TBC Uzbekistan, a digital banking provider based in Central Asia, operates as a subsidiary of the London-listed TBC Bank Group.
TBC Bank Group has recently secured a total of $38.2 million in equity investment. This includes $23 million from the group itself, complemented by investments of $7.6 million each from the European Bank for Reconstruction and Development (EBRD) and the World Bank’s International Finance Corporation (IFC). The latest funding follows previous investments totaling $130 million and aims to support TBC UZ in maintaining a robust consumer loan issuance, launching new products—especially for micro and small businesses—and diversifying its funding base.
Earlier this year, TBC also received a $10 million credit line from impact investor responsAbility to finance environmentally sustainable projects. Notably, TBC Bank Group boasts an MSCI ESG rating of ‘AA’ and was awarded the EBRD’s Annual Sustainability Silver Award in 2023 for its commitment to environmental and social best practices. TBC Bank Uzbekistan currently holds a Long-Term Issuer Default Rating (IDR) of BB- from Fitch Ratings, which reflects its strong financial health and operational reliability.
TBC Group entered the Uzbekistan market in 2019 by acquiring a controlling stake in Payme and subsequently launched TBC UZ in October 2020 after obtaining a full banking license in May of the same year. Payme offers a digital payment platform for individuals and small businesses, along with Payme Nasiya, which provides installment credit options.
Vakhtang Butskhrikidze, CEO of TBC Bank Group PLC, stated: “This significant investment underscores our strong belief in TBC UZ’s strategic vision and operational excellence, as well as its potential for continued profitable growth. We are committed to supporting TBC UZ as it leads the digital banking revolution in Central Asia. The funds will help expedite the development of TBC UZ’s market-leading digital financial ecosystem, facilitating dynamic loan portfolio growth, new product launches, and the integration of advanced AI capabilities to enhance customer experience. This investment positions us to take advantage of the vast opportunities in Uzbekistan, a rapidly growing nation with over 37 million inhabitants, where TBC UZ is capitalizing on its growth momentum.”
Andi Aranitasi, EBRD’s Head of Uzbekistan, remarked: “Digitalization and inclusion are among the core strategic priorities of EBRD across all its countries of operation. Our ongoing investment in TBC UZ demonstrates our commitment to promoting financial inclusion and digital transformation within Uzbekistan’s banking sector. TBC UZ’s remarkable growth and innovative strategies align with our mission to support sustainable economic development in the region.”
Neil McKain, Country Manager for Uzbekistan at IFC, noted: “TBC UZ’s growth and dedication to innovation position it as a vital player in the country’s banking landscape. We are pleased with TBC UZ’s progress and remain optimistic about its potential to foster economic growth and enhance financial inclusion in Uzbekistan.”
Nika Kurdiani, CEO of TBC Group’s operations in Uzbekistan, concluded: “This investment represents a significant milestone not only for TBC UZ but also for the entire nation, as we continue to develop our digital financial ecosystem. By strengthening our capital position, this funding will facilitate our profitable growth and reinforce our status as the leading digital banking ecosystem in Central Asia. We are fully prepared to expand our business and are eager to introduce new products and services for our rapidly growing customer base.”