TBC Bank Uzbekistan (TBC UZ), the country’s largest mobile-only bank, has announced it has secured a $10m loan from the European Bank of Reconstruction and Development (EBRD).
The funds will be used to further expand TBC UZ’s lending efforts with at least 40 percent of the loan earmarked for lending to women, contributing to expanding financial inclusion in Uzbekistan, Central Asia’s largest country by population. EBRD’s loan follows a $40m loan from FMO (Dutch entrepreneurial development bank), credit lines from responsAbility Investments AG for a total of $20m, and $25m debt financing from BlueOrchard that TBC UZ secured earlier this year, as the digital bank continues to diversify its funding base.
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TBC UZ is part of TBC Uzbekistan, a digital financial ecosystem in Central Asia
This also includes Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), an instalment credit business. TBC Uzbekistan is part of London-listed TBC Bank Group PLC.
Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, commented: “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, EBRD, said: “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.”
In June, TBC Bank Uzbekistan was assigned a Long-Term Issuer Default Rating (IDR) of BB- by Fitch Ratings, the same level as the sovereign, which reflects the bank’s strong financial health and operational stability.
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