Kaspi.kz abandons its plan to acquire Humo payment system in Uzbekistan

Kaspi.kz has abandoned its plan to acquire the Humo payment service in Uzbekistan, the press service of the Kazakhstani fintech giant reported.

In August, Kaspi.kz announced its intention to participate in the privatization of Humo, one of the two payment systems in Uzbekistan. According to Uzbekistan’s State Assets Management Agency, eight companies submitted their bids, with six of them being selected for the next stage of the privatization process.

«At this time, we are not proceeding further in the process,» Kaspi.kz said in a statement.

Nevertheless, the company highlighted that Uzbekistan’s economy is rapidly developing and the country’s government is implementing an attractive reform program.

«Kaspi.kz’s innovative digital products improve the everyday lives of consumers and merchants and we will continue to look for opportunities to play a part in Uzbekistan’s exciting digital transformation,» Kaspi.kz added.

Humo is a payment system based on bank cards featuring transactions in Uzbekistan and abroad. Within its payment system Humo has issued more than 27 million HumoCards, rendering services via more than 6,400 ATMs and around 210,000 active payment terminals.

In October, Kaspi.kz revealed the acquisition of a 65% stake in Hepsiburada, a leading Turkish marketplace, using its own funds. The deal, valued at approximately $1.13 billion, is expected to be closed in early 2025 after securing the necessary licenses from Turkish authorities and completing all required legal procedures.