Uzbekistan Targets $20 Billion Remittances by 2027

Tashkent, Uzbekistan (UzDaily.uz) — Remittance inflows to Uzbekistan could reach US$20 billion by 2027, up from approximately US$15 billion last year, as digital platforms increasingly displace traditional bank branches and currency exchange offices.

The shift toward mobile applications and e-wallets was a central topic at the Silk Road Finance & Technology Forum held in Tashkent on 24 August 2026. According to data presented at the panel session, peer-to-peer transfers currently account for nearly 40% of remittance inflows into Uzbekistan. Across Central Asia as a whole, annual remittance volumes stand at roughly US$33 billion, according to Prajit Nanu, co-founder and chief executive officer of global payments company Nium.

Remittances play a critical role in supporting Central Asian economies. Migrant money transfers account for approximately 15% of GDP in Uzbekistan, 17.6% in Kyrgyzstan, and 46% in Tajikistan.

Paynet Chief Executive Officer Anvar Isamukhamedov noted that classic cash-pickup methods are losing ground to app-based transfers. He highlighted e-wallets as a cost-effective, accessible alternative for small businesses and self-employed individuals compared to traditional account-to-account transfers.

To expand international reach, Uzbekistan's national card system Humo was built as a potential regional player. Alexey Maslov, advisor to the board chairman at Humo, said the system issues co-badged cards with Visa, functions in domestic and international markets, and has partnered with neighboring systems such as Kyrgyzstan's Elcart and Kazakhstan's payment system, as well as Alipay, extending card acceptance to over 50 countries.

Central Bank of Uzbekistan Payment Systems Department Director Jamshid Usmanov said the primary barrier in cross-border payments is navigating multiple jurisdictions, anti-money laundering regulations, and correspondent banking checks. The regulator aims to streamline cross-border transfers by unifying data standards, such as QR codes, and facilitating direct system interactions across the region.

International industry figures, including former Mastercard Asia-Pacific President Ari Sarker, Razorpay Innovation Officer Arif Khan, and Klearium CEO David Kleyman, discussed cross-border interoperability and financial inclusion solutions like India's UPI network. Meanwhile, Anchorage Digital Global Head of Stablecoin Solutions Sergio Mello noted that blockchain and stablecoins can help bridge grass-roots digital finance with central bank systems.