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    Uzbekistan

    Over 90% of Uzbekistan's adults lack formal credit access

    Over 90% of Uzbekistan's adults lack formal credit access

    During a seminar at the Central Bank of Uzbekistan on March 19, International Finance Corporation (IFC) expert Marie-Paule Claes shed light on the stark reality faced by Uzbekistan's adult population concerning access to formal credit. As to Claes' presentation, more than 90% of adults in Uzbekistan lack access to formal credit channels, Spot reported.

    Photo: More than 90% of adults in Uzbekistan lack access to formal credit channels
    Source: Bloomberg

    Data from the State Statistics Committee indicates a notable increase in the proportion of Uzbek citizens availing loans from official financial institutions between 2017 and 2021. Over this period, the percentage surged from 2.36% to 7.49%. However, the proportion of female borrowers remains alarmingly low, falling below the 5% threshold.

    Despite efforts to improve financial inclusivity, only 44.13% of Uzbekistan's population aged 15 and above possessed a bank account in 2021. This figure marks a modest seven-percentage point increase compared to 2017.

    Furthermore, the prevalence of electronic payments among citizens reached 41.72% in 2021, with a slightly lower adoption rate among women at 35.86%. However, the utilization of official financial institutions or mobile money accounts for storing funds remains low, not exceeding 3% of the population.

    Data regarding the use of mobile devices or the Internet for accessing accounts in 2021 is unavailable. Statistics from 2017 indicate that less than 7% of the population utilized these digital channels, with female users accounting for just over 5%.

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    21.03.2024, 17:07   Comments (0)   2764
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