As accredited investors look to diversify their portfolios and achieve strong, stable returns, emerging markets like Uzbekistan are gaining significant attention. According to the World Bank, Uzbekistan was the world's second-fastest economy in 2022 due to a rapid change in regulations.
PulMan, Uzbekistan's first foreign microfinance institution, is leading this opportunity, delivering financial growth and meaningful social impact.
With its innovative approach to microfinance, PulMan has established itself as a key player in Uzbekistan's fast-growing economy, serving underbanked communities and empowering micro-entrepreneurs. Here’s why PulMan should be on your radar.
PulMan: A Leader in Uzbekistan’s Microfinance Sector
Founded in 2018, PulMan became one of Uzbekistan's first foreign microfinance institutions. Led by co-founder and chairman of the board, Diyar Diyar Medeubekov, Pulman leverages decades of experience in finance and microfinance across Central Asia and, more notably, brings in MFI experience in Kazakhstan.
The company’s mission is clear: to become the financial partner of choice for micro and small enterprises in underserved regions of Uzbekistan.
PulMan’s operations are strategically focused on rural areas, where traditional financial institutions are less accessible. By providing fast, collateral-backed loans, PulMan ensures that its customers can expand their businesses and improve their livelihoods.
Key Highlights:
- 30,000+ Customers: With a retention rate exceeding 60%, PulMan has built trust among borrowers in Uzbekistan. Their advertising campaign achieved word of mouth and quickly gained recognition among the locals.
- High Collateralization: Over 250% collateral coverage ensures financial stability and mitigates investor risk.
- Safety: NPL rate remains under 1%: Only 4 out of 30,000 loans have been brought to court since inception
- Firm Growth: PulMan has grown its loan portfolio fourfold since its inception, maintaining an annual growth rate of over 50%.
PulMan’s strategic decisions, including its focus on underserved regions, have allowed it to capture a significant portion of the market while delivering high-value services. Its dedication to customer satisfaction and innovative financial products have set it apart in a competitive and growing microfinance landscape.
Opportunities for Accredited Investors
PulMan’s partnership with Kilde, a leading private credit investment platform licensed by the Monetary Authority of Singapore, offers accredited investors the chance to invest in high-yield debentures backed by collateralized loans. This partnership bridges global investors with Uzbekistan’s growing economy, enabling impactful investments with competitive returns which balance safety and yield.
Why Invest in PulMan?
- Secure Returns: All loans are backed by cars or commercial real estate, ensuring high asset liquidity.
- Proven Stability: PulMan’s Non-Performing Loan (NPL) ratio is below 1%, with only four cases out of 30,000 loans ever reaching court.
- Regulatory Compliance: It operates under the strict supervision of Uzbekistan’s Central Bank, ensuring transparency and adherence to international standards.
PulMan’s financial metrics showcase a solid foundation for investors. In 2024, the company reported:
- Net Profit Margin: 46%
- Return on Assets (ROA): 31%
- Return on Equity (ROE): 35%
These numbers demonstrate PulMan’s ability to manage risks effectively while delivering substantial returns. With a diversified portfolio of loans and a focus on collateral-backed lending, PulMan offers security and scalability for its investors.
Target Market and Social Impact
PulMan’s focus on rural communities and female entrepreneurs highlights its commitment to social impact. More than 81% of its clients reside in rural areas, and many loans support women-led businesses. PulMan’s rapid response—often disbursing loans on the same day—has become a critical lifeline for micro-entrepreneurs.
Despite rapid reforms in Uzbekistan, the market remains underserved and it is primed for more lending opportunities: Over 50% of the population remains unbanked. PulMan bridges this gap by offering accessible financial solutions tailored to local needs. Its innovative "Last Mile" approach—establishing service and information centers in remote areas—ensures even the most distant communities can access financial services.
PulMan’s emphasis on high customer retention and word-of-mouth referrals demonstrates the trust it has built with its clients. This trust is critical in markets like Uzbekistan, where traditional and conservative financial habits often guide customer behavior.
PulMan’s Unique Product Portfolio
PulMan’s offerings are designed to address the specific needs of its customers. Its entire portfolio is secured against collateral, with a primary focus on:
1. Loans Secured by Cars
Cars are a valuable and liquid asset in Uzbekistan. PulMan’s car-collateral loans comprise over 70% of its portfolio. This product aligns with cultural and economic trends, as cars are not only a status symbol but also a practical asset that retains value, which is unique from other parts of the world
2. Loans Secured by Commercial Real Estate
PulMan’s commercial real estate loans cater to small businesses and entrepreneurs. These loans support purchasing or improving small shops, converted residential properties, and other commercial spaces. By focusing on commercial rather than residential properties, PulMan ensures a higher degree of asset liquidity and stability.
