“Credit Yes” is the quick loans financial firm whose operating license was revoked by the Macedonian Ministry of Finance due to irregularities in its operations, reports Faktor.mk on Sunday.
The financial firm, which is owned by Bulgarian nationals, is closing its 40 or so branches across the country, and about 120 employees have also been notified that operations have been suspended. “Credit Yes” will only have the right to collect its receivables as a further activity. The Ministry of Finance previously announced that the operating license of one of the largest financial companies on the market had been revoked, after an extraordinary supervision conducted upon a citizen’s report determined serious violations of legal obligations, without specifying what specific legal violations were involved.
“Credit Yes” began operating in Macedonia in 2019. Last year, out of approximately EUR 4 million in revenue, it made a profit of approximately EUR 1.15 million.
The supervision by the Ministry of Finance determined gross violations of legal regulations, actions contrary to consumer protection rules, and practices that directly put citizens – users of financial services – at risk.
In parallel with the controls, the Finance Ministry is also preparing legal amendments that will further tighten the conditions and criteria for the operation of financial companies.
