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DOI: 10.15862/40FAOR425 (https://doi.org/10.15862/40FAOR425)

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Akiljanova Sh.Yu. Development of the banking system of the Republic of Tajikistan based on an ecosystem approach. Russian journal of resources, conservation and recycling. 2025; 12(s4). Available at: https://resources.today/PDF/40FAOR425.pdf (in Russian). DOI: 10.15862/40FAOR425

Development of the banking system of the Republic of Tajikistan based on an ecosystem approach

Akiljanova Shakhnoza Yunusovna
Tajik Technical University named after academician M.S. Osimi, Dushanbe, Republic of Tajikistan
Khujand Polytechnic Institute
E-mail: shahnoza_1999@bk.ru
RSCI: https://elibrary.ru/author_profile.asp?id=1195175

Abstract. This article examines the specific conditions and prospects for the formation of banking ecosystems in the Republic of Tajikistan, taking into account the characteristics of the national financial market and global experience in ecosystem transformation of the banking sector. The relevance of this study is dictated by the rapid digital transformation of the global financial system, which is prompting credit institutions to go beyond the traditional service model and build multi-tiered platforms integrating financial and non-financial services. The fundamental novelty of this problem statement lies in the fact that ecosystem building in developing Central Asian economies is taking place in conditions that differ significantly from Western models: low levels of financial penetration are combined with rapid mobile digitalization and a critical dependence on remittances from migrant workers. The analysis revealed the dual nature of the republic’s banking system. On the one hand, the sector remains underdeveloped: only fifteen to sixteen banks, a high concentration of assets in three systemically important organizations, and a significant share of cash turnover. On the other hand, there is double-digit asset growth (from 30,0 to 54,9 billion somoni in three years), a rapid increase in the number of bank cards to 9,1 million, the emergence of fintech players with an ecosystem model, and the active implementation of artificial intelligence in credit scoring. The scientific novelty lies in the substantiation of a specific model of ecosystem transformation, formed from the bottom up, where fintech companies serve as the driving force, rather than the largest systemically important banks, as in Russia, China, or Western countries. According to the author’s conclusions, payment and transfer services are becoming the core of the emerging ecosystems, the importance of which is determined by the share of remittances in the GDP structure, which reached 49 % in 2024. Key constraints include low per capita income, underdeveloped IT infrastructure in rural areas, and the lack of a regulatory definition of a banking ecosystem. The practical significance is determined by the applicability of the obtained results to the development of strategies for the banking sector and the improvement of regulatory approaches to financial ecosystems in developing countries of Central Asia.

Keywords: banking ecosystem; financial inclusion; Republic of Tajikistan; digital transformation; financial technologies; payment infrastructure; National Bank of Tajikistan; fintech; ecosystem approach

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