Money Transfers from Kazakhstan Drop to Five-Year Low

In January–July 2025, the volume of international money transfers sent from Kazakhstan through money transfer systems (MTS) amounted to 391.6 billion tenge, down 15.8% compared with the same period last year. This marks the lowest level in the past five years and the third consecutive annual decline.

Uzbekistan, despite an 8.7% drop in transfer volumes, became the top recipient from Kazakhstan, with inflows of 125.3 billion tenge. In 2024, Russia held the lead, but in 2025 transfers there fell to 119.7 billion tenge (14.1% less than a year earlier), moving the country into second place.

Turkey ranked third, receiving 67.3 billion tenge. Transfers to Turkey shrank 26.7% year-on-year, the steepest decline among the top recipients. Among countries with positive momentum, South Korea stood out with transfers rising 26.6% to 3.3 billion tenge. Growth was also recorded in transfers to Armenia (up 17.7%) and Azerbaijan (up 17%).

In January–July 2025, the volume of international money transfers received in Kazakhstan through money transfer systems totaled 126.6 billion tenge, down 10.8% compared with the same period last year. This marks the third consecutive year of decline: in 2024, transfers decreased by 24.6%, and in 2023 by 47.5%.

Russia, despite a 23.4% drop, remained the main source of transfers to Kazakhstan at 30.6 billion tenge. The United States ranked second with 19 billion tenge, showing a 6.6% increase — one of the few growth figures among the top sources. Uzbekistan, with a moderate 5.2% decline, came third at 13.2 billion tenge.

The top five also included Turkey (12.1 billion tenge, up 13.8%) and Germany (9.9 billion tenge, up 0.9%). South Korea stood out negatively: transfers fell 40.9% year-on-year to 9.4 billion tenge.

Zolotaya Korona money transfer system, despite a 20.7% decline in volume, remained the largest operator in the outbound transfers market with 324.2 billion tenge. The system still accounts for more than 80% of all funds sent abroad, but its market share is eroding as competitors gain ground. Western Union recorded a sharp increase of 47.8%, to 45.6 billion tenge, strengthening its position as the market leader’s activity waned. MoneyGram showed similar momentum, with transfers rising 12.2% to 9 billion tenge.

Transfers sent through UPT totaled 9.9 billion tenge, while transfers via other systems fell 2.4 times to 2.9 billion tenge.

In the inbound segment, Zolotaya Korona also remained the leader, with 60.7 billion tenge, down 18.4% year-on-year. Western Union ranked second with 40.8 billion tenge, virtually unchanged from the previous year.

MoneyGram strengthened its position in inbound transfers as well, increasing volume by 12.7% to 22.8 billion tenge. Transfers through UPT to Kazakhstan totaled just 758.8 million tenge, while other systems accounted for 1.6 billion tenge — 2.6 times less than in January–July 2024.