Kaspi plans to participate in privatization of Humo payment system

The Kazakhstani fintech group Kaspi plans to participate in the privatization of the Humo payment system, Forbes Kazakhstan reports.

The head and co-founder of Kaspi, Mikhail Lomtadze, noted the rapid growth of the economy of Uzbekistan and the implementation of reforms aimed at increasing the investment attractiveness of the republic.

“We plan to develop the current Humo business model, supplementing it with our vast experience in developing payment technologies and services that are a catalyst for the growth of non-cash payments and contribute to economic growth. We expect significant investments in technology and personnel in Uzbekistan, which will make Humo payment services even more accessible and convenient for all participants. As a result of these investments, Humo will receive an additional impetus for development, expand its technological capabilities and become an example for many in the field of innovation,” he said.

In the event of the purchase of Humo, Mikhail Lomtadze expects “further growth in the investment attractiveness of Uzbekistan”, which “will become a driver of growth in attracting foreign investment into the country's economy”.

At the end of July, the State Asset Management Agency announced the start of the privatization of a 100% stake in the National Interbank Processing Center, which manages the Humo payment system.

The consulting company Deloitte acted as a consultant for the transaction. The auction is organized in three stages, the first of which ended on August 22.

Humo

The National Interbank Processing Center was created in 2018, and the Humo payment system it manages began operating in the spring of the following year. In 2021, it agreed to cooperate with Uzcard and began integrating the infrastructure.

Since the summer of 2023, 6.4 thousand Humo ATMs accept Uzcard bank cards on a reciprocal basis. Work is currently underway to integrate payment terminals, which has already reached the public testing stage.

In May of this year, NIPC, in accordance with the presidential decree, was reorganized as a joint-stock company. The company issued 155,448,748 common shares with a par value of 1,000 soums, which are placed with AUGA.

Prior to that, in April, Shavkat Mirziyoyev approved the privatization program of state assets for the current year. It provides for the sale of the state share in Humo.