The total assets of microfinance organizations in Uzbekistan as of August 1, 2026 reached 18,909.2 billion soums, nearly doubling over the year — an increase of 99.7%. A year earlier, the figure was 9,467.4 billion soums. The data is provided by the Central Bank.

Asset Structure

The main share — 89.2% — is occupied by net loans and microlending. Their volume grew from 8,665.1 billion to 16,859.2 billion soums, or by 94.6%.

Receivables from banks increased 3.7 times — from 222.3 billion to 816.8 billion soums. Accrued interest receivable added 176.4%, reaching 438.8 billion soums.

Liabilities Growing Faster Than Assets

Sector liabilities increased by 121.7% — to 14,715.2 billion soums. The main part (75.7%) is formed by loans, borrowings and leasing payable: their volume doubled and reached 11,141.8 billion soums.

Total capital increased more modestly — by 48.2%, to 4,194 billion soums.

The gap is significant: liabilities are growing twice as fast as capital. This indicates increasing debt burden in the sector and declining safety margins if portfolio quality deteriorates.

The volume of borrowed funds attracted by MFOs from banks amounted to 4,275.2 billion soums compared to 2,162.8 billion a year earlier — a growth of 98%.

Market Fragmentation

The number of organizations increased from 125 to 138. Meanwhile, the capital structure changed radically.

A year ago, organizations with capital exceeding 10 billion soums accounted for 90.4% of the sector's total capital. Now their share fell to 33.3%, while the share of organizations with capital up to 3 billion soums grew from 3.6% to 34.8%.

This is a sign of rapid inflow of new, undercapitalized participants — a factor requiring regulatory attention.

Top Performers by Assets

  • Tezkoyn — 6,804.7 billion soums (3.1x growth);
  • Shaffof-moliya — 1,775.3 billion;
  • TBS Credit — 1,189.4 billion (growth over 620x from 1.9 billion soums);
  • Fortuna Business — 1,174.3 billion;
  • Vodiyi Tarakiyot — 676 billion soums.

Of 138 organizations, 82 have assets exceeding 10 billion soums, accounting for more than 98% of the sector's total assets.

Portfolio Quality: Average Figures Mask Significant Variation

The share of problem loans in the sector was 2.6% with a portfolio of 17,370.8 billion soums — at first glance, better than the banking sector.

However, the disparity between organizations is huge. Some participants have default rates reaching 72.9%, 56.3%, 43.3%, while several major players have rates not exceeding 1–2%, and some have no problem loans at all.

One organization has a negative capital of −4.1 billion soums with a charter capital of 4 billion.

What Borrowers Should Consider

Microfinance organizations issue loans faster than banks and with fewer document requirements, but rates are significantly higher here. Before contacting an MFO, it's worth checking if a bank loan is available: the difference in overpayment can be substantial.

It makes sense to compare terms and understand what banks in Uzbekistan offer before submitting an application to a microfinance organization, rather than after rejection.

This material is informational in nature and not an investment recommendation.