Uzbek mobile bank TBC, a subsidiary of the TBC Group, has secured a $10m credit facility from impact investment firm responsAbility.
According to Finextra Research, this marks a significant step forward for TBC Bank as it continues to expand its operations in Central Asia’s most populous country, Uzbekistan.
The investment was made by responsAbility Investments AG through its Green Climate Partnership Fund (GCPF). This credit facility is aimed at expanding TBC Bank’s microlending business, which operates through both physical branches in Georgia and a digital-only presence in Uzbekistan.
TBC Bank not only offers conventional banking services but has also recently increased its stake in digital payment solutions by acquiring 51% of LLC Inspired, which trades under the Payme brand in Uzbekistan. Payme serves as a digital payments application catering to individuals and small businesses, alongside offering credit facilities like Payme Nasiya (Payme Instalments), which focuses on instalment credit business.
The new funding is part of TBC Bank’s broader strategy to enhance financial inclusion and support economic growth through innovative financial solutions. It aims to extend more support to individuals and micro enterprises, helping them thrive and contribute to the broader economic fabric of Uzbekistan.
This isn’t the first time TBC Bank has partnered with responsAbility. Earlier in 2024, another $10m credit line was provided to support environmentally sustainable projects in the region. Furthermore, TBC Bank Group is recognised for its strong ESG performance, holding an MSCI ESG rating of ‘AA’ and has been awarded the EBRD’s Annual Sustainability Silver Award in 2023. Fitch Ratings also assigns TBC Bank Uzbekistan a Long-Term Issuer Default Rating (IDR) of BB-, reflecting the bank’s robust financial health and operational stability.
TBC Group operations CEO in Uzbekistan, Nika Kurdiani, expressed his views on this development. “This credit line from responsAbility is an important part of our strategy to broaden our funding base, and it will help us extend our support to more individuals and their micro enterprises, helping them grow and prosper,” he said. “We remain committed to fostering financial inclusion and economic growth through innovative financial solutions as we continue to grow our lending volumes and products pipeline, helping expand the availability of accessible modern financial services across Uzbekistan.”
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