According to the Central Bank, the total assets of microfinance organizations in Uzbekistan reached 18,909.2 billion soms as of August 1, 2026. This figure has almost doubled over the past year, showing a growth of 99.7%; a year earlier, this amount was 9,467.4 billion soms.
Net loans and microleasing continue to constitute the largest share of assets at 89.2%. The volume of these operations increased from 8,665.1 billion to 16,859.2 billion soms, corresponding to a growth of 94.6%. Additionally, receipts from banks grew threefold, rising from 222.3 billion to 816.8 billion soms. Accredited interest income increased by 176.4% to 438.8 billion soms, while cash and other payment instruments increased by 42.1% to 110.6 billion soms. Other assets grew by 144.8% to 538.8 billion soms, and fixed assets increased by 17.6% to 145.0 billion soms.
The liabilities of microfinance organizations grew by 121.7% over the year, reaching 14,715.2 billion soms compared to 6,637.1 billion soms the previous year. Loans, borrowings, and lease obligations accounted for 75.7% of total liabilities, doubling to 11,141.8 billion soms. Other liabilities increased threefold to 3,074.1 billion soms, while accrued interest liabilities rose by 219% to 473.2 billion soms. Meanwhile, accrued tax liabilities decreased by 17.9% to 26.2 billion soms.
The sector's total capital reached 4,194.0 billion soms, which is 48.2% more than the previous year (2,830.2 billion soms). Charter capital increased by 39.9% to 2,131.8 billion soms, reserve capital grew by 17.5% to 143.4 billion soms, retained earnings increased by 57.3% to 1,035.9 billion soms, and current year profit grew by 69.1% to 873.7 billion soms. Additional capital remained unchanged at 9.2 billion soms. As of the reporting date, there were 138 microfinance organizations operating in Uzbekistan, compared to 125 the previous year.
Largest MFOs by Assets
As of August 1, 2026, Teskoin held the largest assets among sector participants with 6,804.7 billion soms, representing a 3.1 times increase over the year. Shaffof-moliya ranked second with 1,775.3 billion soms, showing a 1% growth, followed by Fortuna Business with 1,174.3 billion soms, an increase of 15%. TBC Credit reported assets of 1,189.4 billion soms, more than 620 times higher than the 1.9 billion soms registered a year earlier. Vodiy taraqqiyot had assets of 676.0 billion soms, increasing by 5%, and Delta reached 440.0 billion soms, showing a growth of 57%. Oltin yulduz plus recorded 403.5 billion soms, three times the level of last year.
Organizations with the Fastest Asset Growth
In addition to TBC Credit, several organizations demonstrated multiple-fold asset growth. Apex moliya increased its assets from 2.0 billion to 25.9 billion soms, an increase of 12.8 times. Una moliya grew from 1.8 billion to 109.3 billion soms, and Cash Point increased from 1.7 billion to 84.7 billion soms, a growth of more than 50 times. Danvik funding increased assets from 5.5 billion to 363.6 billion soms. Aloka finans development grew from 8.2 billion to 165.0 billion soms, a 19-fold increase. Bright Future Financing and Urban Finance Solutions increased their figures from 2.1 billion soms to 281.6 billion and 147.1 billion soms, respectively. Community microfinance grew from 2.0 billion to 279.4 billion soms, Fundflow—from 2.0 billion to 131.1 billion soms, and Biznesni rivojlantirish—from 10.1 billion to 69.3 billion soms.
Organizations with Asset Reduction
Among the organizations that reported asset decreases were Istikbol invest grup, whose assets decreased by 41% to 12.6 billion soms; Al barot, which decreased by 31% to 13.9 billion soms; Pulman, which fell by 29% to 132.5 billion soms; Hamroh, which shrank by 13% to 337.1 billion soms; Tashdi, which decreased by 78% to 0.8 billion soms; and Silver finance, which lost 72% to 1.1 billion soms.
Sector Capitalization
Teskoin led the sector in total capital with 725.5 billion soms, 3.2 times more than the previous year. Shaffof-moliya ranked second with 377.6 billion soms, double the previous level, while Fortuna Business showed a decrease of 16% from 474.0 billion soms. TBC Credit's capital reached 168.0 billion soms, an increase of 88 times, while Vodiy taraqqiyot increased its capital by 4% to 299.0 billion soms. Ayol recorded a negative capital position of 4.1 billion soms, despite having a charter capital of 4.0 billion soms.
The distribution of organizations by capital size changed significantly over the year. As of August 1, 2025, organizations with capital exceeding 10 billion soms accounted for 90.4% of the sector's total capital, corresponding to 39 out of 125 organizations. By August 1, 2026, this share decreased to 33.3%, although the number of such organizations grew to 46 out of 138. Meanwhile, the share of organizations with capital up to 3 billion soms increased from 3.6% to 34.8%, indicating a rapid increase in the number of new, less capital-intensive market participants.
Liabilities and Bank Borrowing
Among the organizations with the largest liabilities were Teskoin with 6,079.26 billion soms, of which 1,039.4 billion soms came from bank loans; Shaffof-moliya with 1,397.65 billion soms; Fortuna Business with 700.29 billion soms; TBC Credit with 1,021.40 billion soms, an increase of over 200,000 times; and Vodiy taraqqiyot with 377.01 billion soms. Total bank borrowing in the sector reached 4,275.2 billion soms compared to 2,162.8 billion soms the previous year, representing a growth of 98%.
Credit Portfolio Quality
The ratio of non-performing loans (NPL) in the sector as of August 1, 2026, was 2.6%. The total credit portfolio reached 17,370.8 billion soms, including 459.9 billion soms classified as problematic loans. The highest NPL ratios were recorded in Kreditomat Tashkent at 72.9%, Chust rir at 43.3%, Sirius kredit at 56.3%, Sarmishsoy plus invest at 40.3%, Nayuta at 41.1%, Yangi finans at 37.4%, Rohat at 36.4%, and Baraka madad finans at 24.2%. Several large organizations maintained low NPL ratios. For example, Teskoin's ratio was 1.9%, and Fortuna Business reported a figure of 0.8%. Ishonch effekt kredit, Izi finans, Pul bor, and other organizations had no problematic loans.
Asset Size Distribution
Of the 138 active microfinance organizations, 82 had assets exceeding 10 billion soms. Their combined assets amounted to 18,695.2 billion soms, which exceeds more than 98% of the sector's total assets. Another 17 organizations with assets between 5 and 10 billion soms owned a combined 118.0 billion soms, and 39 organizations with assets less than 5 billion soms possessed 96.0 billion soms.