Only one in ten Uzbeks have formal access to banking credit, according to Marie-Paule Claes, an expert from the International Finance Corporation (IFC) speaking at a seminar organised by the Central Bank of Uzbekistan on March 19.

Some 90% of Uzbekistan's adult population is currently without access to formal credit facilities, pointing to a  pressing need for financial sector reforms to enhance access to banking and credit services across the country.

Despite a noted increase in the number of Uzbek citizens taking loans from financial institutions – from 2.36% in 2017 to 7.49% in 2021 – the overall penetration remains extremely low. For women, the share is even lower and has not surpassed the 5% mark.

Bank account ownership among Uzbek citizens aged 15 and older saw a slight improvement, reaching 44.13% in 2021 from 37% in 2017. However, this growth is modest and indicates a large section of the population remains outside the formal banking system.

The seminar also shed light on the adoption of digital payment methods, which stood at 41.72% in 2021. While this represents progress, the rate among women lags at 35.86%, underscoring a gender gap in financial access. Moreover, the utilization of financial institutions or mobile money services for savings is notably low, with less than 3% of the population engaging in such practices.

Data on the use of mobile devices or internet banking in 2021 was not provided, though 2017 figures reveal that less than 7% of Uzbeks accessed their accounts through these digital means, with women accounting for just over 5% of this demographic.

The seminar's revelations call for targeted measures to bridge the significant financial access gap in Uzbekistan, with a particular focus on enhancing credit availability, promoting banking services, and encouraging the adoption of digital financial tools among the broader population, especially among women.