Uzbek Fintech Humans Reports Financial Loss After Loan Surge

Over the year, the company’s long-term loans and borrowings surged from UZS 8.8 bn ($0.69 mln) to UZS 79.6 bn ($6.26 mln). Its total long-term liabilities exceeded UZS 122.5 bn ($9.63 mln) in 2024, up from UZS 20.3 bn ($1.60 mln) in 2023.

Earlier this year, Singapore-based Humans Mobile Ltd, which includes Humans, filed a lawsuit against Uzbekistan. The company claimed that the Central Bank of Uzbekistan and Uztelecom caused operational damage to its local business.

Shortly afterwards, Octobank announced the suspension of its services for Visa cards issued by Humans, citing violations of contractual terms.

The bank later filed a lawsuit against Humans over debts totalling UZS 500 bn ($39.31 mln). In mid-June, a Tashkent court ruled in favour of Octobank and ordered Humans to repay the outstanding amount.

As previously reported by Kursiv Uzbekistan, Humans plans to file a counterclaim against Octobank, seeking UZS 403.7 bn ($31.75 mln) in damages.