TBC Bank Uzbekistan obtains additional $10m in Credit Facility
By Gloria Mathias
TBC Bank Uzbekistan (TBC UZ), the 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 digital financial ecosystem in Central Asia that also includes Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payme Instalments), an installment 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 in three investment themes: financial inclusion, climate finance, and sustainable food. As of 30 June 2024, the company manages $5.0 billion in assets across approximately 280 portfolio companies in about 70 countries.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, shared, “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.”
TBC Uzbekistan’s success is driven by its purpose-built tech stack, experienced international team, and 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 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.
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