Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of the Republic of Uzbekistan has released an analytical review of the current state and development dynamics of microfinance services, as well as their social impact on the national economy.

From January to December 2024, the total volume of microfinance services provided by credit institutions reached 83 trillion soums — an increase of 38 trillion soums or 86% compared to the same period in 2023. Commercial banks accounted for the lion’s share, providing 80% or 66 trillion soums of the total. Microfinance organizations contributed 18% (14 trillion soums), while pawnshops accounted for the remaining 2% (2 trillion soums).

This significant growth was driven by rising activity across all market segments: commercial banks increased their microfinance volumes by 85%, microfinance organizations doubled their output, and pawnshops recorded a 10% increase.

The majority of microfinance services in 2024 were small-scale, with loans under 100 million soums comprising 90% of the total, or 75 trillion soums. Loans ranging from 100 to 300 million soums made up the remaining 10%, totaling 8 trillion soums.

The share of microfinance in overall lending increased from 19% in 2023 to 27% in 2024, highlighting its growing significance in the country’s financial system.

Among banks offering microfinance services, private institutions led with 43 trillion soums in disbursements (64% of the total), while state-owned banks provided 23 trillion soums (36%). The public sector saw a 93% increase, while private banks experienced an 82% rise.

Notable growth was observed among state banks. The Business Development Bank quadrupled its overall portfolio, with microloans increasing fifteenfold. The People’s Bank tripled its total microfinance volume, while the number of microloans issued grew fourfold. Microcreditbank doubled its overall figures, with microloans nearly quadrupling.

Among private banks, TBC Bank, Invest Finance Bank, and Anorbank showed the highest activity. Each of them tripled their total microfinance output. In terms of microloans specifically, Invest Finance Bank saw a sevenfold increase, TBC Bank threefold, and Anorbank 2.6 times.

Three major microfinance organizations accounted for 60% (or 9 trillion soums) of all services issued in the sector. The leader was Shaffof Moliya, with 5 trillion soums (35%), followed by TezCoin and Fortuna Biznes with 2 trillion soums each (14% and 11%, respectively).

In the pawnshop segment, 19% (337 billion soums) of total microloans were issued by three entities: Oltin (128 billion soums, 7%), Shokir Invest (106 billion soums, 6%), and Maksimum (103 billion soums, 6%).

Analysis of the product structure reveals that microloans remain the most in-demand financial instrument, accounting for 59 trillion soums or 71% of total services. Microcredits made up 14 trillion soums (17%), while other microfinance products — such as consumer loans, business loans to individuals, overdrafts, and credit cards — totaled 10 trillion soums (12%).

Overall, Uzbekistan’s microfinance market is demonstrating stable growth, broader reach, and greater diversification of services. This trend is contributing to financial inclusion and supporting grassroots entrepreneurship.

Compared to 2023, the volumes of the main microfinance categories increased significantly: by 1.7 times (an additional 24 trillion soums), 2.5 times (8 trillion soums), and 2.6 times (6 trillion soums), respectively.

Analysis of disbursement structure by organization type shows that microloans made up 69% of the total microfinance services provided by commercial banks (46 trillion soums), 78% in microfinance organizations (11 trillion soums), and 100% in pawnshops (2 trillion soums).

Among banks, the highest growth in microloans was recorded by the People’s Bank (4x, up to 3 trillion soums), Uzmilliybank (2x, up to 2 trillion soums), and Uzsanoatqurilishbank (2x, up to 3 trillion soums). Among private banks, TBC Bank and Anorbank stood out, tripling their microloan portfolios to 12 trillion and 3 trillion soums, respectively.

Microcredits accounted for 16% of the microfinance services provided by commercial banks (10 trillion soums) and 22% of those provided by microfinance organizations (3 trillion soums). Among state-owned banks, the most notable growth was observed at the Business Development Bank — a 15-fold increase (reaching 2 trillion soums), Agrobank — a sixfold increase (to 1 trillion soums), and Aloqabank — a fourfold increase (to 184 billion soums). In the private sector, significant growth in microcredits was seen at Kapitalbank (2.5 times, up to 796 billion soums), Orient Finance Bank (2 times, up to 11 billion soums), and Anorbank (2 times, up to 31 billion soums). Furthermore, the volume of microcredits issued by microfinance organizations increased sixfold, reaching 3 trillion soums.

Other microfinance products made up 15% of the total microfinance services provided by commercial banks — or 10 trillion soums. Of this amount, 7% (5 trillion soums) went to credit cards, 6% (4 trillion soums) to microcredits for individuals with business purposes, 2% (1 trillion soums) to overdrafts, and 0.2% (158 billion soums) to consumer loans.

