of February 11, 2025 No. ZRU-1026
About entering of amendments and changes into some legal acts of the Republic of Uzbekistan in connection with enhancement of microfinancial activities
Accepted by Legislative house on October 18, 2024
Approved by the Senate on January 24, 2025
The reforms performed in recent years in our country in the field of microfinancing positively influence increase in availability of microfinancial services to the population and subjects of entrepreneurship.
At the same time some restrictions set concerning activities of non-bank credit institutions including limited opportunities of attraction of additional financial resources, interfere with provision of microfinancial services by these organizations to wide range of consumers.
Also lack of opportunity for step-by-step "growth" of the microfinancial organizations with sufficient potential to the level of commercial banks requires review of the legal acts regulating this sphere.
With respect thereto for the purpose of forming of connecting "chain" between the microfinancial organizations and commercial banks, and also creations of opportunity for the microfinancial organizations to attract additional financial resources, including deposits, this Law creates the legal basis for implementation of institute of microfinancial bank, authorized to render banking services on the permitted conditions, and also for transformation of the microfinancial organizations in microfinancial banks and microfinancial banks in commercial banks and vice versa.
This Law will serve expansion of scales of use of banking services in regions, including microfinancing services, and also support of entrepreneurial initiative of general population.
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