Uzbekistan MFO Assets Nearly Double to 18.9 Trillion Soums

Tashkent, Uzbekistan (UzDaily.uz) — Total assets of Uzbekistan’s microfinance organizations reached 18,909.2 billion soums as of August 1, 2026, nearly doubling over the year with growth of 99.7%, according to the Central Bank. A year earlier, the figure stood at 9,467.4 billion soums.

Net loans and microleasing continued to account for the largest share of assets at 89.2%. Their volume increased from 8,665.1 billion to 16,859.2 billion soums, or by 94.6%. Funds receivable from banks rose 3.7 times, from 222.3 billion to 816.8 billion soums.

Accrued interest receivable increased by 176.4% to 438.8 billion soums, while cash and other payment documents rose by 42.1% to 110.6 billion soums. Other assets increased by 144.8% to 538.8 billion soums, and fixed assets grew by 17.6% to 145.0 billion soums.

Microfinance organizations’ liabilities increased by 121.7% over the year to 14,715.2 billion soums, compared with 6,637.1 billion soums a year earlier. Loans, borrowings and leases payable accounted for 75.7% of total liabilities, doubling to 11,141.8 billion soums.

Other liabilities rose 3.5 times to 3,074.1 billion soums, while accrued interest payable increased by 219% to 473.2 billion soums. Accrued taxes payable, meanwhile, fell by 17.9% to 26.2 billion soums.

The sector’s total capital reached 4,194.0 billion soums, up 48.2% from 2,830.2 billion soums a year earlier. Charter capital increased by 39.9% to 2,131.8 billion soums, reserve capital rose by 17.5% to 143.4 billion soums, retained earnings grew by 57.3% to 1,035.9 billion soums, and current-year profit increased by 69.1% to 873.7 billion soums. Additional capital remained unchanged at 9.2 billion soums.

A total of 138 microfinance organizations were operating in Uzbekistan as of the reporting date, compared with 125 a year earlier.

Largest MFOs by assets

Teskoin had the largest assets among sector participants as of August 1, 2026, at 6,804.7 billion soums, representing a 3.1-fold increase over the year.

Shaffof-moliya ranked second with 1,775.3 billion soums, up 1%, followed by Fortuna Business with 1,174.3 billion soums, up 15%. TBC Credit reported assets of 1,189.4 billion soums, more than 620 times the 1.9 billion soums recorded a year earlier.

Vodiy taraqqiyot had assets of 676.0 billion soums, up 5%, while Delta reached 440.0 billion soums, up 57%. Oltin yulduz plus recorded 403.5 billion soums, three times its level a year earlier.

Organizations with the fastest asset growth

In addition to TBC Credit, several organizations recorded multiple-fold increases in assets.

Apex moliya increased its assets from 2.0 billion to 25.9 billion soums, or 12.8 times. Una moliya grew from 1.8 billion to 109.3 billion soums, while Cash Point rose from 1.7 billion to 84.7 billion soums, an increase of more than 50 times.

Danvik funding increased its assets from 5.5 billion to 363.6 billion soums. Aloka finans development grew from 8.2 billion to 165.0 billion soums, or 19 times.

Bright Future Financing and Urban Finance Solutions each increased from 2.1 billion soums to 281.6 billion and 147.1 billion soums, respectively. Community microfinance grew from 2.0 billion to 279.4 billion soums, Fundflow from 2.0 billion to 131.1 billion soums, and Biznesni rivojlantirish from 10.1 billion to 69.3 billion soums.

Organizations with declining assets

Among organizations reporting declines in assets were Istikbol invest grup, down 41% to 12.6 billion soums; Al barot, down 31% to 13.9 billion soums; Pulman, down 29% to 132.5 billion soums; Hamroh, down 13% to 337.1 billion soums; Tashdi, down 78% to 0.8 billion soums; and Silver finance, down 72% to 1.1 billion soums.

Sector capitalization

Teskoin led the sector by total capital with 725.5 billion soums, up 3.2 times over the year. Shaffof-moliya followed with 377.6 billion soums, double its previous level, while Fortuna Business had 474.0 billion soums, down 16%.

TBC Credit’s capital reached 168.0 billion soums, an 88-fold increase, while Vodiy taraqqiyot had 299.0 billion soums, up 4%.

A negative capital position of 4.1 billion soums was recorded at Ayol, despite its charter capital of 4.0 billion soums.

The distribution of organizations by capital size changed significantly over the year. As of August 1, 2025, organizations with capital above 10 billion soums accounted for 90.4% of the sector’s total capital, representing 39 of 125 organizations. By August 1, 2026, their share had fallen to 33.3%, although the number of such organizations had increased to 46 out of 138.

Meanwhile, the share of organizations with capital of up to 3 billion soums increased from 3.6% to 34.8%. The shift points to a rapid increase in the number of new, less-capitalized market participants.

Liabilities and bank borrowing

The organizations with the largest liabilities included Teskoin, with 6,079.26 billion soums, of which 1,039.4 billion soums represented borrowed funds from banks; Shaffof-moliya, with 1,397.65 billion soums; Fortuna Business, with 700.29 billion soums; TBC Credit, with 1,021.40 billion soums, an increase of more than 200,000 times; and Vodiy taraqqiyot, with 377.01 billion soums.

Total bank borrowing across the sector reached 4,275.2 billion soums, compared with 2,162.8 billion soums a year earlier, representing a 98% increase.

Credit portfolio quality

The share of non-performing loans (NPLs) across the sector stood at 2.6% as of August 1, 2026. The total loan portfolio amounted to 17,370.8 billion soums, including 459.9 billion soums classified as problem loans.

The highest NPL ratios were recorded at Kreditomat Tashkent at 72.9%, Chust rir at 43.3%, Sirius kredit at 56.3%, Sarmishsoy plus invest at 40.3%, Nayuta at 41.1%, Yangi finans at 37.4%, Rohat at 36.4%, and Baraka madad finans at 24.2%.

Several large organizations maintained low NPL ratios. At Teskoin, the ratio stood at 1.9%, while Fortuna Business reported 0.8%. Ishonch effekt kredit, Izi finans, Pul bor and several other organizations reported no problem loans.

Distribution by asset size

Of the 138 operating microfinance organizations, 82 had assets exceeding 10 billion soums. Their combined assets amounted to 18,695.2 billion soums, or more than 98% of the sector’s total assets.

Another 17 organizations with assets between 5 billion and 10 billion soums held a combined 118.0 billion soums, while 39 organizations with assets of less than 5 billion soums held 96.0 billion soums.