#Fintech #Uzbekistan #Tashkent #Uzum Holding

Uzum Holding: A Year of Unprecedented Growth in 2024

Uzum Holding Ltd, the foremost digital services ecosystem in Uzbekistan, recently announced its unaudited financial results for the year concluding on December 31, 2024. The company witnessed impressive growth across various sectors, demonstrating its commitment to enhancing the digital landscape of Uzbekistan.

Key Highlights of 2024 Financial Results

In 2024, Uzum's net income soared by 50%, reaching an astounding $150 million. This significant financial growth aligns with the expected projections set in previous quarterly reports. Additionally, the monthly active users (MAUs) surged to nearly 16 million, representing over 40% of Uzbekistan's population. The interconnected nature of Uzum's e-commerce and financial technology services has been crucial in driving this growth.

E-Commerce and FinTech Integration

Uzum’s e-commerce and FinTech platforms have seen an increase in synergy, leading to enhanced service delivery and user engagement. The Gross Merchandise Value (GMV) for fiscal 2024 rose to $345 million, marking an extraordinary 2.4 times year-over-year increase. To further optimize the user experience, Uzum Market has invested heavily in its logistics infrastructure, launching the largest storage facility in Central Asia and implementing the Fulfillment by Seller (FBS) model.

In terms of food delivery services, Uzum Tezkor experienced a boom, partnering with over 2,400 restaurants—a figure that has doubled compared to the previous year. This service now spans across 18 cities, showcasing its growing popularity among Uzbek consumers.

Rapid FinTech Expansion

The FinTech sector within Uzum has emerged as a pivotal driver of overall growth during the year. By the end of December 2024, Uzum issued more than 700,000 Uzum Bank branded Visa debit cards, featuring revolving credit limits. This aspect of FinTech will become instrumental to Uzum's growth strategy moving forward. Also noteworthy, the sector's Buy Now, Pay Later (BNPL) services reached a market value of $421 million, demonstrating a 2.7 times increase compared to the prior year.

Uzum's loan portfolio saw remarkable growth, more than doubling to $226 million in the same period. These developments cement Uzum's status as a pivotal player in Uzbekistan's digital economy.

Leadership Insights

Djasur Djumaev, CEO and founder of Uzum, expressed his satisfaction with the company’s performance in 2024, stating, “The year was marked by significant growth for Uzum. We reinforced our position as the undisputed national leader in our primary verticals—e-commerce and financial technology.” He emphasized the vital role of continued investments in technology and infrastructure, which have been key to meeting rising consumer demands.

Djumaev highlighted ambitious goals for 2025, including issuing up to five million new Uzum Bank cards and deepening the integration of their services. These initiatives aim to enhance the digital financial landscape in Uzbekistan, ensuring that numerous citizens can access reliable and modern banking services.

Looking Ahead

As Uzum continues to expand its e-commerce capabilities, it plans to develop stronger integrations across its diverse service offerings. The intention is to enhance customer experiences, stimulate digital transformation, and contribute positively to the lives of millions across Uzbekistan. With over 16 million users engaged monthly, Uzum is poised to play a transformative role in the country's shift towards a fully digital economy.

For more information about Uzum and its services, you can visit uzum.com.