Deposit mobilisation has emerged as one of the most strategically contested areas within Uzbekistan’s banking sector, as rising household incomes, deepening financial literacy, and growing institutional trust create conditions for a progressively expanding pool of household savings to enter formal financial channels. Banks are competing with increasing intensity to capture these savings by combining attractive interest rates with frictionless digital account management and the broader ecosystem benefits that make consolidating financial relationships within a single platform a rationally attractive choice. The institutions best positioned in this competition are those that have already established high-frequency, habitual daily banking relationships through carefully designed entry-level products — and are now converting those relationships into durable, deepening savings behaviour.

TBC Salom Achieves Landmark Scale Milestone in Thirteen Months 

TBC Bank Uzbekistan announced the issuance of more than one million TBC Salom cards in just over a year since the product’s November 2024 launch — a pace that CEO Nika Kurdiani characterised as setting a new standard for everyday banking product adoption in Uzbekistan. TBC Salom was designed from the outset as the primary entry point into the TBC Uzbekistan ecosystem: the product that creates the first banking relationship, generates daily engagement through a compelling combination of cashback and interest benefits, and provides the foundation for subsequent conversion into higher-value credit, insurance, and subscription products. The card offers zero-fee issuance with full remote onboarding, 12% annual interest on card balances, reimbursement of ATM withdrawal fees, and 5% cashback with partner merchants across the TBC network.

Active Rate Comparison Reflects Maturing Competitive Savings Market 

The rising volume and sustained frequency of searches for terms such as “вклады в узбекистане” and “eng yuqori omonat foizlari” confirms that Uzbek consumers are actively and regularly comparing deposit terms across banking institutions — a behavioural shift that indicates the savings market is maturing into one where informed comparison shopping is the norm rather than the exception. This comparison behaviour creates both a challenge and an opportunity for digital banking platforms: consumers will move to the institution offering the best combination of rate, convenience, and ecosystem value. TBC Bank Uzbekistan addresses this dynamic by combining competitive deposit rates with fully digital account opening and management, removing the practical friction that has historically prevented many consumers from acting on their rate comparisons by switching providers.

TBC Salom Balance Data Reveals Active Savings Use Among New Cardholders 

The financial performance of TBC Salom as a savings vehicle is confirmed by balance data from Q1 2026: TBC Salom card balances represent approximately 4% of TBC Bank Uzbekistan’s total deposit portfolio — a notable and growing contribution from a product that entered the market less than eighteen months earlier. This figure reveals that a meaningful segment of TBC Salom cardholders are using the card not merely as a transactional payment instrument but as an active savings account, drawn by the 12% annual interest on balances. The dual-function design of TBC Salom — simultaneously a payment product and a competitive savings vehicle — is deliberate, and the balance data confirms that this design is achieving its intended effect of building deposit balances through habitual daily card use.

Visa Partnership Extends Card Reach to International Commerce 

TBC Uzbekistan’s partnership with Visa, formalised in November 2025, introduced a co-branded TBC Salom card offering 1% cashback on all purchases globally and 5% cashback specifically at international e-commerce marketplaces, including Taobao and AliExpress. This international dimension addresses a growing and commercially valuable consumer segment — Uzbek online shoppers engaging in cross-border e-commerce — who previously lacked a domestic card product optimised for international platform transactions. The Visa co-branded TBC Salom enhances the card’s positioning as a premium, internationally functional daily banking product rather than a purely domestic instrument, expanding its appeal to a higher-value, higher-engagement consumer demographic.

Card Ecosystem Architecture Supports Sustained Long-Term Deposit Growth 

Within TBC Uzbekistan’s broader ecosystem strategy, TBC Salom serves as the primary retail customer acquisition vehicle, with new cardholders progressively introduced to credit, insurance, subscription, and savings products through targeted engagement as their relationship with the platform deepens. The TBC Osmon credit card complements TBC Salom in the product stack, with 183,000 cards issued by Q1 2026 and balances representing 9% of the total loan portfolio. Subscription packages across TBC Bank and Payme apps attracted 1.1 million users in Q1 — a sevenfold year-on-year increase. Together, these products create a comprehensive platform within which customers are incentivised to consolidate their savings, payments, and credit management, building the multi-product relationships that generate the most durable deposit growth and the highest long-term customer lifetime value.

The competitive landscape for deposits in Uzbekistan is also being shaped by generational dynamics that favour digital-first platforms. Younger consumers — who represent a disproportionately large share of Uzbekistan’s demographic profile — are significantly more likely to open and manage savings accounts through a mobile app than through a branch visit. For this demographic, the product that occupies the primary position on their smartphone’s banking app shortlist is also the product into which they are most likely to direct their savings. TBC Salom’s strong penetration of the younger consumer market, through its digital-first design and its compelling cashback and interest features, gives TBC Bank Uzbekistan a structurally advantaged position in capturing the savings balances of the generation that will dominate Uzbekistan’s economy over the next two to three decades.

