Uzum Collaborates With Mastercard to Enhance Financial Literacy in Uzbekistan

Uzum, Uzbekistan’s leading fintech and e-commerce ecosystem, has joined forces with Mastercard on an educational initiative to enhance financial literacy in Central Asia’s most populous nation. Together, they have launched two free online courses aimed at helping Uzbek consumers safely and conveniently use debit and credit cards, marking one of the first efforts to promote digital payments and fintech adoption in the region.

The courses, available on the Uzum Media digital platform, consist of eight modules each and offer an introduction to banking cards, along with practical tips on protecting against online fraud. Designed for self-study, the tutorials are explained by Mastercard experts to make the content accessible and actionable.

“We are empowering the people of Uzbekistan by providing unique online shopping services along with financial products like BNPL,” said Djasur Djumaev, CEO of Uzum. “These online courses were created to help Uzbek consumers better understand fintech products, build trust, and avoid unnecessary financial risks.”

Denis Filippov, General Director of Mastercard in Uzbekistan, added, “Cybercrime poses a serious threat to financial security, with digital offenses and victims on the rise. This joint project with Uzum is especially timely, as it provides people with the knowledge and tools to protect their finances. These free courses will play a key role in improving financial literacy and building trust in digital payments.”

Despite Uzbekistan’s population of 36 million, nearly half remain unbanked, and cashless payments account for only 33%, according to KPMG and the World Bank. E-commerce makes up just 3% of retail trade, with much of the shopping still done in traditional markets using cash. However, with a young, educated population and widespread mobile network access, the country has significant potential to expand digital payment usage.

Mastercard’s recent study on Uzbekistan’s fintech market revealed a growing trend in e-commerce, which had a penetration rate of 2.2% in 2022. With internet penetration reaching 77% in early 2023, remote banking has also seen considerable growth, signaling untapped opportunities to expand financial services across the country.