04.04.2025.

Y-o-y surge in distance contracts

The year 2024 saw 323,899 new distance financial contracts, up by 83.9% from 2023 (176,090). Compared to 2020 (71,519), the number of these contracts increased by 352.9% (4.5 times). Regular annual growth in these contracts has been recorded, reflecting the clients’ recognition of the advantages of this type of contracting – a client can complete the entire process of contracting the desired service in a short period of time and without going to a bank.

Distance contracts can be concluded by means of video identification of the client or via another electronic method. Contracts concluded by video identification pertain to cases when the client contracts the use of bank services for the first time. This method increased by 142.2% compared to 2023 (37,427). The share of distance contracts has been rising year by year – 28% and 8.4% 2024 and 2020, respectively. The remaining contracts in 2024 were concluded through other electronic methods, accounting for 72%, while five years earlier, this figure stood at 91.6%. This category recorded an increase of 68.2% compared to 2023, when 138,663 contracts were concluded, and pertains to cases when the client already has an existing business relationship and wishes to contract additional services.

In terms of the type of financial product, citizens used the possibility of concluding distance contracts more in 2024 compared to 2023: account opening – up by 214.5% (77,334 vs. 24,588), overdraft facility – 94.8% (65,977 vs. 33,875), demand/time savings – 81.7% (34,111 vs. 18,774), other services^[1] – 55.4% (25,759 vs. 16,571) and cash loans – 46.7% (120,718 vs. 82,282). The Chart below shows this distribution.

A graphic overview of data on the provision of payment services and e-money issuance for 2023–2024 is available at: NBS | Statistics. 

^{[1] Other services include contracts concerning cards, loan insurance, e-services, account sets, standing orders, direct debits, etc.}

Payment System Department