PulMan’s ability to tailor products to regional needs further enhances its broad appeal. For example, it is developing new products like Islamic finance options, group lending programs, and innovative buy-now-pay-later (BNPL) solutions tailored to micro and small enterprises. Products like these are essential as the Muslim population in Uzbekistan is at 96.3%, according to the Uzbekistan Ministry of Foreign Affairs.
Trends in Uzbekistan’s Microfinance Sector
Uzbekistan’s economy is one of the fastest-growing in the world, with a 2022 ranking as the second fastest-growing economy globally. This rapid economic development is driving significant reforms in the financial sector, creating new opportunities for investors.
Key Trends:
- Digital Transformation: Increased adoption of digital platforms and fintech solutions is revolutionizing the way financial services are delivered, even in remote areas. This is fueled by smart phone penetration at
- Liberalization of Financial Services: Regulatory reforms are attracting international players and fostering innovation in the financial sector.
- Shift Toward Enterprise Financing: There is a growing focus on financing small and medium enterprises (SMEs), which are critical to economic growth.
PulMan is well-positioned to capitalize on these trends. By embracing digital technologies and continuously innovating its product offerings, the company is staying ahead of the competition while meeting the evolving needs of its customers.
Uzbekistan’s Population, Internet, and Social Media Insights for 2023
According to data reportal, Uzbekistan's demographic, internet, and social media trends highlight a growing population with increasing connectivity and digital engagement in 2023.
- Uzbekistan's population reached 34.90 million in January 2023, reflecting a growth of 549,000 (+1.6%) from the previous year.
- Gender distribution was evenly split, with 50.0% male and 50.0% female, while 50.6% of residents lived in urban centres and 49.4% in rural areas.
- The median age was 27 years, with notable age group distributions: 11.2% aged 0-4, 15.4% aged 5-12, and 17.2% aged 25-34.
- In January 2023, 26.74 million people in Uzbekistan used the Internet, representing a 76.6% penetration rate.
- Median connection speeds were 14.55 Mbps for mobile and 45.17 Mbps for fixed internet, with annual speed improvements of 6.4% and 24.7%, respectively.
Social media users numbered 5.35 million, representing 15.3% of the total population and 21.1% of those aged 18 and above. Gender-wise, 67.3% of social media users were male, while 32.7% were female.
Uzbekistan’s Population by Age Group (2023)
Internet Usage Statistics (2023)
Social Media Usage Statistics (2023)
Overcoming Operational Challenges
As one of Uzbekistan's first foreign microfinance institutions, PulMan faced unique challenges in establishing its operations. Building trust among local customers was a significant hurdle. However, PulMan’s emphasis on personalised service and community engagement has proven highly effective.
PulMan’s extensive marketing campaigns and focus on word-of-mouth referrals have been instrumental in building brand awareness. Its commitment to employee development and motivation also ensures high service quality across its 20+ branches.
Looking Ahead: PulMan’s Vision
Pulman has ambitious plans for the future, aiming to expand its branch network from 20 to over 50 locations in the next three years. The company’s long-term vision includes:
- Expanding Geographic Reach: Increasing its presence in underserved cities and rural areas.
- Introducing Tailored Products: Developing financial solutions that cater to specific customer needs, such as Islamic finance and group lending.
- Leveraging Data and Technology: Using customer data to create personalised financial products and improve service delivery.
PulMan’s adaptability and commitment to innovation ensure that it remains a leader in Uzbekistan’s evolving financial landscape.
Explore PulMan’s Investment Opportunity
Investing in PulMan through Kilde provides a unique opportunity to earn competitive returns while contributing to meaningful economic development in Central Asia. PulMan’s proven track record, operational excellence, and commitment to social impact make it a standout choice for accredited investors.
Why Choose PulMan?
- Proven Success: Over 30,000 satisfied customers and a retention rate exceeding 60%.
- High Security: Loans backed by highly liquid collateral such as cars and commercial real estate.
- Strong Oversight: Operates under the supervision of Uzbekistan’s Central Bank and undergoes regular audits.
Watch our exclusive interview with PulMan’s Chairman, Diyar Diyar Medeubekov, to learn more about the company’s mission and growth plans: Watch on YouTube.
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