In Uzbekistan, any micro, small, and medium enterprises (MSMEs), particularly those led by women, rural entrepreneurs, and informal workers, face significant barriers in accessing affordable and reliable financial services, despite ongoing financial sector reforms and economic growth. Traditional banks often overlook these underserved groups, making it difficult for them to secure the funding needed to launch or expand their businesses and contribute to local economies.
To address this persistent gap, the Central Asia Impact Fund (CAIF), a $5 million impact investment vehicle managed by AV Ventures, has financed several mission-driven microfinance institutions (MFIs) across Uzbekistan. Investments were made in organizations such as Renesans Mikromoliya Tashkiloti, which, with its 19 branches, has used CAIF’s support to broaden outreach, launch gender-focused lending products, digitize operations, and appoint women to its Board of Directors. Similarly, fintech-oriented Oasis Credit received a $1 million loan to scale its digital lending infrastructure and introduce new credit products tailored for micro and small enterprises. Additional financing was extended to Delta, Fortuna Business, and Ehtirom Plus, MFIs focused on providing flexible working capital and small business loans to underserved populations, thus fostering entrepreneurship and financial literacy at the grassroots level.
As a result of these targeted investments, Uzbekistan’s MFIs are now reaching more diverse clients, catalyzing innovation, and building a resilient financial ecosystem. Renesans, for example, achieved an 82% increase in net income and a 79% growth in assets, alongside strengthened corporate governance and greater gender inclusion. Through a blend of traditional and fintech approaches, CAIF’s support is translating into meaningful economic opportunities and measurable successes for entrepreneurs who once struggled to access the financial tools they need to thrive.