Among state-owned banks, the largest growth in other microfinance products was observed at Turonbank — a 13-fold increase (to 88 billion soums), Microcreditbank — a fourfold increase (to 389 billion soums), and Asakabank — also a fourfold increase (to 295 billion soums). In the private sector, Invest Finance Bank led with a fourfold increase (to 912 billion soums), followed by Anorbank with a 2.3-fold increase (to 418 billion soums).

In terms of client structure, individuals predominated, receiving microfinance services totaling 72 trillion soums in 2024, which amounts to 87% of the total volume. This figure is 32 trillion soums (or 82%) higher than in 2023.

Of the total issued to individuals, 16 trillion soums (20%) went to self-employed persons — a fourfold increase (up by 12 trillion soums). Commercial banks provided 12 trillion soums of this total, and microfinance organizations 4 trillion soums. Individual entrepreneurs received 6 trillion soums (7% of the total), triple the amount from the previous year. Legal entities were issued 5 trillion soums, an increase of 88% (up 2 trillion soums).

A comparative analysis of the client structure between 2023 and 2024 shows significant shifts: the share of individuals (excluding the self-employed) decreased from 78% to 67%, while the share of self-employed individuals increased from 10% to 20%.

By industry, microfinancing was distributed as follows: industry accounted for 7 trillion soums or 64% of the total, which is double the previous year’s amount. Of this, 45% was used to replenish working capital, 36% for equipment purchases, 15% for production needs, and 4% for the textile sector.

Trade and personal services accounted for 1.5 trillion soums (14%), also double the 2023 level. Agriculture received 1 trillion soums (10%), reflecting a fivefold increase. Microfinancing in construction tripled, reaching 575 billion soums (5%). Other sectors received 810 billion soums (7%), a 40% increase over the previous year.

Trends in loan terms also reveal important dynamics. The share of short-term loans issued by commercial banks fell from 13% to 9%, while in microfinance organizations and pawnshops it rose from 51% to 68%. In absolute terms, the volume of short-term microfinance services amounted to 17 trillion soums — 8 trillion soums or 86% more than in 2023. Of this, commercial banks accounted for 36% (down 16 percentage points), and microfinance organizations and pawnshops for 64% (up 16 percentage points).

Long-term loans remain dominant, accounting for 79% or 66 trillion soums. This is 30 trillion soums (or 86%) more than the previous year. Of that amount, 60 trillion soums (92%) were issued by commercial banks — up 29 trillion soums or 94% from 2023.

In 2024, the overwhelming majority of microfinance services — 99% or 81 trillion soums — were provided in the national currency, marking an 86% increase (or 38 trillion soums) from the previous year. Of this growth, 30 trillion soums came from services offered by commercial banks, and 8 trillion from microfinance organizations and pawnshops.

Microfinance services in foreign currency amounted to the equivalent of 1.3 trillion soums — 478 billion soums or 60% more than in 2023. These services were provided by 21 commercial banks, including 7 state-owned and 14 private banks. The key players were Kapitalbank, which provided services worth 994 billion soums (78% of the total volume of foreign currency microfinance), and Ipak Yo‘li Bank — 140 billion soums (11%).

From a regional perspective, microfinance activity showed steady growth across the country. The most substantial increases were recorded in Tashkent — a twofold rise to 25 trillion soums — as well as in Khorezm and Surkhandarya regions, where volumes also doubled to 1.3 trillion and 1.2 trillion soums, respectively.

Looking at individual products, the volume of microloans rose sharply in Tashkent (doubling to 19 trillion soums), in Khorezm region (up 43% to 302 billion soums), and in the Republic of Karakalpakstan (up 41% to 396 billion soums). For microcredits, the highest growth was observed in Syrdarya region (a fourfold increase to 221 billion soums), Surkhandarya (tripled to 547 billion soums), and the capital (tripled to 3 trillion soums). Regarding other microfinance products, the leading regions were Andijan (fivefold growth to 375 billion soums), Surkhandarya (fourfold to 319 billion soums), and Namangan (threefold to 233 billion soums).

Microfinance services for legal entities expanded across all regions, with particularly notable growth in Syrdarya (a fourfold increase to 221 billion soums), Surkhandarya (tripled to 545 billion soums), and Jizzakh (tripled to 322 billion soums). Services for individuals also increased nationwide. The most significant growth occurred in Tashkent (doubled to 24 trillion soums), Khorezm region (up 81% to 800 billion soums), and Surkhandarya region (up 64% to 672 billion soums). Overall, the capital accounted for 43 trillion soums, or 60% of the country’s total volume of microfinance services.

