Uzbek Central Bank Issues First Financial Inclusion Index

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has published its first pilot calculation of national financial inclusion indices for 2025, recording a score of 59 points out of 100 for individuals and 49 points for small and medium-sized enterprises (SMEs), according to the regulator.

The indices evaluate adults over the age of 16 alongside small and medium-sized businesses, including individual entrepreneurs. Each metric measures three core components—access, usage, and service quality—across three financial product categories: credit, deposits, and payments.

Developed in cooperation with international experts, the methodology incorporates frameworks from 16 organizations, including the World Bank, the OECD, and the Alliance for Financial Inclusion (AFI). The calculation draws on supply-side data provided by the Central Bank, the Tax Committee, the National Statistics Committee, banks, and other financial service providers.

For the adult population, access was evaluated at 62 points, usage at 51 points, and service quality at 64 points. Payment services showed high access, with 83% of adults holding bank cards, approximately 77% using internet banking, and 86.3% capable of making payments via mobile internet. Credit access was also high, with 98% of the population covered by credit bureau data and 80% of new retail loans processed automatically. However, savings access scored lower: although 86% of adults hold a basic bank account, only 4% hold savings or time deposit accounts.

Conversely, actual product usage figures presented an inverse trend. Savings accounts scored 68 points for usage, driven by a 66% active rate among existing deposit accounts. Credit usage scored 47 points, with 27% of adults holding an active loan account, averaging 1.7 loans per borrower. Payment usage recorded the lowest score at 34 points; despite an average of 3.2 cards per person, only 53% of cards are actively used, and person-to-person transfers account for 69% of all payment transactions.

The financial inclusion index for SMEs scored 49 points overall, comprising 39 points for access, 64 points for usage, and 43 points for service quality. Lending emerged as the most accessible segment for businesses at 50 points, with 24% of SMEs holding active credit accounts and 68% registered with the credit bureau. Non-cash payment acceptance lagged significantly, scoring 19 points for access. Although SMEs account for 34% of issued bank loans and 36% of the banking sector's total loan portfolio, funding remains concentrated within a narrow group of enterprises.

Gender-focused metrics yielded an overall financial inclusion index of 72 points for women. Basic account ownership among women reached 86%, matching the national average, while 6% held savings or time deposits. However, a gap persists in credit utilization: 19% of women hold active loan accounts, representing 35% of new retail loan volumes and 38% of the retail credit portfolio.

In rural and remote areas, the financial inclusion index stood at 49 points. The primary barrier occurs at initial account opening, with only 21% of rural residents holding bank accounts compared to the 86% national average. Time deposit usage in rural areas stood at 1%. However, activity levels on existing rural accounts closely matched national figures, with inactive accounts comprising 32% compared to 34% nationally.

Following the pilot report, the Central Bank outlined key priorities, including expanding simple savings products, increasing rural account ownership, reducing regional gaps, developing integrated digital services for SMEs, addressing debt burden risks, and expanding cash-flow-based business lending. The central bank plans to conduct regular index calculations to track financial inclusion trends over time.