Tashkent, Uzbekistan (UzDaily.com) — Kazakh company Kaspi plans to participate in the bidding for the sale of the 100% state stake in the National Interbank Processing Center, which operates the Humo payment system. This was reported by Forbes.

According to the publication, Kaspi has sent a letter to the international consulting company Deloitte, which is assisting the State Assets Management Agency of Uzbekistan.

Mikhail Lomtadze, the head and co-founder of Kaspi.kz, stated that the Kazakh company plans to develop the existing business model of Humo by leveraging Kaspi’s extensive experience in payment technologies and services, which act as catalysts for the growth of cashless payments and contribute to economic development.

"We anticipate significant investments in technology and personnel in Uzbekistan, which will make Humo’s payment services even more accessible and convenient for all users," he added. Lomtadze also emphasized that such investments will provide Humo with an additional boost for development, expand its technological capabilities, and set an example for others in innovation.

It should be noted that the privatization process of JSC National Interbank Processing Center (HUMO) began in July 2024.

As part of the privatization, 100% of the state stake in the company’s capital will be sold.

The National Payment System Humo was established in September 2018 in response to a significant failure in the then-only processing center Uzcard, which is a private entity. There was a need for a state processing center to ensure the security of the national payment system and prevent monopolistic dominance.

According to the Central Bank as of 1 March 2024, there are over 47.17 million plastic cards in circulation in Uzbekistan. According to HUMO, the national payment system has issued over 23 million cards.

The country has more than 200,000 payment terminals and over 12,000 ATMs for cash withdrawals.