Uzbekistan’s only mobile-exclusive bank, TBC Bank Uzbekistan, recently secured a significant $38.2 million in fresh equity investment to fuel its expansion plans and introduce new financial products. The investment was led by TBC Bank Group, a London Stock Exchange-listed company, which injected $23 million into TBC Bank Uzbekistan. Additionally, the European Bank for Reconstruction and Development (EBRD) and the World Bank’s International Financial Corporation (IFC) each invested $7.6 million in the round.
TBC Bank Group ventured into Uzbekistan in 2019, marking its first international market outside of Georgia. The bank recognized the potential in Uzbekistan, a country with a large population and a growing digital landscape. In 2020, TBC Bank Group established TBC Group Uzbekistan, which launched the mobile-only bank without physical branches, capitalizing on the country’s increasing digitization efforts.
With a 70% smartphone penetration rate and 77% internet penetration rate in Uzbekistan, TBC Bank Uzbekistan offers a convenient mobile app for customers to open accounts, access services like cash loans and deposits, eliminating the need for in-person visits to a bank branch.
In addition to its mobile-only bank, TBC Group Uzbekistan also operates Payme, a digital payments app, and Payme Nasiya, a Sharia-compliant credit business. By integrating experiences from these businesses, TBC Bank Uzbekistan aims to enhance its offerings and provide a holistic financial ecosystem for its customers.
Looking ahead, TBC Group Uzbekistan plans to incorporate AI experiences into its mobile bank, leveraging customer data to develop a voice assistant for banking services. The bank also intends to introduce credit cards and an insurance product, expand its credit business with e-commerce and buy-now-pay-later options, and offer additional services like current accounts, accounting, and lending for small and medium enterprises.
As of March 2024, TBC Bank Uzbekistan boasted 4.8 million unique registered users and 1.2 million monthly active users. The bank achieved profitability in 2022 and recorded significant growth in user base and revenue.
Overall, TBC Group Uzbekistan, with 15 million registered users, saw impressive revenue growth and profitability within two years of its launch. The company’s subsidiaries collectively managed gross loans of $296 million and deposits of $216 million. With a focus on sustainable economic development and financial inclusion in Uzbekistan, TBC Group Uzbekistan remains committed to its mission of driving growth and innovation in the region.
The substantial investment and strategic plans laid out by TBC Bank Uzbekistan indicate a promising future for the mobile bank as it continues to expand its presence and enhance its financial products and services in Uzbekistan’s evolving market. The company’s dedication to leveraging technology and customer data underscores its commitment to driving financial inclusion and economic development in the region.
