The Central Bank plans to implement new requirements for obtaining microloans, the Bank said in its 2025 financial stability review. The regulator identified rising credit risk in the microloan segment as one of the main threats to financial stability.
The Central Bank is proposing that microloans no longer be exempt from rules requiring banks to factor in a borrower's debt burden when issuing credit — an exemption currently used for other types of loans. It is also proposing a minimum monthly income requirement for obtaining a microloan, to be calculated based on minimum consumer spending levels.
According to the regulator, the average debt-service-to-income ratio (DSTI) among microloan recipients rose from 37% to 40% in 2025. This ratio shows what share of a borrower's monthly income goes toward payments on all their outstanding obligations to banks, microfinance organizations, and other lenders.
By comparison, the average debt burden on mortgage loans fell over the year from 71% to 49%, and on auto loans from 60% to 37%.
The Central Bank attributes the worsening figures in the microloan segment to the fact that such loans typically don't require borrowers to specify a purpose or provide collateral. This makes it easier for the pool of borrowers to expand quickly — and for their debt burden to grow along with it.
By the start of 2026, the outstanding balance of microloans issued by commercial banks had reached 48.9 trillion soums, accounting for 8% of the banking system's total loan portfolio.
The number of microloan recipients climbed to nearly 2.7 million people, up 16% over the year. At the same time, the average number of loan agreements per borrower rose from 1.7 to 1.9.
The Central Bank warns that holding multiple microloans can drive up a borrower's debt burden and increase the risk of credit losses for banks.
The share of non-performing loans in the microloan portfolio held steady at 4% for the year. However, the quality of overdue debt deteriorated somewhat: 49% of problem microloans were classified as "doubtful" or "bad" - up 2 percentage points from a year earlier.
The share of loans to individuals in the overall credit portfolio continues to grow. As of January 1, 2026, the volume of loans to individuals reached 220.3 trillion soums, with their share of the banking system's total loan portfolio rising 3 percentage points year-on-year to 36%.
Within the retail loan portfolio, the fastest annual growth was recorded in microloans and micro-lending products, at 46% and 51% respectively. Mortgage loan balances also grew 17% year-on-year.
Overall, 53% of citizens who took out bank loans in 2025 had multiple active obligations to banks and non-bank organizations, up from 43% a year earlier. The Central Bank notes that having to service several loans at once can weaken a borrower's ability to pay.
Over three months in 2025, banks issued microloans exceeding the amount requested by the client in 1.1 million cases. The Central Bank has proposed banning this "aggressive practice," along with the practice of deducting payments before the date set out in the loan agreement.
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