MICROFINANCE SYSTEMS OF RUSSIA AND UZBEKISTAN IN THE CONTEXT OF DIGITAL TRANSFORMATION: REGULATORY RESTRICTIONS, STRATEGIC SUSTAINABILITY AND AN ECOSYSTEM APPROACH

Abstract

In the context of the accelerating digital transformation of financial markets, microfinance institutions (MFIs) are playing an increasingly significant role in ensuring financial inclusion and stimulating economic activity, particularly in developing countries. Russia and Uzbekistan demonstrate different models of microfinance sector development shaped by institutional, regulatory, and technological factors.

The aim of this study is to conduct a comprehensive comparative analysis of the microfinance systems of Russia and Uzbekistan, with a focus on their transformation under digitalization, as well as to identify the key factors influencing the efficiency of MFIs. The study examines the characteristics of the regulatory environment, the level of digital integration, access to financial services, and institutional constraints that determine the strategic behavior of market participants.

The methodological framework includes comparative analysis, elements of institutional theory (D. North), the concept of regulatory constraints, and quantitative methods for assessing the dynamics of key indicators (assets, loan portfolio, non-performing loans, profitability, and digital engagement). Particular attention is given to the development of integrated indicators such as the Strategic Stability Index and the Regulatory Pressure Index.

The scientific novelty of the research lies in the development of a conceptual model of regulatory-constrained strategic management of microfinance institutions, as well as in substantiating the possibility of forming microfinance ecosystems through the integration of payment organization functions without transforming into a banking structure.

The results show that the microfinance sector in Russia is characterized by a higher level of institutional maturity and digitalization, whereas Uzbekistan is experiencing an active phase of growth and transformation, accompanied by an increasing role of the regulator and the emergence of new financial ecosystems. The study concludes that there is a need to develop hybrid models of MFI development that combine digital technologies, regulatory adaptability, and an ecosystem-based approach.