Turkmen Banks to Introduce Online Service For Loan Processing

BUSINESS TURKMENISTAN
Turkmen Banks to Introduce Online Service For Loan Processing
The new service will allow bank customers to apply for a loan online.

During a meeting of Cabinet of Ministers of Turkmenistan on Thursday, Deputy Prime Minister Gadyrgeldi Mushshikov presented to President Gurbanguly Berdimuhamedov a proposal for using digital systems in processing loans provided by banks to citizens of the country.

According to TDH news agency’s report, Mushshikov’s proposal included the creation of a section on the websites of credit institutions, with the help of which citizens can apply for a loan and fill in all the necessary information in accordance with the type of loan.

After online processing of the data and documents provided by the applicant, the bank's client receives information about the time of arrival at the bank, as well as a list of required documents.

The introduction of this service will reduce queues at banks, increase the efficiency of issuing loans and save time for bank employees and clients.

Having approved the proposal, the Head of State instructed the Vice-Premier to keep in constant control the fulfillment of the works outlined in the Concept for the development of the digital economy in Turkmenistan in 2019-2025.

President Gurbanguly Berdimuhamedov noted the importance of widespread introduction of digital technologies into the banking system, where major reforms are currently underway.