The company issued microloans, but its activities did not meet the regulator's standards.
The National Bank of Ukraine has decided to revoke the license of the financial company Manifoy LLC, also known as Money4YOU, after a scheduled inspection.
This was reported by the press service of the NBU.
The company was engaged in issuing microloans, but its activities did not meet the regulator's requirements. In addition to revoking the license, the NBU imposed a fine of UAH 4.28 million on Money4YOU for a number of serious violations. Firstly, the company did not specify the daily interest rate and the calculation methodology in consumer loan agreements, which is a direct violation of the law.
It is reported that Money4YOU violated laws regulating consumer lending, financial services and state regulation of the financial services market, as well as regulations related to e-commerce.
The NBU also noted that the company did not adhere to various provisions of the regulator. It should be noted that in 2021, the NBU already took measures to influence Manifoy LLC due to violation of the legislation on the protection of the rights of consumers of financial services. In 2023, the company was again subject to NBU sanctions for providing knowingly false information. These steps by the regulator reflect serious problems with the company's operations and the desire to ensure an adequate level of financial services in Ukraine.
Recall that TSN wrote about whether it is necessary to pay loans during martial law and how debt can be written off.