Central Bank backtracks on mandatory P2P transfer descriptions following public pressure

The issue gained traction on March 25 when reports circulated on social media claiming the regulator had officially abolished the requirement. In response to inquiries from Kun.uz, the Central Bank's press service stated that it is impossible to cancel something that was never mandatory. The regulator emphasized that the matter had been misinterpreted and pointed to an official statement from March 5 clarifying the voluntary nature of the feature.

However, the history of the directive paints a more complex picture. On February 17, the Central Bank sent a formal letter to commercial banks and payment organizations explicitly stating that indicating the purpose of a transfer was a mandatory requirement. This letter warned that institutions failing to implement the feature by March 1 would face regulatory sanctions.

Following significant public pushback, the CBU adjusted its stance on March 5. At that time, the information service characterized the process as "technical" and explained that the 16 provided categories for transfer purposes were merely templates. The regulator noted that banks and payment providers could choose to implement these categories based on their own application architecture.

Kun.uz has learned that following the March 5 announcement, several payment organizations and banks reached out to the Central Bank for further clarification. The regulator reportedly informed them that they were free to include or omit the field at their discretion. This shift in communication has led to the current understanding among industry players and the public that the initial "mandatory" requirement has effectively been dropped.