The Humo payment system operator has reported an impressive financial performance for the year 2023, showcasing a remarkable achievement of doubling its net profit compared to the previous year, with net earnings reaching a staggering UZS 114.5 bn ($9.2 mn), Uzbekfintech reported on February 20.
In addition to the notable surge in net profit, Humo also witnessed a substantial increase in revenue, soaring from UZS 113.8 bn ($1.1 mn) to UZS 216.4 bn ($17.4), marking an impressive growth rate of 90.2%.
One of the key drivers behind Humo's stellar performance is the substantial expansion of its customer base and transaction volume throughout the year. The number of cards within the Humo payment system surged by an impressive 8 mn, reaching a total of 23.3 mn cards by the end of 2023. Notably, virtual cards accounted for 15% of this total, highlighting the increasing adoption of digital payment solutions among consumers.
Moreover, Humo facilitated a staggering 1.62 bn transactions over the course of the year, demonstrating a significant increase of 2.2 times compared to the previous year. This surge in transaction volume reflects the growing reliance on Humo's payment infrastructure and services by consumers and businesses alike.
The operational efficiency of Humo is further underscored by its impressive transaction processing capabilities. With an average of 6,700 transactions conducted per minute and a peak of 17,100 transactions per minute, Humo's payment network exhibits robust scalability and reliability, capable of handling high volumes of transactions with ease.
It is worth noting that Humo is gearing up for changes in regulatory frameworks, with requirements slated for implementation on July 1, 2024, mandating the establishment and operation of payment system operators and organizations exclusively in the form of joint-stock companies.
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