FinTech in Turkmenistan: a market at the stage of formation and the first steps toward a digital ecosystem

Daniil Maykovskiy, city — Ashgabat, CEO StartUp Academy, Instagram

FinTech in Turkmenistan

FinTech is one of the flagship drivers of technological business development, as its mission is to simplify and make payment processing and other financial transactions more accessible for consumers of online services and online store shoppers, as well as for companies conducting business online. The widespread adoption of modern internet-based services saves time and improves the quality of life.

The FinTech ecosystem in Turkmenistan is still in its formative stage but possesses significant growth potential. Key areas of development include mobile banking, digital payments, and online lending. The market can be characterized as bank-centric, although new regulatory solutions, technological projects, and signs of a more comprehensive ecosystem are emerging.

Over the last decade, Turkmenistan has transitioned from an almost entirely cash-based economy to a market with stable dynamics in retail non-cash transactions. From 4.2 million manat in 2013, the volume of non-cash operations grew to 23.4 billion manat by the end of 2025—an increase of more than 5,000 times. E-commerce accounted for nearly 3 billion manat.

Most banks in Turkmenistan provide online payment services to businesses, entrepreneurs, and legal entities. Some banks offer online banking via web services and also provide mobile applications for financial management. Additionally, applications for individuals are being developed, simplifying access to banking services, including cross-border transfers and consumer loans.

Payment Services

We examined the market not from the perspective of banks, but from the users’ side, conducting a review of B2C FinTech services, i.e., those intended for individuals operating in Turkmenistan. The study included about a dozen payment services providing online payment and financial intermediation services for various payments.

Services created for a single organization with payment only for its own services, as well as mobile banking requiring offline authorization at bank branches, were excluded from the analysis.

Most solutions are either owned by state or quasi-state structures or are closely integrated with them. Some applications in the Apple Store and Play Market are registered under state entities, while others are under private companies working in conjunction with state systems.

All B2C FinTech solutions can be divided into four groups:

1. State services:
   The e.gov.tm government services portal, with the service operator being the state telecom provider Turkmen Telekom.
2. Services of state-owned telecom companies:
   TMCELL Toleg — mobile operator Altyn Asyr
   Capar Pay — company Turkmen Pochta
3. Banking services:
   Senagat Tolegi from Senagat Bank
   Galkynysh from the State Bank for Foreign Economic Affairs
4. Private payment services:
   Saray — a service integrated into a classifieds app
   Gerekli Pay — a service integrated into a marketplace app
   Onlayn Hyzmat — a service of a private IT company.

In terms of format, all solutions operate on the same model: the user adds a card, after which the system saves its details and allows payments only within the available catalog services.

Alternative models similar to PayPal or Click do not yet exist in Turkmenistan, nor is there a presence of international payment platforms.

The Role of the State in FinTech Development

The state remains the main driver of financial digitalization. In early 2026, the Concept for the Development of the Digital Economy of Turkmenistan for 2026–2028 was approved, enshrining the digitalization of the banking system as a priority. President Serdar Berdimuhamedow oversees the modernization of the Central Bank’s infrastructure and state banks.

One of the key events was the adoption of the Law on Virtual Assets at the end of 2025, which, starting January 1, 2026, legalized cryptocurrency mining and the activities of cryptocurrency exchanges.

The law introduces strict restrictions: virtual assets are not recognized as currency, payment means, or securities within the country. All market participants must undergo registration and identification; anonymous wallets are prohibited. This does not constitute a full-fledged crypto market, but it is an important institutional step for investors and technology companies.

Development of FinTech Infrastructure

FinTech infrastructure is gradually expanding. Turkmenistan has set a course for developing contactless NFC payments, while QR codes are becoming a standard settlement tool.

Key indicators:

— the number of POS terminals exceeded 36,800 units
— internet penetration is approximately 34.9%, or about 2.64 million users
— mobile coverage exceeds 66% of the population
— about 40% of adults have bank accounts
— about 60% of adults remain outside the traditional financial system.

This creates significant potential for digital wallets, microfinance services, and new FinTech products.

What’s Next

Key trends in the Turkmen FinTech market in 2026:

1. Remote financial management
   The transition from SMS banking to full-fledged internet and mobile banking continues, but coverage remains limited.
2. Ecosystem approach
   Convergence of telecom operators Turkmen Telekom and TMCELL with banks to create comprehensive digital services.
3. Crypto infrastructure
   Formation of the first exchanges and mining operators under the new regulatory framework.
4. Cybersecurity
   Growing transaction volumes and the emergence of crypto assets increase the importance of data protection.
5. Financial inclusion
   About 60% of the unbanked population remains the main growth potential for the market.

As of April 2026, Turkmen FinTech is no longer a zero-stage market but still an early-stage one. The infrastructure framework is largely formed. The key question now is whether independent FinTech players will emerge capable of operating on top of the existing base.