Publication Details
Abstract
Small and medium-sized enterprises (SMEs) in Uzbekistan still depend largely on collateral-based bank credit, while the structure of the payment and financial market is changing quickly. This study examines whether recent ownership changes, institutional reforms and risk-sharing instruments create the conditions for digital SME lending, and what evidence is available so far. A qualitative documentary and comparative case-study design was applied to legal acts, regulator and development-finance releases, company announcements and peer-reviewed literature available at the time of writing. Four results emerged. First, financial inclusion rose sharply: adult account ownership increased from 37% in 2017 to 60% in 2024 and the share of adults making or receiving a digital payment from 34% to 50%. Second, the four largest payment platforms moved into the hands of bank groups or large investors in 2023–2026. Third, two structural reforms, the Tashkent International Financial Centre and the Islamic Banking Law, have been enacted, although Islamic banking services have not yet started. Fourth, the first Islamic microfinance volumes (UZS 22 billion in January–May 2026) and the first IFC guarantee (USD 18 million covering a portfolio of about USD 100 million) are small but measurable early tests. The discussion concludes that the foundations are in place but that open-banking data access, the pilot results and a scaled-up guarantee will decide whether digital SME lending develops.