#Uzbekistan #Tashkent #Uzum Bank #Visa cards

Uzum Bank's Remarkable Growth and Its Impact on Uzbekistan's Banking Landscape

Uzum Bank, recognized as Uzbekistan's foremost neobank, has recently celebrated a significant achievement: the issuance of 1.5 million Visa bank cards. This milestone not only reflects the increasing demand for innovative fintech solutions in Uzbekistan but also marks a pivotal step towards enhancing financial accessibility across the nation.

The introduction of easy ordering processes for both plastic and virtual Uzum cards is set to revolutionize traditional banking in Uzbekistan. Citizens now have the opportunity to access secure and convenient banking services, promoting greater financial inclusion.

Uzum Bank has set an ambitious target of issuing a total of 5 million cards by the end of 2025. This goal signifies the bank's commitment to transforming the financial sector in Uzbekistan and underscores its position as a leading fintech innovator in Central Asia. The rapid expansion of their card issuance is largely attributed to a strategic partnership with Visa, which plays a key role in reinforcing Uzbekistan's financial infrastructure.

Bekhzod Abdurakhmanov, the Visa Country Manager for Uzbekistan, commented on this collaboration, stating, "The phenomenal growth in the number of cards issued on the Visa platform reflects the high demand for innovative financial solutions. This is a clear indication of the rapid development of the financial sector, with cashless payments growing steadily.” Last year alone, transactions on Visa cards surged by 1.5 times, with local payments nearly doubling, showcasing the increasing popularity of cashless transactions among the population.

Djasur Djumaev, CEO and Founder of Uzum, further elaborated on the impact of Uzum Bank's financial products. He explained that nearly half of Uzum Market's transactions and over 30% of payments on Uzum Tezkor are processed through their proprietary fintech solutions. “By enhancing access to plastic cards, we are amplifying Uzbekistan's digital payments ecosystem, making financial transactions simpler and more efficient for countless users.” This systemic integration within commerce is indicative of Uzum's overarching strategy to embed fintech seamlessly into daily financial activities.

Through the Uzum Bank app, residents in Uzbekistan — approximately 37 million people — can effortlessly apply for a plastic card. The localized financial infrastructure, bolstered by a comprehensive network of pick-up points, ensures that any card ordered can be delivered to users, no matter where they reside in the country.

For cardholders, Uzum Bank provides numerous benefits such as zero-fee top-ups through the app and purchases made in Uzbek soums without incurring conversion costs. Transfers between accounts, including to Uzcard and Humo, are executed instantly and commission-free, showcasing a user-friendly approach to money management.

Furthermore, the Uzum card offers a renewable credit limit of up to 25 million soums (nearly $2000), facilitating flexible payment options. Customers are empowered to split purchases into installments or receive microloans directly deposited into their accounts, thereby enhancing their financial flexibility and management.

In conclusion, Uzum Bank's issuance of 1.5 million cards is more than a mere banking milestone; it represents a transformative moment for Uzbekistan's financial landscape. By making modern banking services available to millions, Uzum Bank is paving the way for a future where financial inclusivity is a reality for all citizens. This seismic shift not only underscores Uzum Bank's role as a fintech leader but also contributes significantly to the advancement of Uzbekistan's digital economy.