Octobank sues Humans for over 500 billion UZS in debt and damages

Octobank has filed a lawsuit against fintech company Humans in the Tashkent Interdistrict Economic Court, seeking to recover more than 500 billion UZS in unpaid debt and compensation for incurred losses, the bank’s press service reported.

Starting 6:00 PM on June 13, Octobank officially ceases servicing transactions related to co-branded Humans (Visa) cards. The bank has also disconnected Humans from clearing operations and halted mutual settlements under their joint financial service framework.

This decision, Octobank stated, comes in response to “systematic violations and repeated failure by Humans to meet its contractual obligations.”

Background of the partnership

The two companies had entered into an agreement in 2020 for the joint implementation of a financial service, under which Octobank acted as a partner bank.

“Octobank faithfully fulfilled its contractual obligations, while Humans LLC repeatedly failed to promptly reimburse funds related to clearing operations performed by the bank under the Humans financial service, and consistently delayed commission payments,” the bank said in its statement.

Octobank emphasized that the termination of cooperation with Humans is being carried out strictly in accordance with current Uzbek legislation.

Advice for affected clients

The bank also advised clients needing refunds to contact Humans directly. Octobank clarified that the funds in question have been transferred to the personal accounts of users, and that the accounting and balance management of those funds is handled by Humans.