TBC Bank Uzbekistan secures $10 million loan to empower women entrepreneurs

ESG
24/11/2024 News

TBC Bank Uzbekistan (TBC UZ), the nation’s largest mobile-only bank, has secured a $10 million loan from the European Bank for Reconstruction and Development (EBRD). This funding, with 40% earmarked for lending to women, underscores the bank’s commitment to enhancing financial inclusion in Uzbekistan, Central Asia’s most populous country.

Driving financial inclusion and economic growth

This latest funding adds to TBC UZ’s diversified portfolio, which already includes a $40 million loan from FMO (Dutch Entrepreneurial Development Bank), $20 million from responsAbility Investments AG, and $25 million from BlueOrchard. Together, these investments bolster TBC UZ’s mission of fostering economic opportunities for underserved populations, particularly women.

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, highlighted the significance of this partnership: “By empowering and supporting women and their ventures, we aim to drive sustainable economic growth and foster a more inclusive financial landscape.”

Andi Aranitasi, EBRD’s Head of Uzbekistan, echoed this sentiment, emphasizing the alignment of this initiative with EBRD’s commitment to fostering gender equality and innovation in the region.

A leader in digital banking innovation

TBC UZ is a core part of TBC Uzbekistan’s digital ecosystem, which also includes Payme, a digital payments app, and Payme Nasiya, an installment credit business. Together, these fintech ventures leverage low banking penetration and a growing appetite for modern financial services among Uzbekistan’s young, tech-savvy population.

Since its launch, TBC Uzbekistan has achieved rapid growth, reaching profitability within two years—a record among global digital banks. With 17 million registered users, the bank continues to expand its loan and deposit books, which grew 99% and 66% year-over-year in the first nine months of 2024. Rated ‘BB-’ by Fitch Ratings, TBC Bank Uzbekistan is well-positioned for sustained growth and innovation.

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