Uzbekistan Banks Push Digital Lending and Insurance as E-Payment Use Hits 71.17%
Updated
Updated · Euronews · Jun 26
Uzbekistan Banks Push Digital Lending and Insurance as E-Payment Use Hits 71.17%
3 articles · Updated · Euronews · Jun 26
Summary
71.17% of surveyed Uzbeks made or received at least one digital payment in 2025, up from 39% in 2021, prompting banks to expand beyond transactions into lending, insurance, investment products and business services.
Remote digital identification has helped drive that shift by cutting customer onboarding from days to seconds, while years of central bank-backed financial inclusion and e-payment policies widened access to formal banking.
TBC Uzbekistan, Uzum and Ipoteka Bank executives said a young, mobile-first population is accelerating demand, but banks are being forced to modernize technology, regulation and service delivery to keep up.
Insurance, retail investment products and services for micro, small and medium-sized businesses still have relatively low penetration, showing Uzbekistan's digital finance boom remains at an early stage beyond everyday payments.
Banks also said physical infrastructure still matters, with payment terminals and cash access points needed as consumers continue to move between cash and digital channels.
How will Uzbekistan prevent its buy-now-pay-later boom from creating a widespread consumer debt crisis?
With Uzum's meteoric rise, is Uzbekistan’s fintech market becoming a monopoly before it fully matures?
Can Uzbekistan's infrastructure push establish its digital sovereignty in a region dominated by larger powers?
Uzbekistan’s Digital Transformation: Surging Financial Inclusion, AI-Driven Banking, and the 2025–2030 Fintech Strategy
Overview
Uzbekistan is undergoing a major digital transformation, fueled by a young, tech-savvy population and rapid adoption of mobile technology. This shift is accelerating the use of digital services, especially in banking and payments, with institutions like TBC Uzbekistan leading the way through popular apps. The government is actively supporting this momentum by launching initiatives to modernize the economy and promote social inclusion, such as offering free training to help entrepreneurs move into the formal sector. These combined efforts are not only boosting digital engagement but also driving economic growth and greater transparency across the country.