The Alternative Financial Services Association of North Macedonia
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Financial Literacy

Care for financial literacy

Money and financial sustainability are undoubtedly an important part of everyday life, asset management can be challenging. It is crucial that each individual is able to manage their assets wisely, because of coping with different kind of situations – the lack of funds and the ways in which the necessary funds are obtained on one side, as well as the possession of a large amount of funds that are unplannedly distributed, on the other side. There must be awareness regarding individual necessity for money and proper way to finance it, as well as evaluation of ability to repay the funds/loans it timely manner.

Leading its mission: To create responsible practice in order to achieve long-term cooperation and positive assessment by consumers and market regulation institutions, while explaining to the general public the various opportunities that FinTech companies can develop for the development of individuals and the society as a whole, the Association of Financial Companies, through all its members, works diligently to provide assistance to its clients for improving their skills and capabilities in making wise decisions when it comes to taking loans from financial companies.

Read consumer advice when using services from financial companies here –

Members of AFD are striving to do their business in North Macedonia in smart and sustainable way – offering the world-class products & services, developing innovative projects and taking care of local community. We are taking high stakes in corporate social responsibility, meaning that we are eager to contribute to the local society by fostering local community investments through CSR projects in education, particularly on financial literacy topic.


Fintech Industry

What is Fintech Industry?

Fintech industry is composed of companies that use advanced innovative alternative finance technology in order to improve the competitive advantage. The term ” Fintech ” is used to describe new services that, using advanced and innovative technologies, improve and automate the delivery and use of financial services and are a serious competitor to traditional financial methods in the delivery of financial services. The development of the Fintech industry is mainly due to changing consumer habits, where competitive prices and customer care are identified as the most important factors in today’s financial decisions of consumers.



Fintech areas

Financial companies, as non-bank financial institutions, are non-deposit institutions, which is the main difference in relation to the traditional finance services, because in our country only the traditional finance institutions can collect deposits from individuals and legal entities and use these funds to finance their activities.

For the traditional finance institutions, the basics of lending activity are deposits and own funds, while financial companies finance most of their activities with their own capital, but also from loans that are an important source of funding.

Financial institutions still rely heavily on loans, which is one of the reasons for the difference in the price of loans. Also, the traditional finance institutions greatly support long-term loans, which in the long run generate high yields. By contrast, non-bank companies usually provide small loans for lending that are approved with short return periods.