TBC Uzbekistan secures $20M to fuel SME growth and digital lending
TBC Uzbekistan (TBC UZ) has secured $20 million in debt financing from BlueOrchard Finance Ltd. This latest agreement brings total funding from BlueOrchard-managed funds to the bank to $45 million. The funds will support lending initiatives and boost financial inclusion for small and medium-sized enterprises (SMEs) in the country. The new funding will help TBC UZ expand its lending services and improve access to loans for Uzbek businesses. Nika Kurdiani, CEO of TBC Uzbekistan, highlighted the importance of the partnership, expressing delight in strengthening ties with BlueOrchard. The agreement also aims to diversify the bank's funding sources, making it easier for SMEs to obtain quick and flexible financing.
BlueOrchard's CEO, Philipp Mueller, emphasised the potential for economic growth in the region. He noted that the collaboration would drive opportunities for entrepreneurs and small businesses across Uzbekistan. TBC UZ, part of the London-listed TBC Bank Group PLC, operates alongside Payme, a digital payments platform, and Payme Nasiya, an instalment credit service.
Payme has seen rapid growth since 2023, with monthly active users doubling to over 5 million by 2026. The platform's transaction volume surged from 1.2 trillion UZS to 4.5 trillion UZS, offering services like money transfers, bill payments, loans, savings plans, insurance, and cryptocurrency trading. TBC UZ plans to use the new funds to further enhance its digital offerings for SMEs. The $20 million financing deal reinforces TBC UZ's ability to support local businesses and expand financial access. With a focus on digital solutions and lending, the bank aims to strengthen Uzbekistan's SME sector. The partnership with BlueOrchard marks another step in the bank's ongoing growth strategy.
