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Online Non-bank Credit Associations addresses government

Friday, December 2
The Online Non-bank Credit Associations of Georgia have released a joint statement. The Associations respond to the initiative of the government and the Prime Minister on regulation of the online loan market.

"We accept the decision of the government to regulate this field.

“We appeal to the government to mediate with the National Bank to accelerate the process of granting the status of microfinance organizations to the companies issuing online loans.

“It is in the interest of the market’s healthy players to be represented at the market under the regulations of the National Bank and to provide financial products to the customers in accordance with relevant standards.

“We believe that the government's initiative is a necessary condition for further development of the online loan market and implementation of structural investments”, says the statement, which is signed by the members of the Association:;;;;;;;; ??” (IPN)