Fintech landscape of Uzbekistan🇺🇿

The scale is already comparable to a large consumer market: a population of about 37.9 million, a 2025 nominal GDP of around $147 billion, and incoming remittances providing crucial payment and credit-risk context. According to the Central Bank of Uzbekistan, the country received $14.8 billion in remittances in 2024 and $18.9 billion in 2025; 77% of the flow came from Russia.

The payment layer is changing rapidly. Humo has already been privatized by Paynet, UzCard and Humo completed cross-acceptance, and the unified UzQR standard is set to become mandatory on July 1, 2026. Click, Payme, Uzum, and independent BNPL players compete on top of this layer.

The strongest structural signal is Uzum Group: a vertical holding built around e-commerce, a bank, BNPL, and payments. In BNPL, Uzbekistan differs from Kazakhstan because independent fintechs play a significant role. Alif Nasiya, ZoodPay, and Uzum Nasiya shape an installment market with different competition than bank-led BNPL in KZ.

The index's main constraints are state bank dominance, the lack of an AIFC equivalent, weak WealthTech, an almost empty digital InsurTech sector, and lagging open banking. Index growth depends not only on payment volumes but also on whether open infrastructure emerges for non-bank TPPs, SME lending, RegTech, and investment services.