TBC Bank Uzbekistan raise $10m Loan from responsAbility Investments AG

By Gloria Mathias

TBC Bank Uzbekistan has secured a $10 million credit line from Switzerland-based impact investor responsAbility Investments AG.

The funds will be used to expand TBC Uzbekistan’s microlending effort further, contributing to the ongoing growth of the digital bank’s loan portfolio and promoting financial inclusion in Uzbekistan.

TBC Bank Uzbekistan is a subsidiary of London-listed TBC Group, operating via physical and digital channels in Georgia and as a branchless digital bank in Uzbekistan. The fast-growing mobile bank is part of Uzbekistan’s digital financial ecosystem, which also contains Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payme Instalments), an instalment credit business.

responsAbility is a Swiss impact asset manager specializing in private market investments across three investment themes: financial inclusion, climate finance and sustainable food. With over 270 employees collaborating across 8 offices, as of May 31, 2024, the company manages USD 5.0 billion in assets across approximately 280 portfolio companies in about 70 countries.

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, said, “This credit line from responsAbility is an important part of our strategy to broaden our funding base, and it will help us extend our support to more individuals and their micro enterprises, helping them grow and prosper. We remain committed to fostering financial inclusion and economic growth through innovative financial solutions as we continue to grow our lending volumes and products pipeline, helping expand the availability of accessible modern financial services across Uzbekistan.”

This credit line follows another $10 million credit line, extended by responsAbility Investments AG‘s Green Climate Partnership Fund (GCPF) to TBC Bank Uzbekistan earlier this year to help expand the bank’s green lending pipeline to support environmentally sustainable projects.