Turkmenistan
Turkmenistan, a resource-rich Central Asian nation with a population of approximately 6.3 million, is gradually modernizing its financial ecosystem. While the economy remains heavily state-controlled and reliant on natural gas exports, early digital transformation efforts in banking and payments are beginning to emerge.
The country’s economy is driven primarily by hydrocarbon exports, with natural gas accounting for the majority of foreign revenue. Recent government initiatives focus on import substitution, infrastructure development, and economic diversification, including agriculture and textile production. In 2023, economic growth was estimated at 6.2%, fueled by energy exports, state-led construction projects, and moderate domestic demand recovery.
Turkmenistan has been investing in digital banking, e-government systems, and financial infrastructure as part of its broader economic modernization strategy. However, strict currency controls, a dual exchange rate system, and minimal foreign investment continue to constrain market liberalization.
Cash remains the dominant payment method, especially in rural areas, though debit and payroll cards issued by domestic banks are gaining traction in urban centers like Ashgabat. Most cards are issued through Milli Kart, the national interbank payment system, and are primarily used for domestic ATM withdrawals and limited POS transactions. International cards such as Visa and Mastercard have restricted acceptance, mainly available to foreigners or select banks.
The Turkmenistan payment landscape remains heavily cash-based due to:
Despite these challenges, ongoing digitization efforts signal a slow but steady shift toward cashless payments, digital wallets, and modern banking solutions in Turkmenistan’s emerging fintech ecosystem.
Top banks
TDFEB - State Bank for Foreign Economic Affairs
TDFEB Turkmenistan is the country’s central authority for foreign trade Turkmenistan, international payments, and foreign currency management. It oversees state contracts, external debt, and limited international card issuance, playing a crucial role in Turkmenistan’s financial regulation, cross-border transactions, and controlled economic policy.
Dayhanbank
Dayhanbank Turkmenistan specializes in agricultural finance Turkmenistan, supporting rural development, farming loans, and government subsidy distribution. With digital banking Turkmenistan and secure payment solutions, it enables cashless transactions for farmers, contributing to the modernization of Turkmenistan’s financial services and agriculture-focused banking ecosystem.
Halkbank
Halkbank Turkmenistan is a leading retail bank Turkmenistan, providing payroll services Turkmenistan, consumer accounts Turkmenistan, and basic online banking Turkmenistan tools. It serves a significant portion of the population and supports state welfare distribution Turkmenistan while promoting modernization of personal banking services Turkmenistan.
Top payment methods
The adoption of mobile payment platforms is still at a very early stage. Turkmenistan does not yet have widespread mobile wallet usage.
Concluding remarks
Cash
Heavily cash-based
Cryptocurrency
Cryptocurrency is prohibited in Turkmenistan.
Cards
While the number of bank cards is increasing, the actual usage for everyday transactions remains limited, primarily due to the restricted functionalities of salary cards and the continued preference for cash in many parts of the country.
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