The Alternative Financial Services Association of North Macedonia
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The responsible lenders in North Macedonia – what are their responsibilities

Non-bank financial companies that offer financial services and fast loans have merged into a body, a financial association that defines their obligations and generally regulates the market. Behind the unifying mark for all seven companies that are part of this Association, “Responsible lender”, stands far more than an association. The mark not only indicates the company signatories to the association’s code, but also carries detailed obligations and strictly defined rules, which each of the members of the association must meet and respect.

It is precisely the code that carries out all obligations that each of the company has regarding the rights of the applicant, ie the citizens or the regulation. And in the code, which are the rules of cooperation between the company and the applicant, how to provide a higher level of protection of the applicant, the issues of assessment of the creditworthiness of the clients, ethical marketing, fast and practical procedure for reviewing complaints and debt collection . The association also advises clients and prospective clients regarding their services, ie in what situations to take into account a loan from non-bank lenders, in which situations it is not advisable, what to do in case of problems, and the like.

In addition to providing reliable, socially responsible and sustainable credit practices through fulfilling obligations towards clients, the Association of Financial Societies has another function. The existence of the same as the signing of the code of good practice contributes to standardizing the conditions for obtaining credit, quality of services and in general the work of financial companies, and additional measures for consumer protection are provided. It all leads to unified quality standards in the finte industry and to regulating the market by explaining to the public the various opportunities that financial companies that use FinTech can provide and the need and usefulness of their work.

This will result in more trust from the users, but also from the competent institutions.