As TBC Salom’s user base matures — with early adopters accumulating longer track records and progressively higher incomes — the product’s contribution to the deposit base is likely to grow significantly from its current 4% of total deposits. Users who began their TBC banking relationship through TBC Salom will naturally gravitate toward TBC’s structured deposit products as their savings grow, their financial sophistication increases, and their income trajectories make longer-term savings commitments more practical. The bank’s investment in making TBC Salom the most compelling entry-level banking product in the market today is therefore also an investment in the quality and composition of its future deposit franchise.

Nigeria’s digital lending market has grown to $2.1 billion. These apps put money in your hand fast — but they come with real risks. Here are five things every borrower should know before hitting “Get Loan.”

According to the FCCPC, as of early 2026, Nigeria had 474 authorised digital lenders operating across the country. More than a thousand others had been delisted or placed on a watchlist for violating borrowers’ rights. The market is large, fast-moving, and uneven: responsible microfinance operators share the same space with lenders who rely on harassment, hidden charges, and contact-list access as tools of pressure.

This article does not take sides — not for lenders, not against them. It is about what you need to know and check so that a loan app works for you, not against you.

How to read a loan agreement on your phone

Most people tap “Accept” without reading the terms. That is exactly what some lenders count on — the important conditions are buried in fine print or tucked at the very bottom of a long list. Here is what to look for first.

Five things that matter more than the interest rate

Total repayment amount. Not the rate, not “5% per month” — the actual naira figure you will pay back, including all interest, fees, and charges. That number is what truly matters.

Loan duration and payment dates. When exactly does the money fall due, and how much? Take note: many nano-loans run for just 7 to 14 days. At that tenor, even a “modest” rate becomes very expensive when you annualise it.

Late payment penalties. Is it a flat fee or a percentage of the outstanding balance? Does it compound daily? These charges alone can double your debt within a few weeks.

Rollover terms. Can you extend the loan, and what does it cost? Some apps roll over automatically and charge extra fees without sending you a clear notification.

Collection procedure. What exactly will the lender do if you miss a payment? Does the agreement mention your contact list or the right to notify third parties?

What should not be in the agreement

Beyond what is there, pay attention to what should not be there. Be cautious if you find a clause allowing the lender to change terms after funds have been disbursed, permission to post information about you on social media, or language like “the lender reserves the right to take any measures it deems fit.”

The FCCPC requires all loan terms to be disclosed before signing, in plain language. If the terms are unclear or hidden, you are entitled to walk away.

What APR actually means — and why “5% a month” Is not 60% a year

“5% per month” does not sound alarming. But what does it mean in real naira — and how does it compare to the annual rate?

Three different numbers that everyone calls “the rate”

When a lender says “5% per month,” it can mean different things depending on the calculation method. The simple annual rate is just 5% × 12 = 60%. That is the figure many borrowers mistakenly treat as the true cost of the loan. But the real APR (Annual Percentage Rate) accounts for compounding — interest charged on interest. At 5% per month, the true APR works out to roughly 79% per year. Add an origination fee, insurance, or a processing charge on top, and the real cost climbs even higher.

The gap between the simple rate and the true APR becomes serious at higher monthly rates. A loan at 30% per month costs more than six times as much as one at 5% — when you count it properly.

Real-life example: You borrow ₦45,000 and repay ₦70,000 in 30 days. The real cost of that loan is ₦25,000 — which is 55.6% in a single month. This kind of case comes up constantly on Nigerian financial forums. Know the number before the money lands in your account, not after.

How to calculate it yourself

Take the total repayment figure from the agreement and subtract the loan amount. That gives you the actual cost in naira. Divide by the loan amount and multiply by 100 to get the rate for the full tenor. If the loan runs for less than a month, multiply by the number of such periods in a year to get the annualised figure. The arithmetic is simple, but it lets you compare lenders honestly — apples to apples.

What permissions loan apps ask for — and why It matters

When you install a loan app, your phone displays a list of permissions the app is requesting. Most people tap through without a second thought. Yet it is precisely through these permissions that the majority of abuses on the Nigerian lending market occur.

Permissions that can be justified

Camera access makes sense for photographing your ID during verification. Location can be needed to confirm your state of residence. Storage is needed for uploading documents. Phone access is needed to verify your number. All of that has a clear purpose.

Permissions that should make you pause

Access to your contacts list is the most common tool used to pressure borrowers who fall behind. The app sends “shame messages” to your relatives, colleagues, and neighbours. Consumer rights groups tracking complaints in Nigeria have found that over 70% of loan app complaints involve this exact practice.

Full SMS access allows the app to read all your messages, including OTP codes from your bank and private conversations. Full gallery access is excessive: uploading a document requires access to a specific file, not to every photo on your phone. Continuous GPS tracking is different from a one-time location check — grant only the latter.

How to protect yourself: on Android, go to Settings → Apps → Permissions to restrict any installed app’s access to your contacts and SMS. Doing this does not violate the terms of most loan agreements.

Under the Nigerian Data Protection Regulation (NDPR) and the DEON Consumer Lending Regulations 2025, lenders are only permitted to collect data that is necessary to process and service your loan. Excessive data collection is a violation you can report to the Nigeria Data Protection Commission.

