Money transfer is carried out without any obstacles through the payment systems connected to the National Processing Center for money transfer

As previously reported by the National Bank of Tajikistan, on November 15, 2019, the Ministry of Justice of the Republic of Tajikistan registered the “Procedure for cross-border money transfers and the activities of payment systems engaged in effecting such transfers in the Republic of Tajikistan”, which entered into force after official publication. On the base of this regulatory document, dd. from November 18, 2019, the National Processing Center for money transfers under the National Bank of Tajikistan successfully started to operate in pilot mode with the Unistream payment system and several credit institutions of Tajikistan.

Since December 3, 2019, all money transfers without opening a bank account shall be carried out through payment systems that are connected to the National Processing Center for money transfers (NPC). To date, Unistream and Contact payment systems have fully completed integration with the NPC for money transfers and through these systems citizens can make money transfers without obstacles since December 3, 2019. Also, the Western Union payment system is at the final stage of agreement approval and integration with the NPC. It is expected that in the coming days this payment system will complete the process of integration with the NPC and resume the effecting money transfers in Tajikistan.

Clients who made already money transfers through the “Zolotaya Korona”, “Blizko” and MoneyGram payment systems and these money transfers were not received before December 3, 2019 can cancel the implementation of money transfers in these payment systems and send money through the payment systems “Unistream” and “Contact ”, as well as by bank transfers through accounts. The cancellation of money transfers is allowed in accordance with the rules of payment systems.

It should be noted that “Zolotaya Korona” payment system, which carried out a significant part of money transfers, did not integrate with the NPC and did not meet the requirements of the legislation of the Republic of Tajikistan; therefore, it is impossible to make money transfers through this system.
Other payment systems, as they connect to the NPC and fulfill the requirements of the legislation of the Republic of Tajikistan, will be able to resume their activities in the country.
The National Bank of Tajikistan is in constant dialogue with the Central Bank of the Russian Federation on functioning and development of payment systems. In particular, on November 25-26 this year, the working meeting was held at the Central Bank of the Russian Federation with participation of banks and payment system operators of the Russian Federation, where detailed information on current situation in the money transfer market, risks and problems was provided by specialists of the National Bank of Tajikistan as well as the need to create an NPC and principles of its functioning. Answers were provided to all questions of the meeting participants.

It was noted that payment system operators, regardless of their residence and licensing by the National Bank of Tajikistan, should act in accordance with the legislation of the Republic of Tajikistan. At the same time, the National Bank of Tajikistan, in cooperation with payment system operators, will take into account the legislation of the Russian Federation on the national payment system as part of the connection to the NPC.

It should be noted the fruitful cooperation of the National Bank of Tajikistan and the Central Bank of the Russian Federation on the integration of national payment systems, in which framework it is planned to hold the Forum "Modern Payment Technologies and their use in the Financial Sector" and the announcement of the official launch of MIR Payment Systems Integration Project (NSPC (AO) and Korti Milli.

Press Division