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Sep 12, 2023 15:13 EEST
September 12 (SeeNews) - Estonia-based fintech company IuteCredit said on Tuesday it has decided to withdraw from Bosnia and Herzegovina due to the country's regulatory environment related to digitalisation.
The current regulations in the country do not allow for efficient digital onboarding and a streamlined digitalised customer experience, the company told SeeNews in an email.
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"The regulatory approach is characterized by conservatism and a generally negative stance towards digitalization, which has made it increasingly challenging for us to operate effectively in the market," IuteCredit said.
IuteCredit's interest income in Bosnia decreased 48.9% year-on-year to 500,000 euro ($535,767) in the first half of 2023, the company said in a financial statement last month.
Tallinn-headquartered IuteCredit is a microcredit and fintech company offering unsecured consumer loans with maturities between 1 and 36 months and car-secured loans with a maturity of up to 60 months. It is offering installment loans, in which the principal, interest and other fees must be repaid monthly according to a mutually agreed schedule.
The company also operates in Bulgaria, North Macedonia, Moldova and Albania.
($ = 0.933241 euro)
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