Microcredits accounted for 16% of the microfinance services provided by commercial banks (10 trillion soums) and 22% of those provided by microfinance organizations (3 trillion soums). Among state-owned banks, the most notable growth was observed at the Business Development Bank — a 15-fold increase (reaching 2 trillion soums), Agrobank — a sixfold increase (to 1 trillion soums), and Aloqabank — a fourfold increase (to 184 billion soums). In the private sector, significant growth in microcredits was seen at Kapitalbank (2.5 times, up to 796 billion soums), Orient Finance Bank (2 times, up to 11 billion soums), and Anorbank (2 times, up to 31 billion soums). Furthermore, the volume of microcredits issued by microfinance organizations increased sixfold, reaching 3 trillion soums.

Other microfinance products made up 15% of the total microfinance services provided by commercial banks — or 10 trillion soums. Of this amount, 7% (5 trillion soums) went to credit cards, 6% (4 trillion soums) to microcredits for individuals with business purposes, 2% (1 trillion soums) to overdrafts, and 0.2% (158 billion soums) to consumer loans.

Among state-owned banks, the largest growth in other microfinance products was observed at Turonbank — a 13-fold increase (to 88 billion soums), Microcreditbank — a fourfold increase (to 389 billion soums), and Asakabank — also a fourfold increase (to 295 billion soums). In the private sector, Invest Finance Bank led with a fourfold increase (to 912 billion soums), followed by Anorbank with a 2.3-fold increase (to 418 billion soums).

In terms of client structure, individuals predominated, receiving microfinance services totaling 72 trillion soums in 2024, which amounts to 87% of the total volume. This figure is 32 trillion soums (or 82%) higher than in 2023.

Of the total issued to individuals, 16 trillion soums (20%) went to self-employed persons — a fourfold increase (up by 12 trillion soums). Commercial banks provided 12 trillion soums of this total, and microfinance organizations 4 trillion soums. Individual entrepreneurs received 6 trillion soums (7% of the total), triple the amount from the previous year. Legal entities were issued 5 trillion soums, an increase of 88% (up 2 trillion soums).

A comparative analysis of the client structure between 2023 and 2024 shows significant shifts: the share of individuals (excluding the self-employed) decreased from 78% to 67%, while the share of self-employed individuals increased from 10% to 20%.

By industry, microfinancing was distributed as follows: industry accounted for 7 trillion soums or 64% of the total, which is double the previous year’s amount. Of this, 45% was used to replenish working capital, 36% for equipment purchases, 15% for production needs, and 4% for the textile sector.

Trade and personal services accounted for 1.5 trillion soums (14%), also double the 2023 level. Agriculture received 1 trillion soums (10%), reflecting a fivefold increase. Microfinancing in construction tripled, reaching 575 billion soums (5%). Other sectors received 810 billion soums (7%), a 40% increase over the previous year.

Trends in loan terms also reveal important dynamics. The share of short-term loans issued by commercial banks fell from 13% to 9%, while in microfinance organizations and pawnshops it rose from 51% to 68%. In absolute terms, the volume of short-term microfinance services amounted to 17 trillion soums — 8 trillion soums or 86% more than in 2023. Of this, commercial banks accounted for 36% (down 16 percentage points), and microfinance organizations and pawnshops for 64% (up 16 percentage points).

Long-term loans remain dominant, accounting for 79% or 66 trillion soums. This is 30 trillion soums (or 86%) more than the previous year. Of that amount, 60 trillion soums (92%) were issued by commercial banks — up 29 trillion soums or 94% from 2023.

In 2024, the overwhelming majority of microfinance services — 99% or 81 trillion soums — were provided in the national currency, marking an 86% increase (or 38 trillion soums) from the previous year. Of this growth, 30 trillion soums came from services offered by commercial banks, and 8 trillion from microfinance organizations and pawnshops.

Microfinance services in foreign currency amounted to the equivalent of 1.3 trillion soums — 478 billion soums or 60% more than in 2023. These services were provided by 21 commercial banks, including 7 state-owned and 14 private banks. The key players were Kapitalbank, which provided services worth 994 billion soums (78% of the total volume of foreign currency microfinance), and Ipak Yo‘li Bank — 140 billion soums (11%).

From a regional perspective, microfinance activity showed steady growth across the country. The most substantial increases were recorded in Tashkent — a twofold rise to 25 trillion soums — as well as in Khorezm and Surkhandarya regions, where volumes also doubled to 1.3 trillion and 1.2 trillion soums, respectively.

