Financial Inclusion in Uzbekistan: Trends and Key Directions

Tashkent, Uzbekistan (UzDaily.com) — Experts from the Institute of Macroeconomic and Regional Studies under the Cabinet of Ministers of the Republic of Uzbekistan have analyzed trends and key directions in financial inclusion in the country.

Financial inclusion refers to ensuring that all segments of the population have access to high-quality and affordable financial services.

As of 2024, 79% of the world’s population had their own bank accounts. In particular, from 2021 to 2024, the number of people with financial accounts increased by 5% globally and by 6% in low- and middle-income countries. According to the 2025 Global Findex report, in 2024, 40% of the population in such countries (an increase of 16% compared to 2021) kept their funds in banks and financial institutions.

The analysis utilized results from the “Listening to the Citizens of Uzbekistan – L2CU” survey conducted by the World Bank from September 2018 to June 2025. The survey covered approximately 1,503 households per month (a total of 121,618 observations) and included social and economic indicators.

The Institute’s experts noted the following:

In 2018, 97.7% of respondents preferred to keep money in cash at home, while in 2025 this figure fell to 92.7%. From 2018 to 2025, the use of bank accounts increased by 4.2%, and funds held in term deposits grew by 3%. At the same time, the share of respondents actively using these instruments rose sixfold and threefold, respectively, indicating improvements in financial literacy and growing trust in the banking system.

In 2021, 41% of households did not have a bank card. By 2025, plastic cards had become the main channel for social benefits, government payments, salaries, and money transfers, reducing the share of households without cards to 15%. In the second quarter of 2021, 57% of respondents reported having a bank card, while in the second quarter of 2025, about 85% did. Between 2021 and 2025, improvements in payment terminal infrastructure in trade and services, expansion of the UzCard and Humo systems, and the gradual transfer of salary and pension payments to bank cards contributed to broader access to financial services, increased card usage, and higher financial inclusion.

From 2021 to 2025, at least 92% of respondents reported receiving funds on their cards within the past 30 days, and no fewer than 91% reported making purchases with a bank card. Additionally, in May 2021, around 81% of respondents withdrew cash via ATMs in the preceding 30 days, while in the first half of 2025, this figure rose to 95%, reflecting significant growth in ATM usage.

On 12 December 2025, the President of the Republic of Uzbekistan signed a decree on “Additional Measures to Promote Cashless Payments and Reduce the Shadow Economy.” The decree sets a target to increase the share of cashless payments in trade and services to 75% of the population by 2030.

Analysis shows that among respondents, support for electronic financial transactions grew from 78% in 2021 to 89% in the first half of 2025, indicating increasing popularity of electronic payments among the population.