Assets of Uzbekistan's MFIs doubled over the year to 18.9 trillion soums

Assets of Uzbekistan's MFIs nearly doubled over the year, reaching 18.9 trillion soums

As of August 1, 2026, the aggregate assets of microfinance organizations in Uzbekistan amounted to 18,909.2 billion soums, increasing by 99.7% over the year. A year earlier, this figure stood at 9,467.4 billion soums. These data are provided by the Central Bank.

The main part of the assets — 89.2% — still consists of net loans and microleasing. 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% and reached 438.8 billion soums, cash on hand and other payment documents grew by 42.1% to 110.6 billion soums, other assets — by 144.8% to 538.8 billion soums, and fixed assets — by 17.6% to 145.0 billion soums.

The liabilities of microfinance organizations increased by 121.7% over the year and amounted to 14,715.2 billion soums, compared to 6,637.1 billion soums a year earlier. Loans, borrowings, and leasing payable account for the main share of liabilities — 75.7%; their volume doubled and reached 11,141.8 billion soums.

Other liabilities grew 3.5 times to 3,074.1 billion soums, accrued interest payable — by 219% to 473.2 billion soums, while accrued taxes payable decreased by 17.9% and amounted to 26.2 billion soums.

The aggregate capital of the sector reached 4,194.0 billion soums, increasing by 48.2% from 2,830.2 billion soums. Authorized capital grew by 39.9% to 2,131.8 billion soums, reserve capital — by 17.5% to 143.4 billion soums, retained earnings — by 57.3% to 1,035.9 billion soums, and current year profit — by 69.1% to 873.7 billion soums. Additional paid-in capital remained unchanged at 9.2 billion soums.

As of the reporting date, 138 microfinance organizations were operating in the republic, compared to 125 a year earlier.

As of August 1, 2026, the largest assets among the sector's organizations were held by "Tezkoin" — 6,804.7 billion soums (a 3.1-fold increase over the year), "Shaffof-moliya" — 1,775.3 billion soums (a 1% increase), "Fortuna Biznes" — 1,174.3 billion soums (a 15% increase), "TBC Credit" — 1,189.4 billion soums (an increase of more than 620 times from 1.9 billion soums a year earlier), "Vodiy taraqqiyot" — 676.0 billion soums (a 5% increase), "Delta" — 440.0 billion soums (a 57% increase), and "Oltin yulduz plus" — 403.5 billion soums (a 3-fold increase).

In addition to "TBC Credit", multiple-fold growth was shown by "Apex moliya" — from 2.0 to 25.9 billion soums (a 12.8-fold increase), "Una moliya" — from 1.8 to 109.3 billion soums, "Cash Point" — from 1.7 to 84.7 billion soums (an increase of more than 50 times), "Danvik Funding" — from 5.5 to 363.6 billion soums, "Aloqa Finance Development" — from 8.2 to 165.0 billion soums (a 19-fold increase), "Bright Future Financing" and "Urban Finance Solutions" — both companies grew from 2.1 billion soums to 281.6 billion and 147.1 billion soums respectively, "Community Microfinance" — from 2.0 to 279.4 billion soums, "Fundflow" — from 2.0 to 131.1 billion soums, and "Biznesni rivojlantirish" — from 10.1 to 69.3 billion soums.

Among the organizations that reduced their assets, notable ones include "Istiqbol Invest Group" (−41% to 12.6 billion soums), "Al Barot" (−31% to 13.9 billion soums), "Pulman" (−29% to 132.5 billion soums), "Hamroh" (−13% to 337.1 billion soums), "Tashdi" (−78% to 0.8 billion soums), and "Silver Finance" (−72% to 1.1 billion soums).

In terms of aggregate capital, the leaders are "Tezkoin" — 725.5 billion soums (a 3.2-fold increase), "Shaffof-moliya" — 377.6 billion soums (a 2-fold increase), "Fortuna Biznes" — 474.0 billion soums (a 16% decrease), "TBC Credit" — 168.0 billion soums (an 88-fold increase), and "Vodiy taraqqiyot" — 299.0 billion soums (a 4% increase). At the same time, the organization "Ayol" recorded negative capital of −4.1 billion soums with an authorized capital of 4.0 billion soums.

By grouping organizations by capital size, the structure of the sector changed significantly over the year: while as of August 1, 2025, organizations with capital over 10 billion soums accounted for 90.4% of the sector's aggregate capital (39 out of 125 organizations), as of August 1, 2026, their share decreased to 33.3% (46 out of 138 organizations), while the share of organizations with capital up to 3 billion soums grew from 3.6% to 34.8%. This indicates a rapid growth in the number of new, less capitalized market participants.

Among the organizations with the largest volume of liabilities are "Tezkoin" (6,079.26 billion soums, of which 1,039.4 billion soums are borrowed funds from banks), "Shaffof-moliya" (1,397.65 billion soums), "Fortuna Biznes" (700.29 billion soums), "TBC Credit" (1,021.40 billion soums, an increase of more than 200,000 times), and "Vodiy taraqqiyot" (377.01 billion soums). The total volume of borrowed funds attracted from banks by the entire sector amounted to 4,275.2 billion soums, compared to 2,162.8 billion soums a year earlier — an increase of 98%.

The share of non-performing loans (NPL) in the sector as of August 1, 2026, was 2.6% with a loan portfolio of 17,370.8 billion soums, of which 459.9 billion soums were classified as non-performing. The highest share of overdue debt was recorded in the organizations "Kreditomat Tashkent" (72.9%), "Chust rir" (43.3%), "Sirius Credit" (56.3%), "Sarmishsoy Plus Invest" (40.3%), "Nayuta" (41.1%), "Yangi Finance" (37.4%), "Rohat" (36.4%), and "Baraka Madad Finance" (24.2%).

For a number of large organizations, the NPL share remains low: for "Tezkoin" — 1.9%, for "Fortuna Biznes" — 0.8%, while for "Ishonch Effect Kredit", "Easy Finance", "Pul Bor", and several other organizations, no non-performing loans were recorded at all.

Out of 138 active organizations, 82 have assets exceeding 10 billion soums; they account for 18,695.2 billion soums, or more than 98% of the sector's aggregate assets.

Organizations with assets from 5 to 10 billion soums (17 entities) hold assets worth 118.0 billion soums, and organizations with assets up to 5 billion soums (39 entities) — worth 96.0 billion soums.