IFC to help Uzbekistan develop digital financial services

The Central Bank of Uzbekistan entered into agreements with the International Finance Corporation (IFC) to implement two projects aimed at improving the regulatory environment for the development of electronic and digital financial services and realizing programs to improve financial literacy, the press service of the regulator reported.

The main goal of these projects is to expand the availability of financial services for the population. IFC experts will assist in the development of regulatory documents in the field of electronic and digital financial services, which includes remote servicing, implementation of the principles of remote customer identification, a regulatory sandbox for payment systems, and the attraction of bank payment agents by credit institutions.

In the field of increasing the financial literacy of the population, the IFC will assist the Central Bank in training personnel in commercial banks of the republic for their subsequent consultation (training) of their clients on topics related to budget planning and the principles of money management, responsible borrowing and formation of savings, as well as with digital financial literacy.

In addition, educational materials in the “edutainment” (game learning) format on the basic concepts of financial literacy will be developed in cooperation with the IFC for broadcasting to a wide audience.