Incoming remittances to Uzbekistan could reach $20 billion USD by 2027, surpassing the approximate $15 billion USD recorded last year. This growth is driven by the increasing replacement of traditional bank branches and currency exchange points by digital platforms.
The shift towards using mobile applications and e-wallets was a key topic at the Silk Road Finance and Technology Forum held in Tashkent on August 24, 2026. According to data presented during the panel session, cross-border transfers between individuals currently account for nearly 40% of the total remittance volume into Uzbekistan.
According to Prajit Nanu, co-founder and CEO of the global payment company Nium, the total annual remittance volume across the entire Central Asian region is approximately $33 billion USD.
Remittances play a vital role in supporting the economies of Central Asia. In Uzbekistan, migrant remittances constitute about 15% of GDP, 17.6% in Kyrgyzstan, and 46% in Tajikistan.
Anvar Isamukhamedov, CEO of Paynet, noted that cash withdrawal methods are gradually giving way to app-based transfers. He emphasized that e-wallets are an accessible and cost-effective alternative to traditional account transfers for small businesses and self-employed individuals.
To expand its international reach, Uzbekistan's national card system, Humo, was developed as a potential regional player. Alexey Maslov, advisor to the Board Chairman of Humo, reported that the system issues dual-branded Visa cards, operates in both domestic and international markets, and cooperates with neighboring systems such as Elcart Kyrgyzstan and the Kazakh payment system, as well as Alipay, enabling card acceptance in over 50 countries.
Jamshid Usmanov, Director of the Payment Systems Department of the Central Bank of Uzbekistan, stated that the main obstacle in cross-border payments is the need to comply with multiple jurisdictions, anti-money laundering rules, and correspondent bank checks. The regulator aims to simplify cross-border transfers by unifying data standards, such as QR codes, and facilitating direct system interaction in the region.
International industry figures, including Ari Sarker, former President of Mastercard in the Asia-Pacific region, Arif Khan, Innovation Officer at Razorpay, and David Kleiman, CEO of Klearium, discussed issues of cross-border payment interoperability and financial inclusion solutions, such as India's UPI network. Meanwhile, Sergio Mello, Head of the Stablecoin Division at Anchorage Digital, noted that blockchain and stablecoins can help link basic digital finance with central bank systems.