TBC Bank Uzbekistan has secured a $10 million credit line from impact investor responsAbility to expand its microlending business and enhance financial inclusion in Uzbekistan, Central Asia’s most populous country. This initiative is part of the bank’s broader strategy to provide accessible modern financial services to individuals and micro-enterprises across the nation.
As a subsidiary of the London-listed TBC Group, TBC Bank operates both physically and digitally in Georgia and as a fully digital bank in Uzbekistan. TBC Group made its foray into the Uzbek market by acquiring a controlling stake in Payme in 2019. Payme is a popular digital payments app for individuals and small businesses, with its Payme Nasiya (Payme Instalments) feature offering installment credit.
In October 2020, after receiving a full banking license in May of the same year, TBC launched the digital bank TBC UZ in Uzbekistan. This new credit line follows another $10 million provided by responsAbility Investments AG’s Green Climate Partnership Fund (GCPF) earlier in 2024 to support environmentally sustainable projects in the country.
TBC Bank Group boasts an impressive MSCI ESG rating of ‘AA’, the second highest on the scale, and received the EBRD’s Annual Sustainability Silver Award in 2023 for its environmental and social best practices. Moreover, Fitch Ratings assigned TBC Bank Uzbekistan a Long-Term Issuer Default Rating (IDR) of BB-, reflecting the bank’s strong financial health and operational stability.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, expressed optimism about the new funding: “This credit line from responsAbility is a crucial part of our strategy to broaden our funding base. It will enable us to support more individuals and micro-enterprises, fostering their growth and prosperity. We are committed to promoting financial inclusion and economic growth through innovative financial solutions as we continue to expand our lending volumes and product pipeline.”
This partnership underscores TBC Bank’s dedication to leveraging financial technology to drive economic progress and inclusivity in Uzbekistan, making modern financial services more accessible to its population.
For more updates on TBC Bank’s initiatives and financial innovations, visit FinQfy.
