Uzbekistan’s Factoring Market Reaches 9.5 Trillion Soums in 2025

Tashkent, Uzbekistan (UzDaily.com) — In 2025, Uzbek financial institutions provided factoring services totaling 9.5 trillion soums, according to data from the Central Bank of Uzbekistan. Commercial banks accounted for 8.8 trillion soums, or 93% of the market, while microfinance institutions financed operations worth 699 billion soums, representing 7%.

Nearly half of all transactions — 4.4 trillion soums, or 46% — were conducted digitally. Of this digital factoring, 2.5 trillion soums (58%) was executed through the Ozplanet platform, and 1.8 trillion soums (42%) via Finmakon.

The growing demand from businesses for working capital and the use of factoring as a short-term financing tool drove a significant increase in transaction volumes. By December 2025, the peak monthly factoring figure doubled to 1.2 trillion soums, compared with 630 billion soums in December 2024.

State-owned commercial banks financed 5 trillion soums, or 56% of the market, for private sector enterprises, while private banks provided 3.8 trillion soums, or 44%. Among state banks, Asaka Bank led with 1.5 trillion soums in factoring, including 508 billion soums through electronic platforms, followed by Uzmilliybank at 921 billion soums (801 billion soums digitally) and Uzsanoatqurilishbank at 761 billion soums (720 billion soums digitally). Private bank leaders included Kapitalbank (1.3 trillion soums), Hamkorbank (909 billion soums), and Asia Alliance Bank (354 billion soums).

Microfinance institutions financed enterprise receivables totaling 699 billion soums during the same period. Measures to expand the use of factoring by commercial banks as an alternative short-term financing tool continue to be implemented nationwide.

The share of factoring in short-term business financing increased significantly, rising from 4.5% at the start of 2025 to 11.1% by year-end. Regionally, Tashkent accounted for 4.1 trillion soums (43.3%), followed by Andijan Region at 1.9 trillion soums (20.4%), Tashkent Region at 859 billion soums (9.1%), and Fergana Region at 543 billion soums (5.7%). The lowest volumes were recorded in Surkhandarya (67 billion soums), Syrdarya (47 billion soums), and Jizzakh (45 billion soums).

By client type, limited liability companies received the largest share of factoring services — 6.2 trillion soums (65.4%), joint-stock companies 1.8 trillion soums (19%), foreign-capital enterprises 1.3 trillion soums (13.3%), and private/family businesses and farms 218 billion soums (2.3%).

By annual turnover, enterprises with less than 1 billion soums received 246 billion soums (3%), primarily financed by microfinance organizations, while companies with 1–10 billion soums turnover received 556 billion soums (6%), 10–100 billion soums received 1.7 trillion soums (18%), and over 100 billion soums turnover received 7 trillion soums (73%).

Factoring terms varied: 23% of transactions (2.2 trillion soums) were for up to 30 days, 21% (1.9 trillion soums) for 31–60 days, 38% (3.6 trillion soums) for 61–90 days, 8% (0.7 trillion soums) for 91–120 days, and 10% (1 trillion soums) for 121–180 days. Transaction values were dominated by large deals: 50% exceeded 5 billion soums. Industry-wise, 48% of factoring went to manufacturing (4.5 trillion soums), 44% to trade and services (4.1 trillion soums), and smaller shares to construction and agriculture (around 4% each).

International factoring with recourse totaled 642 billion soums (7%), mainly facilitated by Asaka Bank (29.9 million US$, 56%), Microcreditbank (US$7.2 million, 14%), and BDB (US$7.4 million, 14%). Major recipients were limited liability companies (93.5%), with exports directed primarily to Tajikistan (39%) and Russia (33.7%), followed by Kazakhstan, Kyrgyzstan, Belarus, Poland, UAE, the UK, the USA, Italy, and Switzerland.

Commercial banks continue to expand domestic and international factoring products, offering discount rates depending on service duration, which can extend up to 180 days.