Paynet bought 100 percent of the National Interbank Processing Center, which manages the HUMO payment system of Uzbekistan, for $65 million. This was reported by the State Assets Management Agency of Uzbekistan (UzSAMA). This agreement will make Paynet one of the main players in the country’s rapidly developing fintech market.
Details of the customization process
The HUMO system was sold as part of the state privatization process. The process started with the participation of six applicants. Based on the financial, legal, tax and environmental reports prepared by Deloitte global consulting company, the participants had the opportunity to study the activities of HUMO in depth. They also held meetings with the company’s management.
At the final stage, three bidders submitted binding offers. The company Paynet was declared the winner by offering an amount higher than the price set by Deloitte and independent KPMG appraisers.
Purchase Obligations
Within the framework of this contract, Paynet assumed all obligations to ensure the stable operation of the HUMO payment system, to protect users’ personal and bank information. The transaction was approved by the State Commission for Coordination of Privatization and Privatization Processes of Uzbekistan.
About Paynet
Paynet is one of the largest fintech operators in Uzbekistan and has 18 years of experience. More than 1,500 service providers and sellers are connected through the company’s platform. More than 20 million users use the services through the platform every year.
About the HUMO payment system
The HUMO payment system was established in September 2018. Due to malfunctions in the Uzcard system, users could not use funds for three days, so it was launched by the president’s decision to create an alternative national payment system.
The sale of 100% of the state share of HUMO to the private sector was carried out on the basis of a decree signed by the president in April 2024. In 2019, the system was transformed from an LLC into a joint-stock company and transferred under the control of the State Asset Management Agency.
Summary
The purchase of the HUMO payment system by Paynet is an important step in the fintech market of Uzbekistan. This process not only accelerates the development of the payment infrastructure, but also increases the possibilities of providing competitive and innovative services.
