ArmInfo. The Central Bank of Armenia applied a penalty against the universal credit company "MOGO" LLC ("MOGO") for the amount to be returned. This is stated in the message of the press service of the Central Bank, where it is indicated that the audit was carried out by the Department of the Central Bank of the RA for financial supervision and licensing.
This message explains that the clients of MOGO, who completed the full early repayment of their loan obligations in the period from 01.09.2019 to 31.12.2020, for which no recalculation was made at the time of loan repayment, can receive back the amounts subject to refund as a result of recalculations made by the company. The company will return this money in 2021 according to the schedule set by the regulator. Thia measure in relation to the ICC "MOGO" was applied as a result of violation of the requirements of the RA Law "On Consumer Lending" and Regulation 8/05 "Rules of Business Conduct of Financial Organizations". MOGO was fined 500 thousand AMD.
In case of questions, the clients of "MOGO" can communicate with the company by e-mail [email protected] or by calling the number (012) 700-700.
To note, the universal credit company LLC "MOGO" was registered on June 23, 2017. The sole owner is AS MOGO BALTICS AND CAUCASUS stock company.
According to the Ranking of Credit Companies of Armenia for September 30, 2020, prepared by ArmInfo IC, in terms of the volume of credit investments, MOGO UCC ranks 14th among universal credit companies with a volume of 6.7 billion drams ($ 13.7 million). Assets of "MOGO" as of that date amounted to 8.4 billion drams ($ 17.2 million), and according to this indicator the company occupies the 15th position.
