Tashkent, Uzbekistan (UzDaily.com) – National Bank of Uzbekistan (NBU) and fintech company Solfy are preparing to launch an innovative financial product on the Uzbek market - the Solfy installment card. Technical integration is in the active stage, the launch of the project is scheduled for 4 April 2022.

Solfy is an international fintech banking, e-commerce and retail company. The company is developing a platform that brings together stores from various segments and provides users with the opportunity to make profitable purchases in installments without a down payment and overpayments. The product, developed by Solfy, will change the modern perception of daily shopping and payment instruments in Uzbekistan.

The project team participated in the implementation of similar products in Russia and Belarus (at the moment, more than 6 million installment cards have been issued in these countries and more than 200,000 partner stores have been connected). The implemented projects are leaders in their segments and have repeatedly received various specialized awards.

The Solfy installment card from NBU will provide customers with the opportunity to make purchases in an interest-free installment plan without hidden fees and commissions for up to 12 months. Hire-purchase purchases will be available through a wide network of partners, which can satisfy any need. Solfy is actively forming a partner base for launch in Uzbekistan.

In the next few years, it is planned to issue more than 1 million installment cards and connect more than half of large retail in the country as partners, which will make it possible to take a leading position in the segment of retail banking products in Uzbekistan.

“Our solution allows all parties to win: customers receive a highly demanded and truly honest product, stores get new customers and more purchases thanks to the introduction of an installment payment method. In addition, the appearance of such a product on the Uzbek market will be able to give a certain impetus to the already dynamically growing economy of the country, making it possible to increase trade turnover, the share of non-cash transactions and increase the penetration of digital products. Thanks to the collaboration of our experience and technological capabilities with the scale of our partner Uznatsbank JSC, we plan to make the product truly popular,” commented Andrey Basuev, co-founder of the Solfy project, on the upcoming launch.

“The launch of the project with our partners from Solfy is a significant step in the development and digital transformation of the retail business of the National Bank, which is designed to significantly increase our potential in this segment. We are confident that the model of work of the installment card will be in great demand among the population of Uzbekistan, satisfying the need for borrowed funds on transparent and honest terms. Also, the project will help to significantly accelerate the transition of business to more modern approaches in working with clients and provide wider and more convenient opportunities for paying for goods and services,” notes Ikboljon Mamajonov, Managing Director of the retail block of the National Bank of Uzbekistan.