Paynet has acquired a 100% stake in the National Interbank Processing Center (HUMO) for $65 mn, announced UzSAMA. The deal, finalized through a competitive privatization process, positions Paynet as a key player in the nation’s rapidly growing fintech industry.
The privatization process began with six contenders, who signed non-disclosure agreements (NDAs) to access detailed due diligence reports prepared by global consultancy Deloitte. These reports analyzed HUMO’s financial, legal, tax, and environmental aspects, while participants also had the chance to meet HUMO’s management to better understand the company’s operations.
By the final stage, three bidders submitted binding offers, with Paynet emerging as the winner by offering a price that exceeded valuation estimates from Deloitte and independent assessor KPMG.
As part of the acquisition, Paynet has committed to ensuring the stability of HUMO’s core payment system and safeguarding the confidential data of users, including personal and banking information.
The deal has been approved by Uzbekistan’s State Commission for Privatization and Coordination of Privatization Processes.
About Paynet
With 18 years of experience, Paynet is one of Uzbekistan’s largest fintech operators. Its platform connects over 1,500 service providers and vendors, serving more than 20mn users annually.
About the HUMO Payment System
HUMO was established in September 2018 following a presidential decree issued in response to a major malfunction in the Uzcard payment system, which left users unable to access funds for three days. HUMO was created to provide an alternative national payment system and ensure financial stability.
The sale of HUMO’s 100% state share was part of a broader privatization strategy outlined in an April 2024 presidential decree. In 2019, HUMO was restructured from an LLC into a joint-stock company (JSC) under the oversight of the State Assets Management Agency (DABA).
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