Nurbank focuses its activities on the transactional sector. One of the main reasons is that this business is a stable, risk-free source of commission income, allowing it to diversify its revenues. Meanwhile, the bank emphasizes that its transfer fees are quite attractive. Currently, through the bank's payment systems, both local and international transfers can be made. Which payment systems are more in demand, where transfers are most often sent, and what their average amount is - this is discussed in an interview with the business information center Kapital.kz by the chairperson of the bank, Gulnara Musataeva.
- Currently, the priority for Nurbank is the development of the transactional business. What is the reason for this?
- This is a fairly profitable area, so we are betting on the transactional business. Income from this can conditionally be divided into two parts: commission and interest from passive operations: deposits and account balances.
In the large business segment, the main share of commission income comes from operations related to foreign economic activities. This includes currency control, foreign currency transfers, banking guarantees, and conversion operations.
The structure of commission income in the small and medium business segment differs. This is due to several reasons. The main one is that entrepreneurs working in the SME sector, who quite often make transfers, are tens or hundreds of times larger in numbers. Therefore, it is natural that such clients generate a lion's share in commission income precisely from settlement and cash operations and transfer transactions. Despite the relatively small size of the commissions charged for such transactions, thanks to a huge pool of SME entrepreneurs, the bank can achieve good commission income. According to the bank's reports, as of October 1, 2024, our commission income from corporate clients and the SME sector increased by 5% since the beginning of the year.
- Which international money transfer systems can retail clients use?
- Our bank operates two such payment systems, each meeting the needs of users - these are "Zolotaya Korona" and Western Union.
"Zolotaya Korona" is designed for quick money transfers without opening an account. With its help, transactions can be made within Russia and CIS countries. According to our statistics, transfers to Uzbekistan, Russia, Turkey, and Kyrgyzstan are popular.
The transfer limit within this system at branches is 10,000 dollars, 8,000 euros, 600,000 Russian rubles, or 3.5 million tenge.
Western Union is also a system for urgent transfers. This system allows sending funds to more than 200 countries worldwide, covering over 600,000 points. Transfers can be made without opening an account. The maximum transaction amount is 7,300 dollars or the equivalent in tenge.
- Which of these payment systems is more in demand?
- The "Zolotaya Korona" money transfer system is the most demanded among our clients. This is mainly due to the geography of transfers - mainly CIS countries. Another factor is the favorable conditions we offer.
The average transfer amount via Western Union at our bank is 569,000 tenge, and via "Zolotaya Korona" - 575,000 tenge.
After the withdrawal of the Contact payment system from the Kazakhstani market, we are working on launching new money transfer systems.
- In August, the developer of "Zolotaya Korona" was subjected to sanctions by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury. However, the payment system itself was not included in the sanctions list. Is this payment system still active with you?
- Yes, the "Zolotaya Korona" payment system is available with us. After information appeared about the sanctions imposed by the US Department of the Treasury on the "Center for Financial Technologies," we conducted an analysis of possible risks for further cooperation with this payment system. As a result, we decided not to suspend cooperation with this system. At the same time, we constantly monitor the market situation.
- Tell us about the international transfer system for business representatives.
- This is primarily SWIFT, and Nurbank's tariffs for sending transfers via this system are among the most favorable on the market. Advantages include the absence of transfer amount limits, wide geography, transfers credited to the recipient's account, same-day processing, and simplicity of execution.
- Two local payment systems operate at Nurbank. What makes them interesting?
- With our Instant Payment System (IPS), money transfers between clients of Kazakhstani participant banks can be made 24/7. All you need is the mobile number of the person you need to send the payment to. You don't need to request the card number or other details. Transfers are made in the national currency - tenge. To send a transfer, it is enough to specify the recipient's phone number, choose the beneficiary bank, enter the amount, and confirm the transfer.
The amount of a single transfer should not exceed 500,000 tenge, with a daily limit of up to 1 million tenge, and a monthly limit of up to 4 million tenge.
Our other transfer system, "NUR Express," was developed for transfers between individual clients within the branch network. To send a transfer, there is no need to open a bank account. Transfers can be made in tenge, as well as in foreign currencies: in dollars and euros. The maximum transfer amount should not exceed the equivalent of 10,000 dollars. One of the main advantages of this system is the low tariff - 0.5% of the transfer amount.