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Online Loan Companies Seeking Status of Microfinance Organizations

Major online loan companies have spread a special statement regarding the November 29 decision passed by Government of Georgia and Prime Minister about regulation of online loan market.

  • We respect government’s decision on the sector regulations;
  • We ask government to mediate before National Bank of Georgia for accelerating process of grating the status of a microfinance organization to online loan companies.
  • It is the interest of the market’s valuable actors to be regulated by NBG and provide financial products to customers under required standards;
  • We believe that government’s initiative is a necessary precondition for further development of online loan market and implementing structural investments.
  • We would like to stress that regulation of online loan market is the interest of not only consumers, but also the sector representatives. This decision will increase reputation and degree of confidence in the sector member companies”, the statement reads that has been signed by the following companies;