Uzbekistan’s Humans Declared Bankrupt After Octobank Lawsuit

Tashkent’s interdistrict economic court has declared fintech company Humans bankrupt and launched liquidation proceedings, following a lawsuit filed by Octobank, Gazeta.uz reports.

The court ruling, issued on 14 October, assessed Humans’ debt to Octobank at 429 bn soums. Despite the bankruptcy declaration, the company will continue operating while the liquidation process moves forward.

The dispute escalated in June, when Octobank disconnected Humans from its payment system and claimed the company owed 500 bn soums. A court later ordered Humans to repay the debt.

Humans responded by announcing plans to file a counterclaim worth 403.7 bn soums, accusing the bank of violating contractual terms.

Public concern grew in early December after users reported unauthorized withdrawals through the Humans app. The Central Bank intervened, instructing Octogram (Paylov brand), which provides payment services through the app, to suspend all operations. The regulator also halted P2P transactions to assess security risks and fix possible technical vulnerabilities.

Kursiv Uzbekistan also reports that Humans posted a net loss of 192.7 bn soums in 2024.