Introduction

Introduction

Introduction

The mechanism of microfinance in the development of small business and private entrepreneurship in Uzbekistan has been set great tasks. Not only microfinance banks, but also pawnshops and microcredit organizations should be actively involved in this process. For this purpose, the Resolution of the President of the Republic of Uzbekistan dated July 23, 2019 No PP-4400 “On measures to increase the popularity of microfinance services” was adopted [1].

In accordance with this decision, the range of services provided by non-bank credit institutions has been expanded and the volume of microfinance services has been increased.

It is difficult to imagine the development of a modern market economy without innovative factors. In particular, the enrichment of the microfinance mechanism with innovative ideas and technologies is one of the factors that directly affect the competitiveness of microfinance institutions. The fact that the Republic of Uzbekistan ranks 93rd out of 131 countries in the Global Innovation Index in 2020 [2] also indicates that the country’s innovation potential is growing.

The process of developing innovative services begins with the idea of a new product and ends with its launch, followed by feedback cycles. It includes the idea of introducing a new product, preparation for designing a new product, designing a prototype, and testing steps before testing.

It is difficult to imagine the innovative activities of microfinance institutions (MTFs) without the Internet. From the process of communicating with customers to learning their feedback, offering new services, the whole process is related to the Internet. In modern times, the development of the Internet provides an opportunity for the development of digital systems and technologies.

Although digital banking services have been widely used in our country in recent years, we cannot say that digital services are being actively implemented in the activities of microfinance institutions.

Insufficient investment to attract innovations in the activities of microfinance organizations (non-banks), the value of innovations hinders the implementation of innovations in microfinance institutions.

Introduction

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