How to check whether a loan app Is licensed

As of early 2026, the FCCPC had authorised 474 digital lenders. More than 1,500 illegal apps and websites had been shut down in regulatory enforcement actions. Borrowing from an unlicensed lender means you have no legal protection — and nowhere to take a complaint if something goes wrong.

Three sources to check

FCCPC (fccpc.gov.ng) is the primary registry for digital lenders. It lists authorised platforms as well as those that have been delisted or placed under conditional approval. CBN (cbn.gov.ng) maintains the registry of licensed microfinance banks, including app-based ones such as FairMoney MFB and Moniepoint MFB. App stores (Google Play, App Store) do remove banned apps, but often with a delay — the FCCPC list is always more current.

The check takes two minutes: go to fccpc.gov.ng, find the Approved Lenders section, search for the app by name, and read the status. If it is not in the registry, it is unlicensed.

Signs of an unlicensed lender

No entry in the FCCPC or CBN registries, no physical address or working phone number, no privacy policy, no RC Number in the loan agreement, and loan disbursements going to a personal account rather than a corporate one — any single item on this list warrants caution. All of them together means you should not proceed.

What happens to your credit history when you take multiple loans

Nigeria’s credit bureau system is maturing rapidly. The three main bureaus — CRC Credit Bureau, CreditRegistry, and FirstCentral Credit Bureau — collect data from banks, MFIs, and the major digital lenders. Your behaviour as a borrower is being recorded, and it will affect your access to credit and the rates you are offered going forward.

How your credit profile is built

Every loan application — even a rejected one — can appear as an inquiry on your credit file. Late payments are reported to the bureaus and can remain on your record for five to seven years. Prompt repayment, on the other hand, improves your profile: for example, loan app CashX and Carbon reduce interest rates and raise loan limits for borrowers with good repayment history. Good discipline today creates real financial benefits tomorrow.

The risks of running several loans at once

Using three or more loan apps simultaneously creates a set of compounding problems. First, your combined monthly repayment can easily exceed your actual income — especially when the tenors are short. Second, missing a payment on one app pushes you to borrow from another: that is exactly how the debt spiral that consumer groups identify as the market’s biggest problem begins. Third, carrying many active credit lines lowers your credit score even when you are meeting each payment on time.

Check your credit report at least once a year through crc.ng or firstcentralcreditbureau.com. It is free and takes only a few minutes.

A loan app is a financial tool. Like any tool, it helps when used correctly and causes harm when used carelessly. Checking the licence, reading the agreement, and understanding the real cost of a loan — all of this takes a few minutes before the money hits your account. Those are the minutes worth spending.

By Modupe Gbadeyanka

Polaris Bank Limited, on June 9, 2026, engaged some students and teachers in Katsina State on money management strategies as part of its ongoing commitment to youth empowerment, financial inclusion, and building a financially responsible generation. It is also part of the activities to commemorate Global Money Week (GMW).

At an impactful Financial Literacy Day session at Community Day Secondary School, Tsaski Yan’albasa, in Charanchi Local Government Area of Katsina State, participants were informed how the decisions they make with money today, no matter how small, can shape their future.

The lender stressed that learning how to save, spend wisely and avoid negative financial pressure is a major step toward becoming responsible and independent adults.

About 90 students and 10 teachers were provided practical insights into savings, budgeting, responsible spending, banking essentials, financial goal-setting, peer influence, and informed decision-making from an early age.

“At Polaris Bank, we believe financial literacy is one of the most important foundations for building a responsible and economically empowered generation. When young people understand the value of savings, budgeting and responsible financial choices early in life, they are better positioned to manage opportunities, avoid poor money decisions and contribute meaningfully to the economy,” the chief executive of Polaris Bank, Mr Kayode Lawal, stated.

He added that the bank’s involvement in Global Money Week underscores its long-term dedication to financial inclusion, youth development, and community impact.

“For us, this is not just about teaching students how to save money. It is about helping them understand the relationship between discipline, planning, financial responsibility and future success. We will continue to support platforms that take financial education closer to young people, especially in communities where early exposure can make a lasting difference,” he added.

At a session anchored by Mr Patrick Sule, there were focused discussions on banking essentials and managing peer influence, highlighting how banks help individuals protect, manage, and grow their money, while encouraging young people to make independent and responsible financial choices amid lifestyle pressures.

Another segment addressed financial responsibility and legitimate ways young people can earn and manage money, stressing that building strong financial habits early significantly supports their personal and educational goals.

To connect theory with practice, the session featured an introduction to the Polaris Young Achievers account, outlining its benefits for fostering early savings habits, along with account-opening requirements and suitable product options.

The programme concluded with a lively question-and-answer (Q&A) segment, where students showed keen interest, followed by the distribution of branded gift items to reinforce the learning experience.

Samaila Umar Sanda, Principal of Community Day Secondary School, praised the bank’s practical and relatable approach, saying, “Programmes like this help students connect classroom learning with real-life financial decisions.

“By engaging them early, Polaris Bank is helping to build a generation that understands money, values savings and can make better economic choices. We are grateful to Polaris Bank for bringing this important programme to our school. The lessons shared today are practical and timely. Our students have learnt that money management starts with discipline, planning and the right attitude.”