TBC Bank Uzbekistan (TBC UZ), the country’s leading mobile-only bank, has secured a $10m loan from the European Bank of Reconstruction and Development (EBRD).
The funding will support the bank’s efforts to promote financial inclusion, with at least 40% of the loan allocated to lending for women, addressing gender gaps in access to financial services in Uzbekistan, Central Asia’s most populous country.
The loan from EBRD marks another step in TBC UZ’s strategy to diversify its funding base. Earlier this year, the bank secured $40m from the Dutch entrepreneurial development bank FMO, $20m through credit lines from responsAbility Investments AG, and $25m in debt financing from BlueOrchard.
TBC UZ operates as part of TBC Uzbekistan, a pioneering digital financial ecosystem in Central Asia. In addition to its core banking services, TBC Uzbekistan offers Payme, a digital payments platform for individuals and small businesses, and Payme Nasiya, an instalment credit service. The bank is part of the London-listed TBC Bank Group PLC, which plays a central role in supporting its operations.
Commenting on the funding, Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, said: “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 at EBRD, added: “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.”
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