New decision: How will installment payments (rassrochka) be regulated from 2027?

A period of fundamental change is beginning in one of the fastest-growing segments of Uzbekistan’s financial market — the installment payment (rassrochka / BNPL) system. Under Resolution No. PQ-294 signed by the President on August 14, 2026, a separate legal status will be introduced for operators providing installment payment services from January 1, 2027, and the sector will be placed fully under the supervision of the Central Bank.

The new rules are aimed at protecting citizens from unfounded financial fraud and excessive debt burdens, as well as putting an end to hidden interest and commissions.

What will change for buyers? Key restrictions and benefits

A number of strict rules protecting buyers’ interests will take effect from the beginning of 2027:

• Term limit: The period for purchasing goods or services on an installment basis must not exceed 12 months;

• Maximum amount: The value of goods or services purchased in installments is set at a maximum of 250 BHM (base calculation amount);

• Transparent commissions: All additional commissions, interest and markups must be stated separately, clearly and comprehensibly in the contract;

• 50 percent limit on additional payments: All additional expenses beyond the principal amount of the debt (the total of fines, penalties and commissions) must not exceed half (50 percent) of the annual installment payment amount;

• Early repayment without penalties: Buyers who settle their debt before the specified deadline may not be charged any additional fine, penalty or commission;

• Prohibition on real estate: Real estate cannot be purchased through this mechanism — it has been completely excluded from the list of goods eligible for installment payment services.

New strict requirements for operators and trading organizations

New operating criteria will be introduced for all organizations providing installment payment services:

• Central Bank registry: While banks and microfinance organizations will be included in the registry by submitting a notification, all other operators may operate only after special registration with the Central Bank;

• Debt burden and digital oversight: Service providers must digitally identify customers, integrate with credit bureaus, regularly submit contract information, and strictly account for citizens’ debt burden indicators;

• Prohibited operations: Ordinary operators are strictly prohibited from accepting deposits/funds from the public or issuing consumer loans in cash;

• Mandatory registration: If a seller’s quarterly turnover exceeds 500 million soums and at least 50 percent of its sales consist of installment transactions, the company must register as an official operator under the new requirements.

Through these reforms, the installment payment mechanism will be transformed into a distinct, civilized financial product in the country, ensuring transparency for the public and a fair competitive environment for businesses.

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