Twenty-nine percent of bank borrowers in Uzbekistan currently hold more than one loan, with the average borrower carrying 1.7 loans, according to the Central Bank's first-ever financial inclusion report for 2025.
The analysis found that 20% of Uzbekistan's adult population holds an active bank loan account, while another 7% have an active credit line with a regulated microfinance institution.
"Twenty-nine percent of bank borrowers hold more than one loan, with the average borrower carrying 1.7 loans," the report states. "This shows that taking out multiple loans simultaneously has become widespread practice, and that both the level and reach of credit use are continuing to grow."
The study found that 19% of women hold a bank loan account — one percentage point below the overall adult population figure of 20%. Women accounted for 35% of new retail loans issued in 2025 and 38% of the outstanding retail loan portfolio.
"Women's use of basic banking products is nearly on par with the national average. Eighty-six percent of adult women, matching the 86% rate for the adult population as a whole, hold a bank account," the regulator's analysis states.
Non-performing loans make up an estimated 3% of the population's total loan portfolio, and banks have built up adequate reserves to cover that bad debt, the report found. The regulator stressed the importance of keeping loan costs and terms transparent and easy to understand, adding that repayment amounts and schedules should be aligned with borrowers' actual financial capacity.
"Quality lending isn't measured by the number of loans issued, but by how well financing matches customer needs and whether it avoids saddling borrowers with excessive debt," the report states.
Nearly 24% of small and medium-sized enterprises hold an active loan account with a bank or microfinance institution, while roughly 68% are registered with the credit bureau — a figure close to the share of businesses holding a bank account.
Only 5% of microloans issued to this category of businesses were processed entirely through online channels. "This shows that digitizing the lending process for businesses is still at an early stage," the regulator concluded.
Loans to small and medium businesses account for 36% of banks' total outstanding loan portfolio, the analysis found, adding that the market for lending to these businesses shows a high concentration index — meaning a handful of active players dominate lending in this segment.
Earlier data had put the share of previous bank borrowers holding two or more loans at around 27%, or 1.4 million people; the new analysis shows that figure has risen by two percentage points.
As of early July this year, banks' total non-performing loans approached 23 trillion soums, with more than 70% of that troubled debt originating from state-owned banks.
Stay up to date with all the latest news:
