Opening doors to finance: Oasis helps first‑time borrowers grow their businesses in Uzbekistan

As the largest market with a population of 36 million in Central Asia, establishing the first international micro- and small-business lender in Uzbekistan presented an opportunity to create significant impact. In 2021, Finnfund joined forces with I.D. Inspiring Development, a management consulting company, and Sturgeon Capital, a private equity fund, to accomplish just this. Shortly after, in 2022, Oasis Credit (Oasis) became the first officially approved, internationally owned micro-finance institution (MFI) on the market.

“At the time of our investment, credit to the private sector and retail customers was less than 20% and only 8% of micro business customers had access to credit, so we definitely saw this as a chance to promote financial inclusion”, says Antti Urvas, Head of the Financial Institutions portfolio at Finnfund.

In Uzbekistan, the majority of businesses save and borrow informally, and only a few use digital finance products. High cost is the top reason for not using formal finance, followed by complex application procedures and high collateral requirements.

Oasis is a trailblazer in the MFI market in Uzbekistan because their loans are cash flow based, rather than collateral based. They have created products which specifically target entrepreneurs working within the informal economy, offering loans to those who officially register their businesses, which is a first-of-its-kind inclusion product.

Growing a customer base built on trust

Over the past three years of operation, Oasis has built a portfolio of 11.6 million USD and dispersed over 6,600 loans. They have developed their customer base largely through footwork and in-person sales and marketing. In this way, Oasis builds trust with clients by demonstrating their commitment to transparent loan conditions and financial inclusion. Once trust has been established, the customer base grows quickly through word of mouth. Social media and digital platforms are also useful in reaching target customers.

According to a recent 2025 survey, conducted with Finnfund and 60 Decibels, an impact measurement company, Oasis has successfully reached their intended customer base: it was found that 71% of clients’ main reason for taking a loan was investing in a business and that 58% of clients had never had access to a similar loan before. Customers are also happy with the smooth loan approval process and timely delivery.

Additionally, Oasis has helped entrepreneurs realize significant business benefits. According to the survey, 75% of clients improved their business operations, and 77% increased their earnings. Notably, these impacts were amplified for Oasis’s target groups of women and rural entrepreneurs.

How was the survey compiled?

In total 284 clients answered the survey when it was undertaken in 2025. Over half (56%) of the respondents were women, reflecting Oasis’ client base. The anonymous survey was carried out in local languages by 60 dB as telephone interviews. Respondents had an opportunity to provide open answers and feedback alongside the set questions.

“Oasis develops close relationships with clients that are built on trust. We work hard to understand the cash flow capacity of the client and tailor financing to them so that loans actually help to develop their business and so they can serve the loan based on their income.”

Mahmudali Guseynov, CEO, Oasis Credit

Promoting financial literacy through dedicated transparency

In Uzbekistan, financial literacy remains relatively low, and clients may have difficulty understanding credit products. Additionally, when cash-flow-based loans are new to a culture, it presents similar risks for misunderstandings and fraud. These challenges have contributed to some clients experiencing financial stress and decreased quality of life due to the burden of loan repayment.

To address this issue, Oasis has spent a lot of time and resources on building financial literacy within their client base. Relative to competitors, Oasis is very detailed when it comes to explaining loan requirements, repayment plans, and conditions to clients. This requires more time and follow-up with clients and training staff to understand cash-flow generation. Oasis’s efforts in this area have not gone unnoticed.

“We are helping not only the customer, but also the entire MFI market – other institutions call on us and ask questions. We are committed to transparency and openness, even with our competitors, and we have been recognized by the industry for this commitment”, says Mahmudali Guseynov.

Recently, at the Central Asian Financial Summit 2025, Oasis was awarded for their significant contribution to the development of the microfinance sector and for improving access to financial services. Despite increased competition in the market since their launch in 2022, Oasis’s unique cash-flow based approach, core commitment to financial inclusion, and focus on building trust with clients continues to make them stand out.

“Oasis’ commitment to gender inclusion and staff training is admirable. They have shown they are committed to long-term growth and impact and are not willing to sacrifice their values for short-term gain”.

Antti Urvas, Associate Director, Finnfund

Commitment to gender diversity and inclusion

In addition to improving financial literacy, Oasis is committed to promoting gender diversity and inclusion in their client base. Promoting gender equality was central to Finnfund’s initial investment, and together with Oasis, they developed an action plan with clear targets aligned with the 2X Global Agenda. Targets include 40% women clients, and Oasis has easily achieved this with 55% of clients currently being women. According to the survey, Oasis’s positive impacts are amplified for women, reflecting Oasis’s hard work and focus in this area.

In addition to gender inclusion in their client base, Oasis is committed to gender inclusion and diversity in the workplace. In Uzbekistan, workplaces are dominated by men, because traditionally in the culture women are not expected or encouraged to work. Oasis actively works to break this mold, and now roughly 40-45% of the nearly 100 person staff are women. Achieving this percentage requires a lot of work, training, and engagement with families to ensure that women will be treated well and fairly within the workplace. Now, Oasis is empowering women to hold management and specialist positions.

One woman employee stated, “Oasis is not just a workplace – it’s a community that empowers women to lead, make decisions, and inspire others through their example”.

Moving forward with focus on growth

Currently, Oasis has branches in the major cities of Tashkent and Samarkand, as well as one satellite office in the suburbs of Tashkent. While Oasis has been able to achieve a large reach in a short amount of time, they also see that much of the potential market in Uzbekistan remains untapped. As Oasis grows and receives additional funding, they are focused on growing not only their total portfolio, but also their regional presence and network. They are considering expansion into other highly populated areas such as the city Fergana.

Another facilitator of growth may include the increasing development of the MFI landscape in Uzbekistan. The central bank of Uzbekistan has strongly guided banks to increase lending to micro-, and small-to-medium-sized enterprises (SMEs) and the bank is now offering a new special banking status for MFIs to become depository institutions. This presents an interesting opportunity for Oasis to consider moving forward.

Published on 17 March 2026