TBC Bank Uzbekistan obtained a $10mn credit line from responsAbility Investments AG, a Switzerland-based impact investor. This financing will aid the expansion of TBC Uzbekistan’s microlending efforts, supporting the growth of the digital bank’s loan portfolio and promoting financial inclusion in Uzbekistan, Central Asia's most populous country.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, expressed the importance of the credit line: "This funding from responsAbility is crucial for broadening our funding base and expanding our support to individuals and their microenterprises. We remain dedicated to promoting financial inclusion and economic growth through innovative financial solutions."
TBC Bank Uzbekistan, a subsidiary of London-listed TBC Group, operates through physical and digital channels in Georgia and as a branchless digital bank in Uzbekistan. The mobile bank is a pivotal player in Uzbekistan's digital financial ecosystem, which includes Payme, a digital payments app, and Payme Nasiya, an instalment credit business.
responsAbility Investments AG specializes in private market investments, focusing on financial inclusion, climate finance, and sustainable food. With assets under management of $5bn, the company manages a portfolio of approximately 280 companies across 70 countries.
This credit line follows a previous $10mn credit line from responsAbility's Green Climate Partnership Fund (GCPF), aimed at expanding TBC Bank Uzbekistan’s green lending pipeline for environmentally sustainable projects.
TBC Group's ESG strategy reinforces its goal to be a leading supporter of ESG principles. The group has an MSCI ESG rating of ‘AA’ and received the EBRD’s Annual Sustainability Silver Award for environmental and social best practices in 2023.
The bank was recently assigned a Long-Term Issuer Default Rating (IDR) of BB- by Fitch Ratings, reflecting the bank's strong financial health and operational stability.
TBC Uzbekistan is Central Asia's largest digital banking ecosystem and a subsidiary of London-listed TBC Bank Group, Georgia’s largest tech-enabled bank. The bank has achieved profitability within two years of its launch and has scaled its registered user base to 15mn users. It recorded a net profit of $23mn in 2023 and delivered 85% y/y revenue growth in 1Q24. TBC Uzbekistan is rated ‘BB-’ by Fitch Ratings, with a stable outlook.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)