign Economic Affairs followed with a 7.4%
share of the total mobile banking transaction volume.
Meanwhile, according to Trend’s calculations, Senagat JSCB, Turkmenbashi JSCB,
Halkbank, and Turkmen-Turkish JSCB together accounted for less than
5% of the market.
For reference, the Central Bank of Turkmenistan launched
cashless payments in 2001 with the introduction of the domestic
"Altyn Asyr" card scheme. While initial infrastructure was
developed in the 2000s, broader adoption gained momentum in the
mid-2010s as a result of government efforts to digitalize the
economy.
In August 2020, the government announced the launch of the
Halkbank Terminal mobile application, developed by JSCB Halkbank to
allow merchants to accept cashless payments directly through
NFC-enabled smartphones, replacing traditional POS terminals. The
initiative was presented as a step toward expanding cashless
payments and introducing contactless payment technologies across
the country.
Alongside payment terminals, Turkmen banks have expanded digital
banking services, including Internet Banking, Mobile Banking,
e-commerce payment platforms and specialized applications such as
Senagat Töleg, while continuing to develop the national Altyn Asyr
bank card payment system. These services enable customers to pay
for utilities, telecommunications, transport, taxes and other
public services electronically.
