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  1. Conclusion and recommendation

Conclusion and recommendation

The first stage of digitization of the process of financing microfinance institutions in the country began with the activities of Anar Bank. However, the process of adapting or digitizing the activities of microleasing organizations and pawnshops in the country to the requirements of an innovative economy has not yet taken place. To do this, the country needs to:

Most commercial banks in the country specialize in cash or non-cash, and the development of digital banks and non-bank credit and microcredit organizations requires the regulation of the legal framework and mechanisms of operation of cryptocurrencies, which are popular in the global banking system;

In the country in 2020 it amounted to 45.0 thousand soums ($ 4.3) per 1 Mbit / s. The number of Internet users in Uzbekistan has exceeded 22.1 million. Of these, the number of mobile Internet users is 19 million [13]. The development of digital banking and non-banking systems requires the reduction of the cost of Internet services and the improvement of the quality of Internet services by increasing the range of services provided;

The inclusion of data (including financial statements) of individuals around the world in a single biometric database also means ensuring the cyber security of this data. Ensuring cyber security measures by the state will prevent the leakage of personal financial information;

It is important to be one of the main initiators of the Central Bank in innovating the activities of microcredit, microleasing and microcredit organizations. The creation of a regulatory framework in this area, the financing of the process of innovation and digitization will depend on the position of the Central Bank in all respects;

Innovative services of microfinance institutions should not consist only of remote registration of debts. It is important to improve the sites and mobile applications of microfinance organizations, the operation of call centers and services 24/7.

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