“It’s not super competitive today, but it will certainly become more and more competitive as we could go along over the next few years,” Hughes said.
TBC Uzbekistan, which also operates the digital payments app Payme and Sharia-compliant credit business Payme Nasiya, has a user base of 16.9 million users as of September, up from 13.2 million users in December 2023. It also has 4.9 million monthly active users and garnered a net profit of $27 million for the first nine monthsm of the year, up from $23 million in the financial year 2023. Moreover, it’s projecting $75 million in net profit in 2025.