OREANDA-NEWS. December 02, 2014. Bishkek leading banks of Kyrgyzstan: KICB, Ayil Bank, Bank of Asia and Bank Bakai signed Memorandum of Understanding on Strategic Cooperation and Partnership.

The objective of the MoU is to integrate the system of ELSOM and automated banking system of each Bank-Partner for further development of agent network to provide the ELSOM services to population of Kyrgyzstan. It allows the Bank-Partners to facilitate the business relationships of participating banks and independently promote ELSOM to their customers, as well as attract the new customers by providing the opportunities of electronic wallet. The most important aspect of MOU is to allow access by all ELSOM users’ to quality service in every branch of Bank-Partners.

“Signing of this MoU will enable our customers in every part of the country including the remote areas where banking facilities are not present to have an access to banking facilities through mobile phone without Internet connection. ELSOM will accelerate the further development of mobile financial services provided in Kyrgyzstan. We decided to open the ELSOM platform for our Bank-Partners to allow the bigger number of population benefit from ELSOM opportunities”, – mentioned Mr Kwang Young Choi, Chief Executive Officer of KICB. KICB is one of the largest commercial and highly capitalized banks in Kyrgyzstan with international shareholding.

ELSOM – is electronic wallet, or system, which provides the access to financial services through mobile phone. It allows paying for utilities expenses, top up the balance of mobile phones, to make the money transfers, to cash in and cash out the funds. Advantages of ELSOM include the convenience – payment with mobile phone at anytime and anywhere, even without the access to Internet; security – electronic money ELSOM is guaranteed by the issuing KICB Bank.

Elsom was officially launched in June 2014 by KICB. During this short period more than 41 000 users registered. Registration is provided free of charge to the customers of all mobile operators regardless of model of the phone.