TBC Mobile Bank in Uzbekistan Receives $10 Million Credit for Enhancing Financial Inclusion
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Uzbekistan mobile bank TBC, part of the TBC Group, has received a $10 million loan from the impact investment firm responsAbility. This is an important step for TBC Bank as it keeps growing in Uzbekistan, the most populated country in Central Asia.
ResponsAbility Investments AG provided the loan by via its Green Climate Partnership Fund (GCPF). This credit facility will help TBC Bank grow its microlending business, which works through both branches in Georgia and an online-only service in Uzbekistan.
TBC Bank Seeks To Provide More Support To Small Businesses In Uzbekistan
TBC Bank not only provides regular banking services but has also increased its role in digital payments by buying 51% of LLC Inspired, which operates under the Uzbekistan Payme brand. Payme is a digital payments app that helps small businesses and individuals and offers credit options like Payme Nasiya (Payme Instalments) for installment credit.
The new funding is part of TBC Bank’s plan to boost economic growth and improve financial access with new financial solutions. It aims to offer more help to small businesses and individuals, enabling them to succeed and strengthen Uzbekistan’s economy.
TBC Bank has worked with ResponsAbility before. Earlier in 2024, they got another $10 million to help eco-friendly projects in the area. Also, TBC Bank Group is known for doing well in ESG, with an MSCI ESG rating of ‘AA.’ In 2023, it won the EBRD’s Annual Sustainability Silver Award.
Fitch Ratings also gives TBC Bank Uzbekistan a Long-Term Issuer Default Rating (IDR) of BB-, showing the bank is financially healthy and stable.
TBC Bank Wants To Facilitate Access To Modern Banking Services In Uzbekistan
Nika Kurdiani, the Chief Executive Officer of TBC Group operations in Uzbekistan, stated that this funding from ResponsAbility is an important part of their plan to get more funding. It will also help them to give more support to people and their small businesses, making them grow and prosper.
He added that his team promised to keep helping more people with their loans and new financial ideas, making it easier for everyone in Uzbekistan to use modern banking services.
TBC UZ is a retail bank that operates only on mobile devices. The Group owns 60% of the bank, while the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) each own 20%.
The bank uses a technology platform developed internally by the TBC Group (Space International), which was first introduced in Georgia. It offers complete deposit products and digital credit from start to finish.
