The accessibility paradox: why Uzbekistanis avoid bank deposits despite mass account coverage
In Uzbekistan, 86% of the adult population holds bank accounts, yet only 4% use savings or term deposits. The gap between basic access to financial infrastructure and actual money accumulation emerged as the main finding of a pilot financial inclusion index presented by the country’s Central Bank.
Accounts without savings
The Central Bank of Uzbekistan evaluated the accessibility of financial services across three key areas. Payment services scored 69 out of 100 possible points, and lending scored 64. Savings products showed the lowest result at 56 points.
The study highlights an imbalance. Banking infrastructure covers the vast majority of the population: people receive salaries on cards, make transfers, and pay for services. Meanwhile, the culture of organized savings within the banking system remains in its infancy.
Geography and activity
The gap in deposit usage is uneven. In rural areas, only 1% of residents use savings or term accounts—four times lower than the national average. Women show a slightly higher engagement level: 6% open deposits, exceeding the national rate.
Statistics reveal an important behavioral detail. Among clients who have already opened a deposit, activity remains high. According to the regulator, 66% of deposit accounts are active, with more than three transactions recorded over the past 12 months.
A signal for the market
The high activity of current depositors indicates the problem lies in a limited supply of suitable products. People are willing to use savings tools if they match their financial habits.
The Central Bank identifies the development of simple, flexible, and easily replenishable savings products as a priority. This involves tools designed for the regular accumulation of small amounts rather than one-time placements of large capital.
Banks will need to shift their product lines from classic term deposits with rigid conditions toward flexible digital piggy banks that allow users to save spare change from daily purchases.
The low percentage of depositors also raises a market question about where the population’s free liquidity actually settles. If money does not go into bank deposits, it fuels cash circulation, goes into real estate or gold, or is spent on consumer goods. For Uzbek fintech companies and banks, these 82% of clients with cards but no deposits represent the main growth area for passive bases in the coming years.