The National Bank of the Kyrgyz Republic (NB KR) has adopted a new resolution regarding the licensing and regulation of the activities of the Open Joint Stock Company "Financial Company of Credit Unions" and credit unions. This decision is reportedly aimed at expanding opportunities for the FCKS.
According to the new rules, the Financial Company of Credit Unions will now be able to provide loans not only to credit unions but also to individuals and legal entities.
In the updated Regulation on the Licensing of FCKS activities, changes pertain to paragraph 3, which now states:
“Shareholders of the company may be both individuals and legal entities. The share of a credit union in the company's capital is limited to 20% of the voting shares. Meanwhile, the share of any individual or legal entity not related to credit unions shall not exceed 15% of the voting shares. The total share of voting shares owned by such persons may not exceed 49% of the authorized capital of the company.”
As for the requirements for sources of funds, legal entities must provide the following documents:
financial statements for the last year (including balance sheet and income statement), tax returns, and other documents confirming financial status (certified with the seal of the legal entity);
an audit report (if required by law) or a certified copy of it;
individuals must provide:
income tax returns, documents related to transactions with movable and immovable property, confirming the right to inherit funds or property, as well as other documents confirming their financial situation.
Additionally, legal entities and individuals may provide other documents that confirm the sources of funds used for contributions to the authorized capital, provided they do not contradict the legislation of the Kyrgyz Republic.
The resolution will come into effect 15 days after its official publication. The full text of the document can be accessed via the link.
It should be noted that the draft of this resolution was submitted for public discussion in early December 2025 with the aim of expanding opportunities for the FCKS and reviewing the minimum requirements for officials of credit unions.
https://banks.kg/ky/news/new-licensing-rules-fkks-credit-unions
Source: banks.kg
