Kaspi.kz, a leading financial technology company from Kazakhstan, has expressed its intent to participate in the privatization of the Humo payment system in Uzbekistan.
The company has formally notified Deloitte, the consulting firm overseeing the process for Uzbekistan’s State Assets Management Agency, of its interest in acquiring 100% of the state share in the authorized capital of National Interbank Processing Center, the operator of Humo.
Humo, a widely-used payment system in Uzbekistan, facilitates transactions both domestically and internationally through its extensive network, which includes 27mn issued HumoCards, 6,400 ATMs, and over 210,000 terminals. In fact, in the first quarter, Humo’s net profit surged by 88%, reaching UZS 37.4bn ($2.9mn).
Mikhail Lomtadze, the CEO and co-founder of Kaspi.kz, commented on the potential acquisition, highlighting the rapid economic development in Uzbekistan and the government’s commitment to market-oriented reforms.
“Uzbekistan’s economy is growing fast, and I believe the country is taking all the right steps to increase its attractiveness to investors and companies like Kaspi.kz. The reforms carried out so far demonstrate a strong commitment to an open and competitive market economy, and will further boost economic growth.”
He emphasized that these reforms have made Uzbekistan’s public companies increasingly attractive to global investors.
“We plan to develop the current Humo business model, adding our vast experience in developing payment technologies and services that are a catalyst for the growth of cashless payments and contribute to economic growth,” Lomtadze stated.
He also noted that Kaspi.kz anticipates making investments in technology and personnel in Uzbekistan, which will enhance the accessibility and convenience of Humo’s payment services. Lomtadze envisions these investments driving further innovation within Humo, thereby boosting its technological capabilities and setting a benchmark in the field of payment systems.
Kaspi.kz, known for its innovative products and services in Kazakhstan, operates as a payment system provider and offers e-commerce, cashless payment, and financial services. The company has made significant strides on the global stage, including a successful initial public offering (IPO) on the NASDAQ stock exchange in the United States in 2024, which marked one of the largest IPOs in recent years. Kaspi.kz’s current market capitalization stands at approximately $24bn.
