| Uzbekistan Market Structure |
Nearly all Uzbek banks are state-owned, with little private or foreign capital. National Bank of Uzbekistan is the dominant bank.
Internationally-branded cards have only a small presence in the market. More than 80% of cards issued are domestic-only Soum cards using DUET smart card technology from BGS Smartcard Systems, now owned by Net 1.
Although bank depositorsŐ funds are guaranteed by the state, the vast majority of payments are conducted in cash, reflecting the relatively small non-cash acceptance network and widespread distrust of the banks. |