Why is this important
The “buy now — pay later” (BNPL) model is expanding in Uzbekistan: revenue growth and stable indicators of MFO partners indicate the rapid penetration of this scheme into the daily economy.
What happened
- Net profit of Solutions Lab (Uzum Nasiya operator) for January-September 2025 — 470.1 billion soums (growth by 97.4%).
- Revenue — 2.5 trillion soums, an increase of 173.6% compared to 2024.
- The company’s assets amounted to 1.3 trillion soums (an increase of 107.1%), and its capital — 1.2 trillion soums (an increase of 101.1%).
- Retained earnings: 1.2 trillion soums (an increase of 104.2%).
- Profit for the III quarter amounted to 158.2 billion soums (an increase of 54.8%).
Key partners:
- Shaffof-Moliya: portfolio of 1.8 trillion soums
- Tezcoin: portfolio of 2.4 trillion soums
- Together, they account for 46.2% of the total microfinance lending market in Uzbekistan.
What they say
Industry representatives note that BNPL is becoming a mass tool for access to consumer loans, especially against the backdrop of high key interest rates. According to the IFO, the growth of portfolios is linked to integration into major platforms, primarily Uzum Nasiya.
Context
The BNPL model has been actively developing in Uzbekistan since 2022. Uzum Nasiya holds a leading position in the online installment payment sector. MFOs have become key drivers of consumer lending under conditions of limited access to bank loans.
