DIGITAL BANKING GROWTH AND FINANCIAL INCLUSION IN UZBEKISTAN

Abstract

Online banking is often presented as a fast route to financial inclusion because it lowers distance and time barriers and makes formal financial services easier to access. However, rapid digital uptake does not automatically imply deeper inclusion: a growing number of remote users may reflect channel switching by already-banked customers, multiple registrations across institutions, or increased activity within the existing formal system rather than first-time entry into it. For policymakers, the key issue is therefore not only the speed of digital adoption, but whether adoption is accompanied by proportional growth in tangible inclusion instruments and sustained participation.