Why is this important
The transformation of IFIs into microfinance banks creates an intermediate link between microfinance organizations and commercial banks, expanding access for small businesses and the population to financial services.
What happened
- Agat credit shareholders decided on October 21 to transform from an MFO into a microfinance bank;
- The authorized capital was approved at 73.7 billion soums;
- Anton Dmitriev was appointed Chairman of the Board, Ulugbek Adilov and Maksud Maksudov were appointed members of the Board;
- Sergey Lagutin, Oleg Popov, Arman Mangitov, Artem Badykov, and Alisher Mirzayev were included in the supervisory board;
- The company will begin operations as a microfinance bank after receiving a license from the Central Bank.
About company
Agat credit was registered by the Central Bank on December 15, 2018. The company has 50 branches across the country: 8 in Tashkent and 42 in the regions. The main task is to support individuals and businesses in need of financial resources.
Context
In February 2025, a law was passed allowing the establishment of microfinance banks in Uzbekistan. According to the Law “On Banks and Banking Activities”, a microfinance bank is a legal entity that carries out banking activities with certain restrictions and serves as a link between MFO and commercial banks.
The minimum authorized capital of a microfinance bank is 50 billion soums. Agat credit approved the capital at 73.7 billion soums, which is 47% higher than the minimum requirement.
The law provides for the possibility of transformation: an MFO can become a microfinance bank, a microfinance bank — a commercial bank, and vice versa. Previously, Tayyab finance became the first MFO to receive preliminary permission from the Central Bank for transformation.
The creation of microfinance banks expands the range of services for small businesses and the population, who do not have access to commercial bank products. This is an intermediate stage between MFOs (with disabilities) and full-fledged banks, allowing for the attraction of deposits and the expansion of lending.
