Turkmenistan
Turkmenistan, a resource-rich Central Asian nation with a population of approximately 6.3 million, is gradually modernizing its financial ecosystem. Though the economy remains heavily state-controlled and centered on natural gas exports, digital transformation efforts in the banking and payments sector have begun to take shape.
The country’s economy is driven primarily by hydrocarbon exports, with natural gas accounting for the vast majority of foreign revenue. In recent years, the government has emphasized import substitution, infrastructure development, and diversification, including agriculture and textile production. Economic growth in 2023 was estimated at 6.2%, supported by energy exports, state-led construction projects, and modest domestic demand recovery.
Despite limited transparency in official data, Turkmenistan has been investing in infrastructure—including in digital banking and e-government systems—as part of its broader development strategy. However, strict currency controls, a dual exchange rate (official vs. black market), and minimal foreign investment continue to challenge market liberalization.
While cash remains dominant, especially in rural areas, the use of debit and payroll cards issued by domestic banks is rising, particularly in urban centers like Ashgabat.
Most cards are issued through Milli Kart, the national interbank payment system. These cards are primarily used for domestic ATM withdrawals and limited point-of-sale (POS) transactions. The use of international cards such as Visa and Mastercard is extremely restricted, with limited acceptance and availability only through select banks or for foreigners.
The economy remains heavily cash-based, partly due to:
Despite gradual digitization efforts, cash is the preferred payment method for most retail, service, and informal economy transactions.
Top banks
TDFEB - State Bank for Foreign Economic Affairs
TDFEB is Turkmenistan’s key institution for managing international trade, foreign currency operations, and external debt. It issues limited international cards, handles major state contracts, and plays a central role in the country's tightly controlled foreign economic policy.
Dayhanbank
Dayhanbank specializes in financing the agricultural sector, supporting rural development and farming initiatives. It provides basic banking services, distributes government subsidies, and facilitates payment systems for farmers across Turkmenistan, especially in regions focused on cotton and grain production.
Halkbank
Halkbank is a major retail bank in Turkmenistan, offering payroll services, consumer accounts, and limited online banking tools. It serves a large portion of the population and plays a role in state welfare distribution and personal banking modernization efforts.
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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