Uzum, the fintech and e-commerce ecosystem in Uzbekistan, is joining forces with payments giant Mastercard to launch a new education project to improve financial literacy across the 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.
Approximately half of Uzbekistan’s population remains unbanked – an issue for 36 million people in Central Asia’s most populous country. Meanwhile, the share of cashless payments sits at only 33 per cent, according to estimates by KPMG and the World Bank. A large portion of shopping occurs in old-fashioned markets and is conducted with cash, with the share of e-commerce in retail trade at around three per cent.
While this shows that Uzbekistan sits well behind other countries in the region, its young and literate population, paired with wide mobile network coverage, means that it has all the prerequisites to increase the use of digital payments.
Recognising this, Uzum and Mastercard are offering an introduction to banking cards and practical tips for protecting oneself against online scams through the new courses. They are immediately available on the Uzum Media digital platform and consist of eight modules each; designed as self-study tutorials with practical issues explained by Masterсard experts.
E-commerce on the rise in Uzbekistan
“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.”
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 per cent in 2022. Propelled by a 77 per cent internet penetration rate as of the beginning of 2023, remote banking has also experienced significant growth, highlighting untapped potential for enhancing financial services in the country, according to Mastercard.
“Cybercrime poses a serious threat to the financial security of the people of Uzbekistan,” explained Denis Filippov, general director of Mastercard in Uzbekistan. “The number of offences 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.”
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