Total assets of Uzbekistan's pawnshops as of August 1, 2026 reached 937.7 billion soums, increasing by 50% over the year. A year earlier, the figure was 625.7 billion soums. This data is provided by the Central Bank.

Business Structure Changing

Net loans—the foundation of sector assets—grew from 513.4 billion to 692.7 billion soums, or by 35%. Meanwhile, their share in the asset structure declined from 82% to 73.9%.

A telling detail: receivables from banks increased 4.1-fold—from 19.2 billion to 79.5 billion soums, while other assets grew by 121%.

In other words, pawnshops are growing faster due to non-bank balance sheet items than through core collateral lending. The sector's profile is gradually shifting.

Capital Exceeds Liabilities Threefold

Liabilities grew by 72%—to 223.3 billion soums, of which 80% are loans and borrowings payable.

Total capital amounted to 714.5 billion soums with growth of 44%.

The ratio fundamentally differs from the microfinance sector: pawnshops' capital exceeds liabilities more than threefold, whereas for microfinance organizations liabilities exceed capital by 3.5 times. The collateral lending model requires less debt funding—money circulates quickly and is secured by assets.

Major Players

  • «Khurma Lombard» — 165 billion soums (growth of 163%);
  • «Hashamatli Chinor» — 65 billion;
  • «Chinara Business Credit» — 57.4 billion;
  • «Maximum» — 43.8 billion;
  • «Capital Credit» — 37.9 billion soums.

Notably, «Zoloto» organization saw its assets grow 3.4-fold, while authorized capital increased 74-fold, from 500 million to 37.1 billion soums.

Consolidation Instead of Fragmentation

The number of pawnshops decreased from 92 to 90. The share of organizations with capital exceeding 3 billion soums grew from 88.3% to 91.8% of total capital.

The trend is opposite to the microfinance market: while microfinance organizations fragment due to an influx of small players, the pawnshop segment is consolidating.

Of 90 organizations, 68 have assets exceeding 2 billion soums, accounting for 97.6% of total assets.

What Drives the Growth

Pawnshop lending typically picks up in two cases: when gold prices rise, increasing collateral value, and when the population has limited access to bank credit.

Both factors are currently present: metal quotations are near historic highs, while lender requirements are tightening along with debt burden restrictions.

Practical takeaway for borrowers: pawnshops provide money quickly without credit history checks, but the effective cost of such loans is significantly higher than bank rates. Before applying, consider whether alternatives are available—for example, credit secured by deposits at organizations where comparable deposit rates allow you to keep your savings.

This material is informational and not an investment recommendation.