Uzbekistan
Uzbekistan, a landlocked country in Central Asia with a population of approximately 36 million, is undergoing a significant economic and digital transformation. Known for its rich natural resources, strategic regional position, and ambitious reform agenda, Uzbekistan is rapidly modernizing its economy while embracing digitalization and sustainable development.
Uzbekistan's economy is primarily driven by natural gas exports, agriculture (notably cotton and fruits), mining (including gold and uranium), and a growing services sector. Since 2016, the government has embarked on wide-ranging market-oriented reforms, moving away from a centrally planned model to a more open and diversified economic system. Reforms have included currency liberalization, simplification of the tax code, and increased support for private enterprise and foreign investment.
The country has maintained steady growth even amid global economic uncertainties. In 2022, Uzbekistan’s GDP grew by 5.7%, driven by public infrastructure investment, industrial production, and trade liberalization. Growth continued at 5.3% in 2023, supported by remittance inflows, construction, and digital innovation. The IMF and World Bank forecast growth to moderate slightly to around 5.0% in 2024, reflecting cautious optimism in a more complex global environment.
Inflation, historically a concern, has shown signs of moderation thanks to tighter monetary policies. Inflation stood at around 8.5% in 2023, a decrease from previous years, as the Central Bank of Uzbekistan continues to focus on price stability. The unemployment rate, which was estimated at 9.3% in 2023, is expected to improve gradually, fueled by the expansion of the private sector and digital employment opportunities.
Uzbekistan follows a pragmatic fiscal strategy, aiming to reduce state dominance, encourage entrepreneurship, and invest in infrastructure, education, healthcare, and digital services. The government is actively courting foreign investors through improved regulatory transparency and participation in international financial institutions. Public debt remains relatively moderate, and fiscal deficits are being addressed through targeted spending and privatization of state-owned enterprises.
Uzbekistan is also investing in renewable energy, including major projects in solar, wind, and hydroelectric power. With international backing, these projects are designed to reduce the country’s reliance on fossil fuels, improve energy security, and support long-term sustainable development.
A central pillar of Uzbekistan’s modernization is the digital economy, with heavy investments in ICT infrastructure, e-government, and digital literacy. As of 2024, over 24 million Uzbeks are internet users, and mobile penetration exceeds 90%, creating strong conditions for e-commerce and digital financial services.
The local digital payment ecosystem is evolving rapidly.
Top banks
NBU
The National Bank of Uzbekistan (NBU) is a state-owned financial institution holding the largest share of banking assets. It plays a key role in implementing government economic policies and consistently ranks among the most profitable banks in the country.
Hamkorbank
Hamkorbank is a leading privately‑owned Uzbek bank, founded in 1991 with significant foreign capital participation. It focuses on SME lending and digital banking, maintains over 150 service centers country‑wide, and has strong international partnerships with institutions such as the International Finance Corporation and European Bank for Reconstruction and Development.
Kapitalbank
Kapitalbank is a leading private commercial bank in Uzbekistan, established in 2001. It offers comprehensive banking services including retail, corporate, cards, and mobile banking, and is recognized for innovation, digital growth, and regional expansion.
Xalq Bank
Xalq Bank is one of Uzbekistan's leading state-owned commercial banks, established in 1875. As of early 2025, it holds a significant position in the banking sector, with assets exceeding 3 trillion UZS. In 2024, the bank reported a net profit of approximately 268.5 billion UZS, marking an 8.1% increase compared to the previous year.
Ipoteka Bank
Ipoteka Bank is a prominent retail bank in Uzbekistan, specializing in mortgage lending. As of early 2025, it holds a market share of approximately 6.3% by total assets. In 2024, the bank reported a net profit of 1.3 trillion soums (about USD 110 million), with a return on equity (ROE) of 23%. It also maintains a Fitch Core Capital ratio of 12%, with expectations to exceed 14% in the coming years. Since joining OTP Group in 2023, Ipoteka Bank has enhanced its risk management and operational efficiency.
Top payment methods
HUMO
HUMO is Uzbekistan’s national payment system, offering card payments, contactless transactions via HUMO Pay, and international payments through Alipay+. With over 27 million HUMO cards issued and more than 210,000 active payment terminals, HUMO provides secure, convenient, and widely accepted payment solutions across Uzbekistan.
UzCard
UzCard is one of Uzbekistan’s primary national payment systems, widely used for domestic transactions. It supports debit and salary cards and integrates with mobile banking apps. UzCard is accepted across ATMs, POS terminals, and online platforms, providing secure, convenient, and reliable payment solutions throughout Uzbekistan.
Concluding remarks
Cash
Cash remains a widely used payment method, especially in rural areas, but digital payment adoption is rapidly growing.
Cards
Visa or Mastercard is a good option in urban, tourist and upscale settings—but you should still keep cash handy, especially outside cities or when dealing with smaller establishments.
Cryptocurrency
Approximately 1.46% of the population (around 512,000 individuals) own crypto assets in Uzbekistan.
Mobile payments
Mobile payments in Uzbekistan are growing rapidly, especially in urban areas and among younger/more tech‑savvy users. P2P transfers and mobile wallet/app usage are rising strongly.
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