ArmInfo. The Central Bank of Armenia applied a penalty in relation to the universal credit company CJSC "Finca" ("Finca" UCO) for the sums to be returned. This is stated in the message of the Central Bank's press service, which states that the measure of responsibility against the Finca UCO was applied for revealed violations of the requirements of the RA Law "On Consumer Lending" and Regulation 8/05 "Rules of Business Conduct of Financial Organizations". A fine in the amount of 500 thousand AMD was imposed on Finca and corresponding instructions were given. Clients who received consumer loans, agricultural loans (in the amount of up to AMD 5 million), trade loans (up to AMD 5 million provided to micro-trade organizations) from Jan 1, 2018 to July 30, 2020 from Finca, and fully fulfilled credit obligations, including early repayments, for which the annual interest rate was not recalculated at the time of loan repayment, can contact the company and receive back the amounts to be returned as a result of the recalculations made by the company. The company will return these amounts during 2021.
Clients of Finca UCO can contact the company for clarifications on the issues that have arisen by calling (012) 555-555 or by sending a corresponding message to [email protected]. To note, the universal credit company CJSC "Finca" was registered on March 28, 2006. The sole owner is FINCA Microfinance Cooperative U.A. Netherlands based organization. According to the Ranking of Credit Companies of Armenia for September 30, 2020, prepared by ArmInfo Information Company, in terms of the volume of credit investments, Finca UCO ranks 6th among universal credit companies with a volume of 20.5 billion drams ($ 42.03 million). The assets of Finca UCO as of that date amounted to 24.5 billion drams ($ 50.1 million), and according to this indicator, the company occupies the 8th position.