Development of Digital Banks (Neobanks) in Uzbekistan: Problems and Prospects (Zenodo (CERN European Organization for Nuclear Research))

Summary

• The number of bank cards in Uzbekistan reached 68 mln units in 2025.p.1
• Mobile application transactions grew 1,6 times to reach 646 trln soʻm in 2025.p.1
• Remote banking service users expanded from 48 mln in 2024 to over 62 mln in 2025.p.1
• TBC Uzbekistan reported a credit portfolio of 905 mln AQSh dollari and deposits of 492 mln AQSh dollari as of 30.06.2025.p.2
• Anorbank reached 9,0 trln soʻm in loans to individuals and 8,23 trln soʻm in deposits in 2025.p.2
• Uzum ecosystem achieved a total payment turnover of 11,1 mlrd AQSh dollari in 2025.p.2
• The Uzbekistan division accounts for 54 foizi of TBC group's unsecured consumer loan portfolio.p.3

Key insights

1. Remote banking adoption expanded rapidly in Uzbekistan, with active users growing from 48 mln in 2024 to more than 62 mln in 2025.p.1
2. Digital banking in Uzbekistan operates across three primary business models: fully digital banks, ecosystem platforms, and BaaS partnerships.p.2
3. Anorbank and TBC Bank were established as the country's initial fully digital banks in 2020.p.2
4. TBC Uzbekistan secured a 5,1% market share in the retail credit market as of 30.06.2025.p.2
5. Uzum ecosystem generated a fintech volume of 1,2 mlrd AQSh dollari in 2025.p.2
6. The concentration of unsecured consumer loans creates credit risk, leading the Central Bank to introduce debt burden limit policies.p.3
7. Uzbekistan currently lacks a dedicated licensing regime for digital banks, requiring them to comply with traditional bank regulations.p.3