TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank, announces today it has secured a $10 million loan from the European Bank of Reconstruction and Development (EBRD).
The funds will be used to further expand TBC UZ’s lending efforts with at least 40 percent of the loan earmarked for lending to women, contributing to expanding financial inclusion in Uzbekistan, Central Asia’s largest country by population. EBRD’s loan follows a $40 million loan from FMO (Dutch entrepreneurial development bank), credit lines from responsAbility Investments AG for a total of $20 million, and $25 million debt financing from BlueOrchard that TBC UZ secured earlier this year, as the digital bank continues to diversify its funding base.
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. TBC Uzbekistan is part of London-listed TBC Bank Group PLC.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented:
“This loan from the EBRD not only further diversifies our own funding base, but it is also a significant step forward in our mission to enhance financial inclusion for women in Uzbekistan, as we expand our lending business. By empowering and supporting women and their ventures, we aim to drive sustainable economic growth and foster a more inclusive financial landscape.”
Andi Aranitasi, Head of Uzbekistan, EBRD, said:
“We are pleased to support TBC Bank Uzbekistan in its efforts to promote gender equality and financial inclusion. This partnership aligns with our commitment to fostering inclusive economic development and innovation in Uzbekistan and across the wider region.”
In June, TBC Bank Uzbekistan was assigned a Long-Term Issuer Default Rating (IDR) of BB- by Fitch Ratings, the same level as the sovereign, which reflects the bank’s strong financial health and operational stability.
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 17 million unique registered users. In 9M24, the company recorded a net profit of USD 27 million, with its loan and deposit books up 99% and 66% YoY respectively. TBC Bank Uzbekistan is rated ‘BB-’ by Fitch Ratings (equal to Uzbekistan’s country rating) with a Stable Outlook.
About EBRD
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries, as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Uzbekistan has been the leading recipient of EBRD funding in Central Asia for four years in a row. To date, the Bank has invested around €4.7 billion in 162 projects across the country.