TBC Bank Uzbekistan Secures Further $10M Credit Facility from responsAbility

TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank, has secured a new $10 million credit line from Switzerland-based impact asset manager responsAbility Investments AG. This is the third credit line agreement between the two entities, bringing the total funding for TBC Uzbekistan from responsAbility to $35 million. The funding will support TBC UZ’s loan portfolio growth, help the digital bank further diversify its funding base, and promote financial inclusion in Uzbekistan, Central Asia’s most populous country.

TBC UZ is part of TBC Uzbekistan, a leading digital financial ecosystem in Central Asia, which also includes Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), an instalment credit business. The ecosystem is part of London-listed TBC Bank Group PLC.

responsAbility is a leading Swiss impact asset manager, specialising in private market investments across three investment themes: financial inclusion, climate finance and sustainable food. The company manages $5.0 billion in assets across approximately 280 portfolio companies in about 70 countries, as of 30 June 2024.

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented: “We are delighted to secure this additional $10 million credit facility from responsAbility Investments AG, bringing our total funding from them to $35 million. This continued partnership underscores the strength of our business model and the growing confidence in Uzbekistan’s digital banking sector. As we continue to grow our loan portfolio and diversify our product offering, we remain committed to promoting financial inclusion and empowering individuals and businesses in Uzbekistan through access to world-class digital financial services.”

About TBC Uzbekistan

TBC Uzbekistan is the leading digital banking ecosystem in Central Asia and part of London- listed TBC Bank Group. TBC Uzbekistan’s success is driven by its purpose-built tech stack, experienced international team and a consumer lending-led product strategy, supported by its first-mover advantage in Central Asia’s largest nation by population. The company continues to expand its innovative, best-in-class product mix, leveraging low retail banking penetration and a rising appetite for modern financial services among the country’s young, growing, and digitally savvy population. TBC Uzbekistan comprises three high-growth fintech businesses operating in Uzbekistan: TBC UZ, a mobile-only bank; payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), a fast-growing instalment credit business.

TBC Uzbekistan reached profitability 2 years after launch – a record time-to-profit among global digital banks, and has since scaled its user base to 16 million unique registered users. In 1H24, the company recorded a net profit of USD 16 million, with its loan and deposit books up 113% and 58% YoY respectively. TBC Bank Uzbekistan is rated ‘BB-’ by Fitch Ratings (equal to Uzbekistan’s country rating) with a Stable Outlook.