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License withdrawal for MCA and Final. The violations committed by the two companies, the difference with other microcredit institutions

2024-05-24 14:14:37Biznes SHKRUAR NGA REDAKSIA VOX

License withdrawal for MCA and Final. The violations committed by the two

A day ago, the Bank of Albania made a decision to revoke the licenses of two non-banking financial entities, namely the license of the company "Final" and the license of the company "Micro Credit Albania".

But what is the difference between the two companies that have had their licenses revoked and the microcredit companies? The difference actually lies in the object of the activity.

Where a license is granted for a non-banking financial entity, this license contains a range of services, among which lending, advisory services, mediation and other services belonging to this activity.

In the current case, one of the segments where it has been abused, according to the Bank of Albania, is that of collecting the most problematic loans, which is the object of their activity.

The microcredit companies themselves have distanced themselves, maintaining the position that these companies are companies for collecting arrears, through the purchase of problematic portfolios.

But what was the scheme they applied in this case?

Let's take an example. A citizen received a small loan in the amount of 70 thousand ALL from a second level bank to meet his consumption needs. Due to negligence or inability to pay, part of this loan remained unpaid and entered the bad credit register. In this case, these companies have bought this debt from the second level bank and used the executors to collect the obligation to the citizen. The company has reached the stage where it has applied late interest to the borrower, forcing them to pay more and in case of inability to pay, their accounts have been blocked or their assets have been taken, ruining them economically.

There are currently 27 non-bank financial entities and microcredit financial institutions licensed by the Bank of Albania.

From 2002 until now, the Bank of Albania has revoked the licenses of 16 non-bank financial institutions, including microcredit financial institutions. Some of them have returned to the market.

One of the questions that remains is the fate of customers' wallets and whether there will be refunds for customers who have been abused. The Bank of Albania informs that it will come out with a second announcement to provide full clarifications to all interested customers on how the portfolios of these two entities will be handled in the future.


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