The continuous increase in payment system tariffs in Uzbekistan has increasingly translated into heavier financial burdens for everyday consumers. Prominent economist Otabek Bakirov has openly criticized the current trajectory, calling upon the Central Bank to step up and enforce stronger competitive practices within the financial sector.

A dedicated roundtable discussion concerning bank and payment service commissions was recently hosted at the Central Bank headquarters. The event gathered representatives from commercial banks, payment institutions, infrastructure operators, and local media to debate the formation mechanisms behind the tariffs of dominant national payment systems.

Throughout the discussions, intense debates arose regarding how tariff hikes impact both banking institutions and end-users. Bakirov pointed out a stark disparity in revenue distribution, noting that while commercial banks and smaller payment aggregators claim to operate on razor-thin margins, major payment systems allegedly continue to accumulate trillion-fold profits.

The economist further argued that the rapid expansion of transaction volumes and overall market turnover cannot be ignored. He suggested that operators can no longer justify continuous price hikes solely by pointing to infrastructure maintenance costs while sitting on massive revenues.

Clarifying his stance, Bakirov emphasized that he is not advocating for direct administrative price-fixing by the Central Bank. Instead, he believes the regulator should leverage its authority to foster genuine competition and reshape market incentives to protect consumer interests.

As a conclusion to the contentious meeting, stakeholders proposed the establishment of a specialized 90-day working group tasked with thoroughly investigating the market structure and operational costs of the payment ecosystem.

Source: kun.uz