The EBRD is a multilateral bank dedicated to fostering private sector growth and entrepreneurial initiatives in 36 economies spanning three continents. It is owned by 73 countries, along with the European Union and the European Investment Bank.
The funds will be allocated to increase TBC UZ's lending initiatives, with a minimum of 40% designated specifically for lending to women.
This effort aims to promote financial inclusion in Uzbekistan, the most populous country in Central Asia. The EBRD's loan comes after a USD 40 million loan from FMO (the Dutch entrepreneurial development bank), credit lines totalling USD 20 million from responsAbility Investments AG, and USD 25 million in debt financing from BlueOrchard, all of which TBC UZ secured earlier this year as it strives to diversify its funding sources.
TBC UZ is a component of TBC Uzbekistan, a digital financial ecosystem in Central Asia. This ecosystem also features Payme, a digital payment application designed for individuals and small businesses, along with Payme Nasiya (Payme Instalments), which offers instalment credit services. TBC Uzbekistan operates under the umbrella of TBC Bank Group PLC, which is listed on the London Stock Exchange.
EBRD officials stated that its initiatives supporting TBC Uzbekistan are to advance gender equality and financial inclusion. This collaboration reflects its dedication to encouraging inclusive economic growth and innovation in Uzbekistan and the broader region.
These kinds of financial institutions have transformed the way people manage their finances by offering a convenient banking experience directly from their smartphones. Digital banks provide a range of services, including checking and savings accounts, instant money transfers, and budgeting tools, all without the need for physical branches. With increased security features and user-friendly interfaces, mobile-only banks appeal to tech-savvy users who appreciate the flexibility and accessibility they offer.
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