Uzum Partners With Mastercard to Boost Financial Literacy in Uzbekistan

Uzum, the leading fintech and e-commerce ecosystem in Uzbekistan, has partnered with Mastercard on an education project to improve financial literacy in Central Asia’s most populous country.

Uzum and Mastercard have launched two free online courses to help Uzbek consumers understand how to conveniently and safely use debit and credit cards. This is one of the first initiatives aimed at increasing the popularity of digital payments and fintech in the region.

The courses – offering an introduction to banking cards and practical tips for protecting oneself against online scams – are available on the Uzum Media digital platform and consist of eight modules each. They are designed as self-study tutorials with practical issues explained by Masterсard experts.

“We are empowering the Uzbek people by offering them unique online shopping services along with banking products such as BNPL,” said Djasur Djumaev, CEO of Uzum. “We created an online course so that Uzbek consumers could better understand fintech products, trust them, and avoid unnecessary financial risks.”

“Cybercrime poses a serious threat to the financial security of people of Uzbekistan. The number of offenses involving digital technologies is growing, and so is the number of victims. In this context, the joint project between Uzum and Mastercard becomes even more relevant. Our goal is to provide people with reliable tools to protect their finances. Free online courses help users understand the intricacies of using bank cards and teach them how to identify fraudulent schemes. We believe these courses will be an important step toward improving financial literacy and building trust in digital payments,” said Denis Filippov, General Director of Mastercard in Uzbekistan.

Approximately half of Uzbekistan’s population of 36 million people remains unbanked while the share of cashless payments is only at 33%, according to estimates by KPMG and the World Bank A large portion of shopping occurs in old-fashioned markets and is conducted with cash, and the share of e-commerce in retail trade is around 3%. With a young and literate population and wide mobile-network coverage, Uzbekistan has all the prerequisites to increase the use of digital payments.

In its recent study of the fintech market in Uzbekistan, Mastercard noted that e-commerce has shown a consistent upward trend, with a penetration rate of 2.2% in 2022. Propelled by a 77% internet penetration rate as of beginning 2023, remote banking has also experienced significant growth, highlighting untapped potential for enhancing financial services in the country, according to Mastercard.