Kaspi.kz Shows Interest in Privatizing Humo Payments System
Joint Stock Company Kaspi.kz (“Kaspi.kz”) has submitted a formal letter to Uzbekistan’s State Assets Management Agency (“SAMA”), expressing its desire to take part in the upcoming privatization of the National Interbank Processing Center (“Humo”). This initiative aligns with Kaspi.kz’s strategic goals to expand its presence in fast-growing markets.
Understanding the Humo Payments System
SAMA has announced its intention to privatize a complete 100% stake in the Humo payment system through a public negotiation process. Humo is a key payment system in Uzbekistan, facilitating various payment processes for banks and other providers. With over 23 million Humo cards issued, more than 200,000 integrated points of sale, and around 6,000 ATMs installed, Humo is essential to Uzbekistan's financial infrastructure.
Insights from Kaspi.kz Leadership
Mikheil Lomtadze, the CEO and co-founder of Kaspi.kz, shared his thoughts on the privatization:
“Uzbekistan’s economy is experiencing rapid growth, and I believe the country is taking significant steps to enhance its appeal to investors and companies like Kaspi.kz. The reforms implemented thus far reflect a strong commitment to fostering an open and competitive market economy, which will further stimulate economic growth.”
The Importance of Investors
Lomtadze highlighted the crucial role of their shareholders, which include esteemed investment firms such as Fidelity, Blackrock, Capital International, and Baillie Gifford. These firms are recognized as some of the most respected investors in technology. By actively participating in the privatization of Humo, Kaspi.kz aims to demonstrate the dynamic changes taking place in Uzbekistan.
Innovation Driven by Commitment
Kaspi.kz is committed to creating innovative digital products that significantly enhance the daily lives of consumers. With a combined experience of 18 years, the team possesses deep expertise in digital payments and has observed the substantial impact that payment innovations can have on the economy and society.
Commitment to Digital Payments
Kaspi.kz continues to prioritize innovation as it leads the digital payment sector. The company is eager to play a significant role in the evolving digital payments landscape in Uzbekistan and looks forward to further discussions regarding the privatization of Humo.
Privatization Process for Humo
The privatization will occur in three stages: expression of interest, collection of non-binding proposals, and collection of binding proposals. Bidders will need to submit a guarantee payment of at least 1% of their proposed binding price offer during the final stage. This structured process is designed to ensure transparency and competitiveness in the privatization.
About Kaspi.kz
Kaspi.kz is dedicated to enhancing lives by developing innovative mobile products and services. The company operates a unique two-sided Super App model, featuring the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants. These platforms provide leading Payments, Marketplace, and Fintech services.
The strategic combination of a large, engaged consumer and merchant base, along with relevant digital products and a capex-light approach, propels Kaspi.kz’s growth and fosters ongoing innovation.
Kaspi.kz has received notable recognition, with Harvard Business School producing two case studies about the company, which remain part of their MBA curriculum. The company has been publicly traded on Nasdaq since January 2024, further solidifying its position in the financial markets.
Contact Information
For further inquiries, please contact:
David Ferguson
david.ferguson@kaspi.kz
+44 7427 751 275
Frequently Asked Questions
What is the background of the Humo payments system?
The Humo payments system is a primary financial processing platform in Uzbekistan, enabling seamless transactions for banks and consumers.
How does Kaspi.kz intend to participate in the privatization process?
Kaspi.kz has formally expressed interest in acquiring a stake in the Humo payments system, aiming to further its commitment to innovation in digital payments.
What are the stages of the privatization process for Humo?
The privatization process will unfold in three stages: expression of interest, collection of non-binding proposals, and collection of binding proposals.
How does Kaspi.kz contribute to the digital economy?
Kaspi.kz offers innovative digital solutions through its Super Apps, enhancing financial transactions for both consumers and merchants.
What notable recognition has Kaspi.kz received?
Kaspi.kz has been featured in case studies at Harvard Business School, highlighting its successful business model and impact on the digital finance sector.
