Alif Secures $20m Debt Investment To Boost Financial Inclusion In Uzbekistan

Fintech firm Alif has announced securing a $20 million debt investment from Accial Capital, a U.S.-based impact private credit fund manager, to strengthen its Nasiya installment service and expand financial inclusion in Uzbekistan.

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The transaction was facilitated with advisory support from Nairang Capital and TMT Global Advisors.

The funds will be allocated to enhance Nasiya’s capabilities, improve Alif’s market position, and support the company’s mission of promoting financial inclusion in the region, according to the announcement.

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Nasiya enables consumers to purchase goods and services in installments, fully compliant with Islamic finance principles, reflecting Alif’s commitment to ethical financial practices.

“This partnership with Accial Capital marks a significant milestone in advancing financial inclusion for our users,” said Alif CEO Nuriddin Lafizov. “Accial shares our values of social responsibility and ethical finance. Together, we aim to scale our solutions and contribute to the development of a sustainable and accessible financial sector.”

Accial Capital’s Chief Investment Officer, Deborah de Rooij, expressed enthusiasm about the collaboration.

“We are proud to partner with Alif to expand financial health in Uzbekistan, providing customers access to essential goods that enhance their quality of life. Alif’s responsible lending practices align perfectly with our mission to promote financial health and inclusion. We were particularly impressed by the talent and diversity of Alif’s team in Uzbekistan.”

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This latest investment brings Alif’s total funds raised for Uzbekistan in 2024 to approximately $50 million.

Since entering the Uzbek market, Alif has attracted over $150 million in equity and debt investments, underscoring its consistent growth and the trust of international investors in its pivotal role in Central Asia’s financial infrastructure.

Founded in 2014, Alif operates in Uzbekistan, Tajikistan, and Pakistan, offering services like payments, public transport fares, and the Nasiya installment program. Nasiya, a key product, serves over 1 million users across more than 5,000 sales points.

Accial Capital, known for advancing financial inclusion globally, views the partnership as a step toward achieving widespread financial wellness in emerging markets.