Uzbekistan may set a limit on the number of bank cards issued to citizens

The Central Bank’s press service has announced the consideration of a policy limiting the issuance of bank cards to individuals. Under the proposed policy, a single individual could hold up to five cards from one bank and a maximum of 20 cards across all banks.

Contrary to circulating rumors, the Central Bank clarified that it is not planning to limit individuals to just one bank card. However, the proposed measures aim to curb fraudulent activities involving bank cards. To achieve this, the restrictions would apply to all types of cards, including virtual and co-badged cards, per individual (based on their unique PINFL identification number). Importantly, these restrictions would not apply to foreign currency bank cards.

According to current data, approximately 97% of individuals with bank cards (22 million people) hold up to five cards, 3% (770,000 people) have between five and 20 cards, and just 0.03% (7,000 people) possess more than 20 cards. An analysis of accounts revealed that in some cases, a large number of bank cards issued in an individual’s name have been used for fraudulent purposes, often without the cardholder’s knowledge.

The Central Bank emphasized that the proposed standards are designed to regulate the activities of commercial banks and will not disrupt the public’s ability to make payments via bank cards. The initiative focuses on preventing suspicious transactions and reducing fraud schemes involving personal accounts and bank cards.

The Central Bank has assured the public that it will closely monitor developments related to this policy. Once finalized, the proposed requirements will be presented for discussion among journalists and the general public.

“In turn, the Central Bank informs that it will regularly monitor the situation in this regard. Also, these requirements will be submitted for discussion by journalists and the general public after they are fully prepared,” the statement said.