TBC Bank Uzbekistan secures further $10m from responsAbility

The total credit secured from responsAbility reaches $35 million

TBC Bank Uzbekistan, the country’s largest mobile-only bank, has secured a new $10m credit line from Switzerland-based impact asset manager responsAbility Investments AG.

This is the third credit line agreement between the two entities, bringing the total funding for TBC Uzbekistan from responsAbility to $35m. The funding will support TBC UZ’s loan portfolio growth, help the digital bank further diversify its funding base, and promote financial inclusion in Uzbekistan, Central Asia’s most populous country.

TBC UZ is part of TBC Uzbekistan, a 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. The ecosystem is part of London-listed TBC Bank Group PLC.

responsAbility is a leading Swiss impact asset manager, specialising in private market investments across three investment themes: financial inclusion, climate finance and sustainable food. The company manages $5bn in assets across approximately 280 portfolio companies in about 70 countries, as of 30 June 2024.

Nika Kurdiani, chief executive officer of TBC Group operations in Uzbekistan, commented:  “We are delighted to secure this additional $10m credit facility from responsAbility Investments AG, bringing our total funding from them to $35m. This continued partnership underscores the strength of our business model and the growing confidence in Uzbekistan’s digital banking sector. As we continue to grow our loan portfolio and diversify our product offering, we remain committed to promoting financial inclusion and empowering individuals and businesses in Uzbekistan through access to world-class digital financial services.”

The news comes not long after TBC Uzbekistan helped to upgrade Tashkent metro’s navigation.

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.