From Fintech to Ecosystem: The Rise of Super Apps in Central Asia

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Author: Digital Frontiers Institute

One of the most transformative trends in Central Asia’s digital economy is the rapid development of super apps—mobile platforms that bring together financial services, marketplaces, and government solutions. These platforms are reshaping how people handle daily transactions, from shopping and transportation to accessing public services. 

Kazakhstan has emerged as a leader in this shift. When my colleagues from abroad visit Kazakhstan, they often face a challenge when trying to pay for taxi services. Many taxi drivers no longer carry cash or provide change, instead requesting payments via Kaspi transfers. This everyday reality highlights how deeply integrated digital payments have become in the country. The widespread adoption of super apps has made cash transactions increasingly rare. From taxi drivers to corner shops and bazaar traders, digital payments are now the norm. As of December 2024, over 85% of all transactions in Kazakhstan were cashless, according to the National Bank of Kazakhstan. This shift reflects a broader regional transformation driven by digital ecosystems. 

The rise of super apps in Central Asia has not been solely a result of technological advancement. Government policies, investments in digital identity recognition, and progressive financial regulations have laid the groundwork for their expansion (Digital Kazakhstan Programme, 2017). By fostering seamless interactions between financial institutions, businesses, and government services, these initiatives have accelerated the digital transition. 

A defining example of this transformation is Kaspi.kz, which began as a traditional commercial bank in 2002. Through continuous innovation, it evolved into a fully digital platform, integrating payments, e-commerce, and government services into its Kaspi Super App. Today, Kaspi boasts over 13.5 million monthly active users, with 65% engaging daily (Kaspi Annual Report, 2023). This evolution underscores how a combination of private-sector innovation and supportive government policies can drive widespread digital adoption. 

Kaspi’s success has set off a wave of digital transformation across Central Asia, inspiring banks and non-banking institutions in Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan to develop their own super apps. These platforms have grown into multifunctional ecosystems, providing users with everything from financial management to access to government services. 

 

Each country in Central Asia has achieved notable milestones: 

  • Kazakhstan: The fintech industry has expanded rapidly, with cashless transactions growing from 5 billion USD in 2017 to 158 billion USD in 2022. The number of point-of-sale (POS) terminals has also surged, rising from 108,000 in 2017 to 831,000 in 2023 (Kazakhstan Fintech Report, 2024). 
  • Kyrgyzstan: MBANK has become the country’s leading financial app. By late 2023, it had surpassed 10 million downloads, a remarkable jump from 0.3 million in 2021. Its active user base now exceeds 3 million, covering 80% of the adult population. MBANK’s assets have grown fivefold, reaching over 1 billion USD, while deposits increased from 151 million USD in 2021 to 793 million USD in 2024 (MBANK Press Release, 2024). 
  • Tajikistan: Alif Bank, a leading Islamic fintech company, has reported 121% annual growth. By 2024, its user base exceeded 1.5 million, with a significant increase in transaction volume (Alif Bank Financial Report, 2024). 
  • Uzbekistan: The Hambi super app, launched by VEON, has seen rapid adoption. Within three months of its latest release, it gained 700,000 new users, reaching over 4 million monthly active users. The app provides commission-free peer-to-peer transfers, e-commerce integration, and access to digital entertainment (VEON Market Report, 2024). 

These developments highlight how super apps are redefining digital economies across the region, providing businesses and consumers with integrated digital solutions. 

Recently, I was on an assignment conducting due diligence for a bank in Kazakhstan. When I asked a loan officer why farmers chose this bank for financial services, the response was striking. Farmers prefer the bank because of its mobile application, which is fully integrated with e-government services. Through the app, they can apply for loans without visiting a branch. The system retrieves their digital identity, verifies property ownership for collateral, checks their credit history via a credit bureau, and allows them to sign loan applications digitally. Once approved, loan funds are deposited directly into their account— all without requiring a physical visit to the bank. This level of automation and accessibility is a game-changer, especially for those in remote areas. As a result, banks and financial institutions are now forced to compete on user experience, continually improving their digital platforms to attract and retain customers. This competition is further driving innovation and enhancing the overall digital finance landscape. 

 

Kaspi.kz has played a key role in supporting SMEs: 

  • Business owners can open accounts instantly, process digital payments, and access sales proceeds immediately. As of 2023, 80% of SMEs in Kazakhstan rely on digital payments, reducing dependency on cash (Kaspi Financial Report, 2024). 
  • Super apps provide microloans and flexible financing, helping businesses manage cash flow. Digital lending through Kaspi.kz alone has exceeded 2.5 billion USD annually (Kaspi Annual Report, 2023). 
  • Businesses can expand their reach by listing products online and offering delivery options through integrated logistics. E-commerce sales in Kazakhstan have been growing at an annual rate of 40% (Kazakhstan E-Commerce Report, 2024). 
  • Entrepreneurs can file taxes, submit reports, and complete government transactions directly through the app. Over 5 million users in Kazakhstan now access public services via super apps, streamlining bureaucracy (EGOV.KZ, 2024). 

 

Kaspi.kz has also transformed consumer finance: 

  • Public services such as license renewals, tax payments, and digital document access are now available with a few clicks (EGOV.KZ, 2024). 
  • Financial education tools built into super apps are helping users make informed financial decisions, with 40% relying on them for budgeting support (Financial Literacy Report, 2024). 

 

By centralising these services, super apps have made life more convenient for consumers while also strengthening the digital economy. 

Kaspi now processes over 85% of Kazakhstan’s cashless transactions. Its success has encouraged fintech expansion across Central Asia, accelerating digital transformation and financial inclusion in the region. 

The continued rise of super apps in Central Asia is reshaping the business and financial landscape. By merging banking, commerce, and government functions into single platforms, these apps are empowering SMEs, reducing financial barriers, and making digital transactions the norm. As the industry evolves, the question remains: is there an end to super apps consolidating services? With financial transactions, e-commerce, and government services already integrated, what else can be digitised and added to these platforms? Will healthcare, education, or even legal services become the next frontier for super apps?  

As technology advances and user expectations grow, the possibilities for expansion seem limitless. The future of digital finance in Central Asia will depend on how well super apps continue to innovate and adapt to new consumer needs. Unlike other markets where a few dominant players consolidate the space, the region’s dynamic fintech sector suggests that competition will continue to drive innovation. 

 

By Cholpon Kokumova 

Chair of Board of Directors for  Bailyk Finance (Kyrgyzstan) and Advisor/Consultant in Financial Markets (Central Asia) 

DFI alumni 

 

Established in 2015, Digital Frontiers Institute is a proud brand of Digital Frontiers. Learn more about the Certified Digital Finance Practitioner (CDFP) programme and find out how to enrol: https://cdfp.digitalfrontiersinstitute.org/