Central Bank signs agreements with IFC to develop digital financial services and financial literacy

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Tashkent, Uzbekistan :  The Central Bank of Uzbekistan signed agreements with the International Finance Company (IFC) on the implementation of two projects aimed at:

– improving the regulatory environment for the development of electronic and digital financial services;

– implementation of programs to improve financial literacy.

The main goal of these projects is to expand the financial availability of financial services for the population.

According to the press service of the Central Bank, IFC experts will assist in the development of regulatory documents in the field of electronic and digital financial services, in particular: remote servicing and provision of financial services, implementation of the principles of remote customer identification, a regulatory sandbox for payment systems, 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 trainers in commercial banks of the republic for their subsequent consulting (training) of their clients on topics related to budget planning and the principles of money management, responsible borrowing and the formation of savings, as well as with digital financial literacy.

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

The Central Bank will continue to expand cooperation with international financial institutions in the development of financial inclusion, digital financial services and financial literacy.