Tashkent, Uzbekistan (UzDaily.com) — On 19-20 September 2024, the Central Asian Microfinance Summit-2024 took place in Samarkand under the theme “Unlimited Support for Small Business: Returning to the Roots.”

The summit aimed to coordinate initiatives for the development of microfinance in the region, share best practices, introduce new products and services to the market, discuss potential risks, establish dialogue with regulatory bodies, attract investments, and promote digital solutions.

More than 200 specialists from the microfinance sector participated, including representatives from central banks of Central Asia, leading financial institutions operating in the region, associations, microfinance organizations, the Microfinance Centre (MFC), program managers from fintech organizations, and investors.

Key topics discussed at the summit included the implementation of Environmental, Social, and Governance (ESG) standards, Islamic financing, digitalization, FinTech prospects, and support for women entrepreneurs.

In recent years, several decrees and resolutions have been adopted under the initiative of the head of state to enhance the accessibility of microfinance services and strengthen their role in entrepreneurial development, reflecting significant attention to this sector.

Notable developments include:

- The legal foundation for the introduction of a new structure in the banking system—“microfinance banks”;

- Approval of regulations for providing Islamic financing services by microfinance organizations;

- Establishment of a factoring organization and its inclusion in the register of non-bank credit organizations as per the decree on measures for the accelerated development of the factoring services market.

Currently, the total number of participants in the microfinance market in Uzbekistan, including banks, stands at 220 (93 microfinance organizations, 91 pawnshops, and 36 banks). The assets of non-bank credit organizations have increased by 1.9 times compared to the same period last year.

The summit played a crucial role in further enhancing microfinance through the exchange of opinions on the latest news and trends in the field, as well as in familiarizing participants with achievements in the digitalization of financial opportunities.