The National Bank of Ukraine imposed a fine of 4.284 million hryvnias on the microcredit organization Money4You (Manifoy LLP) and revoked its license for financial activities.
According to the official message regulator, these decisions were adopted by the Committee on Supervision and Regulation of Non-Banking Financial Services Markets on September 2 after conducting scheduled inspections by the NBU Inspection Department.
The fine was imposed because the company did not specify the daily interest rate and its calculation in consumer credit contracts, which is a mandatory requirement under the consumer credit law. According to the decision of the NBU, the company must pay this fine within a month.
In addition, since September 3, Money4You has had its license revoked for numerous violations of laws, including consumer credit, financial services and state regulation of financial services markets, and e-commerce laws.
The NBU also found violations of regulatory acts, including additional requirements for contracts of non-banking financial institutions regarding the granting of loans, requirements for interaction with consumers during the settlement of overdue debts, licensing and registration of financial service providers, as well as conditions for their activities.
The National Bank reminded that earlier, in November and December 2021, measures of influence were already applied to Money4You for violating legislation on the protection of the rights of consumers of financial services.
