CERR: Uzbeks Are Satisfied with Banks but Not Ready to Give Up Cash
The Center for Economic Research and Reforms (CERR) conducted a nationwide survey of over 1,100 bank customers in Uzbekistan to gauge satisfaction with financial services.
The findings revealed a consistently high level of satisfaction: more than 80% of respondents gave positive ratings across key banking areas.
- Deposit products scored the highest (up to 90%)
- Followed by payment services (81%)
- And money transfers (78%)
Reported dissatisfaction remained low, not exceeding 14% in any category.
Areas for Improvement
While overall satisfaction is high, the majority of respondents believe banking services still require improvement.
- The most frequent complaint was about loan services (38%)
- Followed by payment systems (25%)
- Transfers (11%), deposits (9%), and currency exchange (9%) were also noted, though less critically
Cash Still King
Digitalisation remains a challenge.
- 27% of respondents rely entirely on cash
- 32% combine cash and non-cash payments
Top reasons for preferring cash include:
- Receiving salaries or income in cash (40%)
- Lack of trust in online services (35%)
- Need for physical proof of transactions (12%)
Word-of-Mouth Over Ads
When choosing a bank, 70% of respondents rely on personal recommendations rather than advertising or digital channels.
Kursiv Uzbekistan reports that CERR expects Uzbekistan’s GDP to grow by 6.7% in the first half of 2025.
