Uzbekistan’s Microfinance Firms Expand Corporate Bond Market

Tashkent, Uzbekistan (UzDaily.com) — Microfinance organizations (MFOs) in Uzbekistan are increasingly active beyond traditional lending, expanding their presence in the capital market, according to the Central Depository.

As of the end of February 2026, the sector recorded 21 corporate bond issues with a total nominal value of 431 billion soums. These securities are held by 3,258 investors, of whom 3,190 (around 98%) are individuals, reflecting strong public confidence in financial market instruments.

Leading the market is Agat Credit, which issued four bond series totaling 150 billion soums and has 1,885 investors. Other active participants include Biznes Finans with four issues totaling 85 billion soums, and Hamroh with three issues worth 65 billion soums. Their activity highlights the growing role of MFOs in developing Uzbekistan’s financial sector.