The Alternative Financial Services Association of North Macedonia
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Growing expansion of FinTech industry in our country

By combining technology and financial services, the Fintech industry has made financial services even more accessible to citizens. Primarily represented by financial companies, this way of working and service creates opportunities for small and fast microcredits, which for the citizens means instant service and satisfying some unforeseen financial need.

Quick online loans are now available in a very short time – just minutes, with a much-simplified approval procedure, minimal documentation, as well as overall complete user experience in general. Non-bank financial institutions offer their services online, making them available anytime, anywhere. The number of such non-bank financial institutions and their services in the country is constantly increasing, and thus the number of citizens perceiving their advantages enabled by financial technology.

These institutions, because of the benefits they offer and the specificity of their business, have found their place in the market to meet the needs of citizens for quick access to a relatively small amount of money in the short term, something that traditional financial institutions do not, or the process is far more detailed both from a temporal and physical perspective: extensive documentation, several days’ response, and so on.

The growth trend of the world-class Fintech industry is expected to continue in the future as well, which on the one hand will mean greater competition in the financial market, while on the other hand, it will mean a continuous improvement in the quality of service offered by market participants, which finally, generates advantages that will benefit end-users.

In May this year, seven of the most technologically advanced and largest financial companies in the country formed an Association of Financial Companies, aiming to raise the quality of their operations as an important precondition for further growth of the entire industry. It includes the financial companies Tigo Finance, Mogo, Digital Finance, Credissimo, M Cash, SN Finance and Iute Credit, and the purpose of their unifying is the joint effort to create responsible practice, with the aim of long-term cooperation and positive rating with customer and market regulation institutions.

The members of the Association have also signed a Code of Good Practice that provides a higher level of protection and clear rules of cooperation with clients who have received a loan or plan to obtain a certain loan from a member of the Association. The Code also deals with issues such as customer credit rating, ethical marketing, quick and practical appeal review and debt collection procedures. The application of the Client Code points is visible through the seal of Responsible Lender that members have adopted, which assures clients that they will receive appropriate treatment.