Assets of microfinance organizations in Uzbekistan as of early September 2026 reached 20.8 trillion soums with annual growth of 114%. Data from the Central Bank.
Key indicators
- loans issued — growth from 8.8 trillion to 18.1 trillion soums;
- total capital — up 57%, to 4.4 trillion soums;
- liabilities — from 6.9 trillion to 16.3 trillion soums, or up 138%.
Main discrepancy in figures
Liabilities are growing nearly two and a half times faster than capital: 138% versus 57%.
This means sector expansion is financed primarily through borrowed funds — loans and borrowings, rather than organizations' own resources.
The regulator notes strengthening of the financial base through increased charter capital, but the growth rate ratio indicates rising debt burden in the sector.
Market concentration
As of September 1, 141 microfinance organizations operated in the republic. Asset distribution is highly uneven:
- 82 organizations hold assets exceeding 20.5 trillion soums;
- 20 organizations — from 5 to 10 billion soums, totaling about 142.9 billion;
- 39 organizations — approximately 92.6 billion soums combined.
In other words, major players account for over 98% of sector assets, while the remaining sixty-odd organizations share less than one percent.
What borrowers should know
Rapid sector growth means loan availability, but not affordability. Microfinance rates significantly exceed bank rates — the price of simplified borrower requirements.
Portfolio quality varies widely across the industry: according to regulators, some organizations have problem loan ratios reaching tens of percent while average is several percent.
Before approaching a microfinance organization, it makes sense to check loan availability from banks — the difference in overpayment can be substantial. You can compare Uzbek banks conditions using published rates.
This material is informational and not a borrowing recommendation.