Digital Payments and Financial Inclusion in Uzbekistan: Evidence from 2017–2024

This study examines how digital payment infrastructure and financial inclusion changed in Uzbekistan between 2017 and 2024, comparing the pre-pandemic period with the period during and after COVID-19. It combines supply-side statistics from the Central Bank of the Republic of Uzbekistan—including bank cards, point-of-sale (POS) terminals, ATMs and self-service kiosks, POS transaction values, and remote-banking registrations—with demand-side indicators from the World Bank's Global Findex surveys and macroeconomic data from the World Development Indicators. The analysis uses descriptive statistics, trend comparisons, compound annual growth rates, percentage-point changes, and inflation-adjusted POS transaction values. Account ownership increased from 37.1% of adults in 2017 to 59.7% in 2024, while the share of adults who made or received digital payments rose from 34.2% to 49.9%. Growth differed across indicators: POS- terminal numbers and internet use grew faster before 2020, while bank cards, real POS transaction values, and account ownership grew more rapidly in the later period. The real value of POS transactions increased substantially after 2019, even as the number of POS terminals changed little. These patterns are consistent with earlier reforms building infrastructure that was used more intensively later. However, the study is descriptive, uses eight annual observations and three Global Findex waves, and cannot identify the independent causal effect of COVID-19. The findings therefore indicate changes over time and associations, not causal impacts.