Looking at individual products, the volume of microloans rose sharply in Tashkent (doubling to 19 trillion soums), in Khorezm region (up 43% to 302 billion soums), and in the Republic of Karakalpakstan (up 41% to 396 billion soums). For microcredits, the highest growth was observed in Syrdarya region (a fourfold increase to 221 billion soums), Surkhandarya (tripled to 547 billion soums), and the capital (tripled to 3 trillion soums). Regarding other microfinance products, the leading regions were Andijan (fivefold growth to 375 billion soums), Surkhandarya (fourfold to 319 billion soums), and Namangan (threefold to 233 billion soums).

Microfinance services for legal entities expanded across all regions, with particularly notable growth in Syrdarya (a fourfold increase to 221 billion soums), Surkhandarya (tripled to 545 billion soums), and Jizzakh (tripled to 322 billion soums). Services for individuals also increased nationwide. The most significant growth occurred in Tashkent (doubled to 24 trillion soums), Khorezm region (up 81% to 800 billion soums), and Surkhandarya region (up 64% to 672 billion soums). Overall, the capital accounted for 43 trillion soums, or 60% of the country’s total volume of microfinance services.

From the perspective of the social impact of microfinance services, the government classified 208 districts of the country into three categories: “advanced,” “intermediate,” and “underdeveloped.” In 2024, out of the total volume of microfinance services amounting to 83 trillion soums, 71 trillion soums (86%) were concentrated in advanced districts, 8 trillion soums (9%) in intermediate districts, and 4 trillion soums (5%) in underdeveloped ones.

Compared to 2023, the volume of microfinance services increased by 33 trillion soums (an 85% rise) in advanced districts, by 3 trillion soums (82%) in intermediate districts, and by 2 trillion soums (98%) in underdeveloped districts. According to Presidential Decree No. PQ-12 dated January 17, 2025, 60 districts are classified as advanced, 77 as intermediate, and 71 as underdeveloped.

Within the group of advanced districts, almost two-thirds of the volume — 64% or 45 trillion soums — is attributed to the city of Tashkent. The Fergana region accounts for another 9% (6 trillion soums), and the Tashkent region for 4% (3 trillion soums).

If we examine growth rates within the categories, excluding Tashkent, the advanced districts showing the highest growth were Khorezm region (+84%, up to 634 billion soums), Surkhandarya region (+73%, up to 641 billion soums), and the Republic of Karakalpakstan (+61%, up to 510 billion soums). Among the intermediate districts, the strongest growth was observed in Surkhandarya region (tripling to 180 billion soums), Namangan region (doubling to 408 billion soums), and Jizzakh region (doubling to 133 billion soums). In the underdeveloped category, Namangan region led the growth (tripling to 62 billion soums), followed by Bukhara region (2.5 times growth to 224 billion soums) and Syrdarya region (doubling to 147 billion soums).

A closer look at individual underdeveloped districts reveals that Mingbulak and Naryn districts in Namangan region tripled their volumes. In Syrdarya region, the most significant increases were seen in Mirzaabad district (2.8 times) and Akaltyn district (2 times). In Karakalpakstan, noticeable growth was observed in Amudarya (2.1 times) and Takhtakupir (1.8 times) districts. In Fergana region, Furkat district saw a 3.4-fold increase, and Yazyavan district a 3.2-fold increase.

The analysis of the distribution of microfinance services by district category in 2024 points to a clear trend of redistribution in favor of intermediate and underdeveloped districts, accompanied by a relative decline in the share of advanced territories. Exceptions include Karakalpakstan and the Fergana region, where the share of advanced districts either remained stable or increased.

Specifically, the share of underdeveloped districts in the total volume of microfinance services grew in 13 regions, with increases ranging from 0.3 to 7.5 percentage points. Only in the Republic of Karakalpakstan was there a decline — by 2 percentage points, down to 15%.

Similarly, the share of microfinance services allocated to intermediate districts increased in 13 regions, with gains ranging from 0.2 to 10 percentage points. The only exception was the Tashkent region, where the figure declined by 2 percentage points, to 26%.

As for the advanced districts, their share in the distribution of microfinance services decreased in 13 regions, with reductions ranging from 1.4 to 12 percentage points. The most substantial drop occurred in the Namangan region — from 74% to 62%, a 12-point decrease. The only region to register an increase was the Tashkent region, where the share of advanced districts rose from 68% to 69%.

It is worth noting that all districts within the city of Tashkent are classified as “advanced,” which significantly affects the overall distribution balance in favor of this category.