The money will help close the financial gap in Uzbekistan by enabling TBC UZ to expand its lending to historically underserved segments of the population
TBC Bank Uzbekistan, the country’s largest digital bank, has announced it has secured $12.5m from Dutch impact investor Triple Jump to further diversify its funding base and increase financial inclusion in Uzbekistan by accelerating the roll out of the bank’s new SME Lending product.
$5m of the financing will come from the Global Gender-Smart Fund (GGSF) managed by Triple Jump, while the remaining $7.5m will come from Triple Jump’s ASN Microkredietpool Fund. Both funds have a focus on expanding access to responsible financial services in emerging markets, with the GGSF specifically targeted at supporting women, women-owned and women-led businesses.
The proceeds will help close the financial access gap in Uzbekistan by enabling TBC UZ to expand its lending efforts to historically underserved segments of the population, with a particular focus on women and women-led businesses. This move underscores TBC’s commitment to making people’s lives easier by ensuring fairer access to digital financial services.
Nika Kurdiani, chief executive officer of TBC Uzbekistan: “This agreement, which further extends our relationship with a valued partner in Triple Jump, comes as we continue to strategically diversify our funding base and expand the range of products we offer. It will help expand our reach in the SME lending segment, which is set to become a key part of our loan portfolio going forward, helping achieve our shared vision of improving access to world-class financial services in developing markets like Uzbekistan and driving economic growth across the country.”
Jarri Jung, director financial institutions at Triple Jump, said: “We are pleased to be able to further strengthen our relationship with TBC Bank Uzbekistan and support their efforts to ensure digital financial services are available to all in the country. TBC is already driving meaningful progress in expanding financial access in Uzbekistan, and we hope this investment from two of our funds will help them make an even greater impact.”
This latest agreement brings Triple Jump’s total commitment to TBC UZ to $22.5m, following an initial $10m debt financing agreement from the GGSF fund in November 2024. It also follows a $20m debt funding agreement with Swiss impact investor Blue Orchard in April of this year, which brings their total commitment to TBC UZ to $45m. The Bank continues to secure wholesale funding as part of its long-term strategy to diversify its funding base and ensure its continued, sustainable growth.
TBC UZ is part of TBC Uzbekistan, the leading digital financial ecosystem in Central Asia, which 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.
Related: TBC Bank Uzbekistan announces corporate bond issue.
Image: TBC Bank Uzbekistan
Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.
