President Shavkat Mirziyoyev signed Steps to Improve Buy Now Pay Later (BNPL) Services for the Public a decree Friday, the Ministry of Justice has announced.
Under the decree, a formal system of licensed BNPL service operators will come into effect in Uzbekistan starting January 1, 2027.
An "operator" will be defined as any legal entity providing BNPL services, with the exception of banks and microfinance organizations. Companies will only be permitted to operate in this capacity once they are entered into a special registry maintained by the Central Bank. Banks and microfinance institutions will be added to the registry simply by notifying the Central Bank, while other legal entities will first need to complete a formal registration process with the regulator.
The value of any item purchased through an BNPL plan may not exceed 250 base calculation units — roughly 110 million soums as of September 1. Real estate, along with property that is withdrawn from circulation or subject to legal restrictions, cannot be sold under BNPL arrangements.
Installment operators will be barred from issuing consumer financial loans or accepting funds from individuals. They will only be allowed to transfer their claims under BNPL contracts to other licensed operators, microfinance organizations, or banks.
The decree also sets new requirements for BNPL contracts. Agreements must clearly itemize the operator's commission or markup, as well as any other charges factored into the final price of the goods, work, or services.
The total amount of all payments beyond the principal — including intermediary fees, fines, late penalties, and other charges — cannot exceed 50% of the BNPL amount per year. Consumers will have the right to repay their BNPL plan in full or in part at any time, without incurring extra penalties, late fees, or commissions. The maximum term for a consumer's obligations under an BNPL contract will be capped at 12 months from the date the agreement is signed.
Additionally, starting January 1, 2027, companies offering consumer goods on credit will no longer be required to report contracts worth up to 3 base calculation units (1.32 million soums) — or their repayment status — to credit bureaus.
Under the new rules, BNPL operators will be required to comply with the Central Bank's prudential standards and regulatory and supervisory requirements. When processing BNPL agreements, companies must carry out digital identification and verification of customers using appropriate information technologies, and must report all BNPL contracts — along with their repayment status — to credit bureaus. When deciding whether to approve an BNPL plan, operators must also take into account a maximum debt-burden ratio to be set by the Central Bank.
These requirements will also extend to companies that formally offer consumer goods on credit but function similarly to BNPL operators. Any such company whose quarterly revenue from the sale of goods, works, or services exceeds 500 million soums — and where BNPL sales account for at least 50% of that revenue — will be required to register with the Central Bank, join the official registry, and comply with the same rules that apply to licensed BNPL operators.
According to the Central Bank's analysis, the BNPL market carries hidden risks to financial stability. The regulator examined revenue growth among BNPL service providers as well as user demographics across different regions.
Its findings suggest that buying electronics on BNPL is often more expensive than taking out a bank loan. Using the iPhone 16 Pro Max as an example, the Central Bank found that markups can reach as high as 44%, translating into an effective annual overpayment rate of up to 74%.
In late June 2025, Central Bank Chairman Timur Ishmetov said Uzbekistan's BNPL market had reached 8.5 trillion soums. Most such agreements go unreported to credit bureaus, the regulator noted, which inflates the true scale of household debt. The Central Bank has proposed requiring market participants to disclose their data and clearly state the total overpayment amount to consumers.
Stay up to date with all the latest news:
