Over 800,000 Kyrgyz people to turn remittances into financial opportunities: IFAD, EU and Kompanion Bank join forces

Rome, 18 August 2025. Over 800,000 Kyrgyz people —including migrants, their families, returnees, and aspiring migrant workers—will be transforming remittances, the money sent home by migrant workers, into a powerful financial tool that provides life-changing opportunities thanks to the new partnership announced today by the International Fund for Agricultural Development (IFAD) and Kompanion Bank CJSC, Kyrgyzstan, one of the largest commercial banks in Kyrgyzstan.

Under the regional REMIT PRIME Central Asia Programme, which includes co-funding from the European Union (EU), this initiative aims to boost financial inclusion and rural development, equipping people with the tools, services, and knowledge to take greater control of their financial futures.

Remittances are a vital lifeline for many Kyrgyz families, accounting for 14 per cent of the country’s gross domestic product. In rural areas, one in four Kyrgyz people rely on funds sent home by relatives working abroad. These flows not only help cover basic needs but also offer a pathway to invest in education, entrepreneurship, and housing, building more stable lives and financially secure futures.

“We have always treated migrants and their families with special care and respect. With support from the European Union and in partnership with IFAD, we aim to turn remittances into a launchpad for personal, family, and economic growth using accessible, easy-to-use tools, such as the upgraded Kompanion mobile app, tailored to the needs of migrants and their families, and innovative financial products,” said Margarita Cherikbaeva, CEO of Bank Kompanion.

“By partnering with Bank Kompanion, we are ensuring that remittances become a gateway to meaningful financial inclusion,” said Pedro de Vasconcelos, Manager of the Financing Facility for Remittances at IFAD. “With digital remittance channels, tailored financial products, and targeted financial literacy training, we are helping families turn remittances into long-term security and sustainable rural development.”

According to a spokesperson of the European Union, “the EU is proud to support initiatives that harness the development potential of remittances and promote economic empowerment in rural areas," and sees "this partnership is an investment in communities, in women, and in future generations."

Smart tools

A key feature of the programme is the development of new digital remittance corridors from Europe, Türkiye, the Republic of Korea, and the United States. These channels will be integrated into the Kompanion mobile app, making the transfers faster, more convenient and affordable for families.

The app will also be upgraded to include a smart financial assistant—a digital “pocket expert” that provides advice to help users manage household budgets, track spending, and make informed financial decisions in everyday life.

To further support financial inclusion, the initiative will introduce innovative products linked to remittances, such as tailored deposit accounts and loan options designed for families receiving funds from relatives abroad. These services aim to help households move beyond day-to-day spending and start saving, investing, and planning.

In addition, the initiative includes training sessions for migrant families and returnees, focusing on financial resilience, household budgeting, digital safety, effective use of banking products, and sustainable agricultural practices.

This partnership reflects a shared commitment to inclusive growth, rural development, and financial empowerment, in line with IFAD’s work and investments in the Kyrgyz Republic. By combining resources and expertise, IFAD, the European Union, and Kompanion Bank aim to ensure that remittances become not just a means of survival, but a foundation for lasting opportunity, resilience, and prosperity for Kyrgyz migrants and their families, both at home and abroad.

Media contact: Alberto Trillo Barca | a.trillobarca@ifad.org | +39 366 576 3706

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No.: IFAD/64/2025

IFAD is an international financial institution and a United Nations specialized agency. Based in Rome – the United Nations food and agriculture hub – IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, we have provided more than US$25 billion in grants and low-interest loans to fund projects in developing countries

A wide range of photographs and broadcast-quality video content of IFAD’s work in rural communities are available for download from our Image Bank.

About the EU

The European Union and the Kyrgyz Republic have been partners since the country gained independence in 1991 and have continued to increase their cooperation and areas of interaction year-on-year. In the 2014-2020 period, the overall EU support to Kyrgyzstan amounted to EUR 263 Million, focusing on promoting sustainable development, education, rule of law, integrated rural development, and assisting the development of basic service infrastructure as well as supporting SMEs. For more information about the European Union visit our website and Instagram.

About Kompanion Bank CSJC

Kompanion Bank is one of the leading financial institutions in Kyrgyzstan with 20 years of experience. The Bank offers a full range of banking services and modern digital solutions for individual and corporate clients, ensuring convenient and secure access to finance. Its digital services are among the most in-demand in the country’s financial market, reflecting high levels of customer trust and a strong focus on innovation.

Kompanion Bank is the first and only financial institution in Kyrgyzstan to join the Global Alliance for Banking on Values (GABV), underscoring its commitment to sustainable and responsible banking.