Why is this important
The first microfinance bank is a new category between MFO and commercial banks, allowing them to attract deposits, issue cards, and open accounts. MFOs are limited to loans of up to 100 million soums and cannot take deposits. A microfinance bank can issue loans of 100 million soums or more, attract deposits, and compete with commercial banks. The authorized capital of 53.9 billion is the Central Bank’s requirement for transformation, ensuring capital for growth.
What happened
- The Central Bank issued a license to Tayyab Finance for transformation into the microfinance bank Tayanch on October 24;
- The authorized capital increased by 40 billion — from 13.9 to 53.9 billion;
- Founders: Khanipova Almira, Mustakimov Akbarbek (per 50%);
- Preliminary permission was obtained in July — “one of the first”;
- Registered in 2022, Sergeli district, Tashkent.
Microfinance bank
- What is this: a new category of financial institutions between MFO and commercial banks.
Difference from MFO:
- MFOs issue loans up to 100 million soums, cannot attract deposits, issue cards;
- The microfinance bank issues 100+ million in loans, attracts deposits, issues cards, and opens accounts.
Difference from commercial banks:
- Commercial bank — a wide range of services (mortgage, currency operations, investment products);
- The microfinance bank is focused on microcrediting SMEs and individuals, but with expanded capabilities.
Tayanch
- Name: Tayanch Mikromoliya Banki (Tayanch — “support” in Uzbek).
- History: Registered as Tayyab Finance MFO in October 2022, transformed into a microfinance bank on October 24, 2025.
Founders:
- Khanipova Almira Faritovna (50%);
- Mustakimov Akbarbek Rovshanbek ugli (50%).
The authorized capital increased by 40 billion — from 13.9 to 53.9 billion. Increase — Central Bank’s requirement for transformation (minimum 50 billion for a microfinance bank).
Location: Sergeli district of Tashkent.
Why transformation
For Support:
- Attracting deposits — cheap funding (deposits 18-20% versus bonds 27-28%);
- 100+ million loans issued — servicing large clients (small and medium-sized businesses, corporate clients);
- Card issuance — additional fees, customer retention;
- Prestige — the status of a bank increases trust.
For clients:
- Deposits — the ability to keep money in Tayanch with interest;
- Cards — convenience of payments, transfers;
- Loans of 100+ million — business financing.
Central Bank Requirements
- Authorized capital: at least 50 billion for a microfinance bank (Tayanch increased to 53.9 billion).
- Capital: capital adequacy 12%+ (Basel III).
- Reserves: mandatory reserves for loans (5-10% of the portfolio).
- Regulation: The Central Bank controls microfinance banks more strictly than MFOs.
“One of the first”
In July, Tayyab Finance received preliminary permission “one of the first” — other MFOs are also being transformed. The Central Bank encourages the creation of microfinance banks to strengthen the financial system and access SMBs to loans.
Context
- Microfinance market: MFOs issue 50+ billion loans monthly at 30-40% annual interest. Transformation into microfinance banks will reduce interest rates (attracting cheap deposits), increase the accessibility of loans.
- Competition with banks: microfinance banks will compete with commercial banks (Infinbank, Garant Bank, Hamkorbank) for SMB clients.
- The authorized capital of 53.9 billion: provides capital for portfolio growth up to 500+ billion (capital/asset ratio 1:10).
- Bank status prestige: increases the confidence of clients, investors. MFOs are perceived as risky, banks as reliable.
